Commercial Real Estate & Business News – March 3, 2023

Mayo Clinic Set to Start Work on 120-Acre Phoenix Biotech Innovation Hub

A dream more than 10 years in the making for a Valley biotech innovation hub is finally coming to fruition. Mayo Clinic has submitted its zoning application with the city of Phoenix to develop Discovery Oasis, a 120-acre medical and…»

JLL’s LaSalle Buys Apartments Near Chandler as Outside Investors Focus on Greater Phoenix Complexes

LaSalle Investment Management, an independent subsidiary of JLL, bought a 240-unit apartment complex near Chandler as out-of-state investors keep snapping up multifamily properties in greater Phoenix. LaSalle paid…»

Cost of Capital Has CRE Projects Mostly Stalled

The rising cost of capital has stalled most commercial real estate development in 2023. Unless projects were already underway or financing had been secured, there will be few projects started, according to John Chang, senior vice president of…»

Tucson No. 1 in Nation for Increase in Size of Apartments

If you’ve recently searched for a rental and got the feeling that new apartments are getting tinier, you got it right. According to our new analysis, the average size of newly built apartments has decreased by 54 square feet – from…»

Phoenix Metro Economy Among Most Resilient Nationwide Amid Pandemic, Report Says

The Valley was one of the most resilient areas nationwide during the pandemic, a new report by the Brookings Institution shows. Brookings on Feb. 28 released its Metro Monitor 2023, a report that offers a comprehensive look of…»