Commercial Real Estate & Business News November 19, 2019

Sam Fox Hotel Project Heads to Phoenix City Council for Approval Phoenix City Council is set to decide this week the fate of a mixed-use project that will include a hotel developed by popular Valley restaurateur Sam Fox. A 17-acre project, known as 44|Camelback, would be on the northwest corner of 44th Street and Camelback Road. Phoenix-based Red Development, which is the project’s…»
Yardi: National Average Rent Rises $1 to $1,476
The national average multifamily rent rose by $1 to an all-time high of $1,476 in October, according to the latest Yardi Matrix Multifamily National Report. Over the same period, year-over-year rent growth remained steady at 3.2%. Yardi notes that year-over-year growth has remained above 3% for nearly a year. Phoenix remains…»
ViaWest Group to Build Trio of Industrial Buildings on 26 Acres in Booming Goodyear, Arizona
Real estate investor ViaWest Group bought a 25.9-acre parcel in Goodyear, Arizona, where it plans to add three buildings to the Phoenix suburb’s expanding industrial stock. ViaWest, based in Phoenix, said it intends to begin construction at the southwest corner of Elwood Street and Sarival Avenue on one large and two smaller buildings totaling…»
WeWork Opens Newest Phoenix Location in Downtown High-rise
Troubled international coworking giant WeWork has opened offices on the first two of its four leased floors at the 101 North First Avenue tower in downtown Phoenix. It’s the company’s second Valley location. WeWork’s space in the U.S. Bank tower is geared more toward “enterprise” members, meaning it’s used by companies that…»
Self-Storage Investors Face Falling Rents due to High Competition
Rents at self-storage properties are dropping across the U.S. as new properties struggle to lease up units and existing facilities fight to keep their customers.”The self-storage industry is in for a rough slog,” says Doug Ressler, director of business intelligence at data firm Yardi Matrix. “Deliveries are expected to remain elevated, pushing…»