Commercial Real Estate & Business News – July 9, 2024

Retail Remains Red-Hot In The Post-Pandemic Recovery

The Metro Phoenix retail sector has seen a spectacular recovery since the pandemic, with Avison Young’s First Quarter 2024 Phoenix Retail Market Report stating that “since Q4 2020, Phoenix has rebounded, creating a national leading market with demand surpassing availability.” More than 1 million ...»

Sen. Mark Kelly Touts National Security Benefits of Microchip Industry in Arizona

Construction on the first of three factories in north Phoenix that will produce advanced microchips is nearing completion. Engineers are now manufacturing wafers to test the equipment expected to support 6,000 jobs when all three factories are operational by 2028…»

Despite new apartments opening, more Phoenix renters are staying put and renewing their leases

Despite the thousands of new apartment units opening for lease across metro Phoenix each quarter, a RentCafe study shows 57.9% of renters aren’t budging and instead are renewing their leases. Phoenix’s occupancy rate dropped to 92.4% at the start of the summer rental season, down from 93.5% last year…»

“We are stuck”: Homeowners who want to move see no path forward

Metro Phoenix homeowners who want to upsize or move to a new neighborhood are coming to terms with an unfortunate reality: They’re not going anywhere. Why it matters: People who were lucky enough to break into the housing market before prices…»

Phoenix ranks No. 2 for biggest rent increase in the U.S.

Over the past five years, average rents have hit record highs in almost every major U.S. metro area. Data from SpareRoom, the leading roommate matching site, suggests that in 10 years, most major U.S. metro areas could become unaffordable for the average renter if rents continue …»