Commercial Real Estate & Business News – September 21, 2021

Commercial real estate brokers around the Valley expect to see additional office space on the sublease market as employees opt to work from home. That will be countered to a degree, many say, by firms looking for space as they move to Phoenix from less business-friendly states. What’s more, the rising cost of construction has…»
LPC Desert West has broken a new record with its latest sale. The developer has sold the first phase of Park 303, a 210-acre development with the ability to accommodate 4 million square feet of industrial space in Glendale, Arizona, a suburb of Phoenix. BentallGreenOak purchased the property for $186 million, highest single-building…»
US Capital Development, which is based in St. Louis, MO and has several active projects east of the Mississippi, broke ground on its first development in Arizona recently. Falcon Park 303 Phase I will be a 599,468 square foot speculative industrial product located along the red-hot Loop 303 Corridor in Glendale…»
This week, two Arizona hotels, one in Tempe and one in Flagstaff, were sold to create affordable and transitional housing for vulnerable communities. NewGen Advisory is the company facilitating those purchases, one by the city of Tempe and one by Housing Solutions of Northern Arizona.While not all of NewGen’s hotel sales are focused on…»
A recent article Wall Street Journal noted 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 with the majority of the need in Maricopa County. When a spokesman for the Arizona Multihousing Association presented this startling news at a…»