Commercial Real Estate & Business News – June 24, 2024

Construction Begins On 1.2 million SF Mack Innovation Park Scottsdale

Mack Real Estate Group (MREG) announced that the initial phase of Mack Innovation Park Scottsdale is fully financed and breaking ground imminently. Affiliates of MREG have secured approximately $63 million of debt financing for construction of the two-building, 305,400 first phase…»

Construction Starts on Business Park Next to Future Buc-ee’s Site

Dallas-based Formation Interests has started construction on a 688,000-square-foot business park adjacent to the future Buc-ee’s convenience store in Goodyear.

The overall $100 million development, the company’s first in metro Phoenix, will be built…»

Peoria’s $2 billion Amkor Plant Takes Step Toward Tax Incentive

Semiconductor packaging company Amkor Technology’s $2 billion plant is likely to receive an economic development and tax incentive, with Peoria City Council unanimously supporting the company’s foreign trade zone application at its June 18 meeting.The move could bring significant tax savings to Amkor…»

Phoenix Office Sublease Availabilities Remain at Multidecade High

The amount of space available for sublease has risen quickly in the Phoenix office market since the onset of the pandemic as lower space-per-employee needs and tepid office-using job growth have weakened underlying tenant demand. This has caused many users to reevaluate their footprints and put…»

Officials Tout Record Low as Arizona’s Unemployment Rate Drops

Arizona’s unemployment rate is flirting with historic lows, according to the state’s Office of Economic Opportunity (OEO). The big picture: The seasonally adjusted unemployment rate for May 2024 was 3.4%, according to OEO’s

monthly report released Thursday…»