Commercial Real Estate & Business News – July 6, 2023

In May, the average length of time that a rental unit sat empty fell to 26 days, the shortest duration since August 2022, according to a Marcus & Millichap report. It also noted that new lease applications per unit increased in the last two months, and the velocity of lease renewals…»

The retail property sector has enjoyed a Goldilocks period of sorts over the past two and a half years, as demand has been strong enough to push available space to the lowest level in nearly two decades — but not so strong it elicits a surge of new development. While the strength of future demand…»

Four years after announcing its plans for a data center campus in the Valley, Dallas-based Stream Data Centers is moving forward with developing 2 million square feet of new space in Goodyear.The company initially purchased about 160 acres including an existing warehouse facility with…»

Phoenix announced its plan for legalizing backyard casitas, duplexes and triplexes in an effort to combat Arizona’s affordable housing shortage. City officials shared the information to a subset of City Council members at a public meeting June 28. It was the first time officials…»

A record one-quarter (25.4%) of homebuyers nationwide are looking to move to a different metro area, according to a new report from Redfin, the technology-powered real estate brokerage. That is up from 23% a year ago and less than 20% before the pandemic. And Phoenix is the top…»