Commercial Real Estate & Business News – March 22, 2021

After closing January with $137 million in office sales, Phoenix’s transaction activity lost some steam in February. According to CommercialEdge data, 438,968 square feet of office space traded across the metro for $108 million. The sales amount was 26.4 percent higher year-over-year,…»
Retail rent collections are steadily improving. In February, rent collections surpassed 90% among national retailers for the first time since March 2020, when the pandemic began, according to research from Datex Property Solutions. In the same month last year, national retailers paid…»
Demand for data center space has outpaced supply in the Phoenix area, but data center companies have plans to eventually add another 250 megawatts, which would nearly double the Valley’s current supply. In total, the Valley has an inventory of 326.7 megawatts of data center space,…»
QuoteWizard, a LendingTree company, and one of the nation’s leading online insurance marketplaces released a new report finding that the ongoing COVID-19 pandemic has had a significant impact on the cost of rent nationwide. Arizona ranked No. 3 among states for increasing rent,…»
An entity formed by California-based NNC Apartment Ventures LLC has acquired a 222-unit, mixed-use, luxury multifamily community in Flagstaff, AZ for $64.5 million. The property was sold by an entity formed by the Missouri-based VanTrust Real Estate LLC. Located at 601 E. Piccadilly Dr., the…»