Commercial Real Estate & Business News – June 6, 2024

Clayco Breaks Ground on 26-Story Ray Phoenix Residential Tower

Clayco, a leading full-service real estate, architecture, engineering, and design-build construction firm, has broken ground on Ray Phoenix. The design-forward multifamily residential building features one of the region’s most comprehensive amenity packages, spacious studio, one…»

Hard Rock Eyes 2026 Opening Date for Reverb Hotel in Scottsdale

The first Hard Rock hotel in Arizona is set to debut in 2026. Hard Rock International, along with equity partner ERES Capital, confirmed its development plans on June 4 for its new Scottsdale-area hotel. As revealed by the Business Journal in 2023, Reverb by Hard Rock Scottsdale…»

Microsoft Pays More Than $250 Million for Land in El Mirage

Technology giant Microsoft paid more than $258 million for land in El Mirage, adjacent to where it is continuing to grow its data center campus. Microsoft closed on two pieces of land at Northern Parkway on either side of Dysart Road May 31, according to Maricopa County property…»

Commercial Properties Get Early Boost From Efforts To Revive US Semiconductor Industry

Early signs are emerging that the $280 billion in federal aid aimed at spurring investment in domestic semiconductor production is gaining traction. Commercial property specifically is registering the benefits as public subsidies and private capital flow into the semiconductor industry…»

Higher for Longer: Accepting Reality in CRE

Two years into a sharp spike in interest rates, we are finally starting to get some clarity on commercial real estate financing. Up until 2022, borrowers were mostly concerned with “finding the lender with the lowest rate.” By the end of 2023, the sentiment was more “please…»