Commercial Real Estate & Business News – September 2, 2021

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…»

Across the top 30 markets CommercialEdge surveyed for its newest report, asking rents for industrial space averaged $6.31 per square foot in July and Phoenix led the nation with 24 million square feet of industrial space under construction.The highest average rent increases were…»

Despite reports that the Phoenix metro’s housing market may be cooling, the Valley once again is leading the nation in home price growth.Phoenix saw the highest year-over-year home price growth in June, at 29.3%, according to the latest S&P CoreLogic Case-Shiller…»

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…»

The recession was the shortest in history, but the recovery continues to bump along, according to Mark Zandi, chief economist for Moody’s Analytics. Zandi spoke with Executive Editor Therese Fitzgerald about the economic trends that will propel commercial real estate forward…»