Commercial Real Estate & Business News – November 8, 2024

The Phoenix retail market is near the tightest level in recent memory as strong demographics, healthy income growth and steady job gains fuel robust underlying tenant demand. These drivers, along with minimal supply additions, have compressed the availability rate for existing…»

Global toymaker The Lego Group is building up its presence in the Phoenix market with a new customer service center. The Danish company plans to open its new consumer service and contact center in Tempe in August 2025 and has already started hiring for management and customer service…»

After winning a 20-acre parcel in an Arizona State Land Department auction for $28.07 million in March 2023, Legacy 76 LLC just sold it to The Dinerstein Cos. for $38.5 million. Michael Lieb, managing partner of Legacy 76 LLC, said California-based Dinerstein plans to build 443 multifamily units on…»

The U.S. multifamily market posted notable gains in the third quarter amid declining new inventory and modest rent growth. According to a new report by CBRE, the national multifamily vacancy rate decreased by approximately 20 basis points to 5.3%, despite apartment…»

No one thought interpreting the October jobs report would be simple after two hurricanes struck the southeast and as Boeing machinists continued their strike. But then, no one expected the number of jobs added to be so light. The economy added a mere 12,000 jobs in October, according to the…»