Commercial Real Estate & Business News – May 29, 2024

Multifamily Absorption Skyrockets in Q1

A record number of apartments were absorbed in Q1. Surging by nearly 104,000, that blows away the average of 12,500 recorded in that time frame over the past 30 years, Marcus & Millichap reported. “With traditionally strong spring and summer months still to come, should put…»

Real Estate Investment Firm Acquires Phoenix Industrial Building

Real estate investment and services firm ViaWest Group this month acquired a single-tenant industrial property in Phoenix from California-based Stos Partners for $16.5 million, or $175.19 per square foot. Phoenix-based ViaWest bought the building, leased to…»

Northeast Found to Hold Highest Apartment Rent Premiums as Sun Belt Offers Discounts

Multifamily markets in the Northeast tend to be the most overpriced while the Sun Belt and West lead in terms of underpriced apartments, according to a new report.

Researchers at Florida Atlantic’s Real Estate Initiative, along with colleagues at Florida Gulf Coast University and the…»

Rezoning Set for Phoenix Master-Planned Community, New Hospital

The remaining vacant land around Loop 202 in Phoenix is taking shape following another major approval from the city. Phoenix City Council has given the green light for a nearly 300-acre master-planned development, called Gila Foothills, that could bring a new 50-acre resort, electric vehicle campus…»

Former Walmart Site Poised to Become Industrial Park

A 34-acre parcel south of Falcon Field that was once slated to be a Sam’s Club is poised to become a mega warehouse park with two drive-thru restaurants. The large-scale project looks similar to recent industrial parks in southeast Mesa, but it will be nestled in the Falcon District of north Mesa…»