Commercial Real Estate & Business News – May 13, 2024

Several Large Move-Outs Fuel Negative Net Absorption in Phoenix Office Market

Several large office tenant move-outs during first quarter fueled the Phoenix office market to post negative net absorption reaching -572,754 square feet, according to a report released by Colliers. Despite total vacancy rising to 19.9 percent, the city’s landlords have been able to maintain healthy rental…»

Artsy Cosanti Apartments Cruise Ahead

Cosanti is now two-for-two. First, at a curious March 21 Development Review Board meeting, board members not only unanimously approved the artsy apartments – they urged Cosanti to build an extra floor. Cosanti, which was originally to be called Sundown Commons but changed its name after…»

List Extra: Commercial Building Contractors Seek Workers, Expect Office/Retail Rebound

Despite forecasts of a post-2023 construction slowdown, many of Arizona’s commercial building contractors still have the Help Wanted sign out, and several are expecting a rebound in the office and retail sectors. Top executives from companies featured on the Business Journal’s 2024 Commercial…»

New Terminal at Phoenix Sky Harbor International Airport Anticipated After 2030

Plans are in progress for a new terminal at Phoenix Sky Harbor International Airport, but construction won’t begin for at least several more years. The terminal’s construction isn’t expected to start until after 2030, the city of Phoenix, which owns and operates the airport, announced…»

Phoenix REALTORS: Home Prices Continue to Rise and Are Selling Faster

New listings, up; closed sales, up; and days on market, down. That’s positive news for residential real estate sales in year-over-year April data reported by Phoenix REALTORS. “A one-month boost isn’t a trend, but the reversal of prior months’ declines is welcome news,” said…»