Commercial Real Estate & Business News – May 8, 2023

Diamond Sports Group, the parent company of Bally Sports Arizona, has asked a bankruptcy judge in Texas to order the Phoenix Suns and Phoenix Mercury to roll back its new media rights deal. Less than a week after the Suns announced the team would be moving its games from the cable network…»

New data from the first quarter of 2023 shows buyers beginning to adjust to elevated mortgage rates, while low inventory spurs an increase in builder confidence despite growing recessionary fears, according to Christine Cooper, Chief U.S. Economist and Managing Director at…»

The April jobs report was another upward surprise, with 253,000 jobs added and unemployment down to 3.4%, even lower than the 3.6% in April 2022, the lowest on record since April 1969, and not what the Federal Reserve is seeking. Last month also saw a 0.2% increase in average real hourly…»

Hammes Partners has broken ground on Buckeye Medical Plaza, a 48,000-square-foot medical office building in Buckeye, Ariz. The project is slated for delivery in early 2024. The developer acquired the 4.2-acre development site last year in October. Wilson Property Services Inc. sold the parcel for…»

Ashley Furniture Industries Inc. is moving closer to building a new 1 million-square-foot manufacturing and distribution facility in Avondale. The Wisconsin-based home furniture and decor retailer wants to develop two buildings including a 503,491-square-foot building with a mix of an 85,000-square-foot…»