Commercial Real Estate & Business News – September 11, 2023

Kroger and Albertsons supermarkets will sell more than 400 stores to C&S Wholesale Grocers for nearly $2 billion as part of their proposed $25 billion merger, the companies announced on Friday. The divestiture, which was first reported to be in the works on Tuesday by Bloomberg, is part…»

Activity from cloud service providers continues to drive data center construction in Phoenix in the first half of 2023, helping the market retain its status as one of the primary data center markets in North America, according to a new report from CBRE. There is 163.5 MW under construction in…»

Phoenix City Council has unanimously approved the development of 1,890 housing units. At a Sept. 6 meeting, Council approved a zoning change from C-2 to PUD to allow mixed use at the southwest corner of Central Avenue and Coolidge Street, where RAS Developments plans…»

It’s been a wild real estate ride over the last few years. After a red-hot market characterized by super-low interest rates and frenzied bidding wars, mortgage rates increased to their highest level in more than 20 years — the average rate for a 30-year mortgage more than doubled between…»

Apartment rents have been cooling off sharply for several months, and they look like they’re about to go negative compared with a year ago. Rents in August were just 0.28% higher than August 2022, according to real estate tech platform RealPage. Compare that to a year ago, when rents were posting…»