Commercial Real Estate & Business News – September 1, 2021

Arizona’s economy has nearly recovered all of the jobs lost to the COVID-19 pandemic, significantly outpacing the national average.But that recovery is uneven: Some industries, like travel and tourism, remain far below where they were prior to the new coronavirus sweeping the country in early 2020. A variety of service industries are struggling to…»

S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for June 2021 show that home prices continue to increase across the U.S. and Phoenix leads the way with a 29.3% year-over-year home price increase.More than 27 years of…»

In an article published by the Wall Street Journal less than two months ago, the WSJ said that the United States is millions of housing units behind current demand.In Arizona, this translates to a pre-pandemic need of 230,000 new units — roughly 50,600 in Scottsdale alone.When a spokesman for the Arizona Multi-family…»

Zanjero Falls, a three-story, grey shell building, originally developed to be medical/office condominiums has sold for $10 million. The vacant property was purchased by a local investor and will be converted into a market competitive multi-family community, further enhancing the Westgate Entertainment District in Glendale, AZ.Zanjero Falls was built…»

U.S. home prices jumped by a record amount in June as homebuyers competed for a limited supply of available houses, the latest evidence that the housing market remains red-hot.The S&P CoreLogic Case-Shiller 20-city home price index soared 19.1% in June compared with a year earlier, the largest increase on…»