| Phoenix Office Build Leases Before Ground Breaking Lincoln Property Co. has pre-leased space in its class-A office development Union before ground breaking. The developer has signed a lease with WageWorks for 150,000 square feet in the 1.3 million-square-foot project, located in Mesa. The new lease is an expansion for WageWorks, which is currently located in Tempe, and will bring…» |
| Vacancies for Mid-Tier Properties in Phoenix Fall to New Low, Prompting Outsized Rent Growth Mid-tier apartments continue to lead rent growth in the Phoenix market despite a modest deceleration in the second quarter.The rising cost of construction due to the increasing price of labor and materials weighed on new development and stimulated renovations of mid-tier properties. While rents have grown considerably in this…» |
| The Monday Morning Quarterback The national news continues to paint a picture of a slowing economy with some good news mixed in. In contrast, the Arizona news paints a picture of a rapidly growing economy that is doing extremely well compared to most other states. Nationally, leading indicators fell modestly in June for the first time since last December. Industrial…» |
| Investors Are Showing Greater Interest in Nursing Home Acquisitions Investors, especially private equity players, see increasing value in a nursing home portfolios, according to the National Investment Center for Seniors Housing & Care (NIC) research. Nursing homes are increasingly becoming a target for commercial real estate investors, especially if they can achieve economies of scale, according to…» |
| Metro Phoenix Cities See Average Rent Spike In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month – the highest monthly jump since May 2018. Metro Phoenix followed suit, with rents increasing – sometimes dramatically…» |