Commercial Real Estate & Business News – May 21, 2024

Biggest Availability Rate Drop in US Occurs in These Two Markets

Conditions in many retail markets across the country have reached near the tightest level on record, but while available space has dwindled quickest in areas throughout the Sun Belt and Midwest, Phoenix and Indianapolis stand out as the nation’s leaders for the biggest improvement…»

Desert Dreams

For years, North Phoenix was expected to become a sea of sprawling homes as a continuation of the Valley’s suburban growth. By all accounts, that vision has now expanded. Arguably the most notable swath of undeveloped land in that part of town is Biscuit Flats, which spans…»

CRE Sentiment Makes a Surprising Turn

There appears to be a spring in the step of CRE developers and building owners now that Spring 2024 has arrived. The gloom that pervaded their outlook for the year ahead in 2023 surveys has given way to a mild optimism as NAIOP’s index of CRE sentiment rose above 50 for…»

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…»

Apartment Projects, New Sam’s Club Move Forward in Tempe

A pair of apartment projects in Tempe that would bring more than 1,100 new units collectively cleared a big checkpoint in the city, as did construction of another Sam’s Club store. The discussion of the two multifamily projects, Tempe Gateway and Sterling Tempe, contributed…»