Commercial Real Estate & Business News – May 2, 2024

Phoenix Apartments Post Strongest Quarterly Gain Since Mid-2022

Average asking rent growth in Phoenix’s apartment market remained modestly positive in March, up 0.03% for the month, while rents rose 0.7% overall in the year’s first quarter, the most significant three-month increase since the second quarter of 2022. The improvement to...»

Phoenix Shopping Center Developer Adding New Projects Across the Valley

As traditional indoor malls grapple with the challenge of remaining relevant as shopping patterns and preferences change, one Phoenix-based developer of large-scale, open-air shopping centers remains bullish about Phoenix’s need for new retail development. Vestar, the…»

Downtown Phoenix Tower Hits The Market for $24M

The Monroe office tower in downtown Phoenix could soon have a new owner. The 19-story building at 111 W. Monroe St. is being listed for $24 million, or about $94 a square foot. “We’ve been in the market a couple of months and have been conducting tours and really entertaining…»

Multifamily’s Tough Times Will Be a Boon for Bargain Buyers

The multifamily fall from grace over the last couple of years was unexpected by most at the market’s pandemic highs. The increase in interest rates have hit hard, as have some other factors. But according to Ralph Rosenberg, partner and global head of real estate at global…»

Stubborn Inflation Joins a Downshift in Growth, Marking a Potential Risk

It didn’t take long for market optimism to fade after last week’s release of the economy’s health in the first quarter. The Commerce Department reported that the economy expanded by 1.6% (annualized and seasonally adjusted) in the first quarter over the prior three-month period…»