Commercial Real Estate & Business News – June 2, 2023

The Phoenix City Council unanimously approved a plan Wednesday to give up a share of its Colorado River allocation in exchange for money. “This agreement with the Bureau of Reclamation gives us a fantastic opportunity to not only reduce our Colorado River water…»

Chicago-based Belgravia Group Ltd. has broken ground on a $100 million luxury condominium project in north Scottsdale. With nearly 50% of the project already sold, initial deliveries are expected in late summer 2024 for the private gated community, called…»

The Bautista, a new development in the historic Mercado District near downtown Tucson, will add apartments, retail space and a restaurant to a neighborhood in the midst of urban revitalization. The $110 million project was approved by Tucson in 2022, and…»

Though Q1 2023 new construction deliveries are up 40% from this time last year with 129.0 million square feet (msf) coming online, starts were down 60% from Q1 2022 levels and fell 34% from Q4 2022. First quarter 2023 starts in the South and West regions, the two…»

Almost 99% of Phoenix properties are cheaper to rent than to buy, according to a new analysis from online real estate company Redfin. Context: That’s well above the national average of 81% and just slightly below the nation’s most unaffordable metros, like…»