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Commercial Real Estate & Business News – October 1, 2021

JLL has released its H1 2021 Data Center Outlook and in the report, Phoenix ranks No. 3 in the U.S. for new data center construction and No. 3 in the U.S. for data center absorption.Local competition is rising to an institutional level and demand doesn’t seem to quit. One sign of this: local data center and industrial land prices have increased as…»
The Delta variant has had nowhere near the negative effect on office space occupancy as COVID-19 initially did, according to the newly-released VTS Office Demand Index (VODI), with data through August.Nationally, new demand for office space rose to a 15-month high in August and is now just 13 percent below pre-COVID-19 levels. This year, only…»
Knightvest Capital paid $155 million for North Phoenix’s Accolade apartments in one of the largest multifamily sales on record in Arizona.The real estate investment firm, based in Dallas, paid $282,847 per unit for the 548-apartment property at 220 W. Bell Road, about 14% higher than the per-unit average for the area this year, according to…»
Phoenix-based developer George Oliver has unveiled its redevelopment plans for the landmark Hayden Station mixed-use property in downtown Tempe, Arizona. Renamed as Arbor, the $41 million experiential office project will include a $18 million renovation that will transform the five-building campus into a one-of-a-kind office and…»
A Phoenix-based office investment firm bought two office buildings near Tempe Town Lake in Tempe, totaling 300,000 square feet for $132 million, representing the highest-priced office sale of the year so far in the Valley.The two buildings, at 2114 and 2116 South Freedom Way, are each four stories tall and are fully leased by…»