Commercial Real Estate & Business News – May 23, 2024

Park Algodon, a $250 million industrial and mixed-use project in Phoenix, officially broke ground this week by leading Phoenix-based real estate development firm Creation, alongside joint-venture partner Clarion Partners. To mark the occasion, the developer held a groundbreaking…»

Affording a rental home is pricey in Arizona, but several other states demand an even higher “housing wage.” A household must earn $62,252 to afford a two-bedroom rental in Arizona, according to the National Low Income Housing Coalition. That means an Arizona renter must…»

Retailers seeking new spaces with U.S. vacancy rates low need to act fast when interested in a site or risk losing out to another renter, JLL’s head of retail services said. The country’s overall vacancy rate of retail space is 4.1%, according to Chicago-based JLL, citing CoStar…»

QTS Realty Trust is adding to its Valley portfolio with another major data center project in the works. The company is proposing to develop a 3 million-square-foot campus — called QTS PHX 3 — across 16 buildings each totaling at least 180,000 square feet in the Glendale area…»

Federal Reserve officials made clear they are still worried about the still-elevated levels of inflation according to the minutes from the April 30-May 1 policy meeting of the Federal Open Market Comm