Commercial Real Estate & Business News – September 27, 2021

Arizona’s economic recovery from the pandemic gained significant momentum in the second quarter. Job gains surged, housing permit activity remained very strong, and taxable sales remained on track for significant gains. The housing market grew even hotter in the second quarter, with low inventories, high construction materials prices, and…»

The intersection of Mill Avenue and Rio Salado Parkway is a gateway to Tempe, and the city is hoping to spark some new development on the final corner that has not yet seen activity.The city released a request for proposals for an adaptive reuse project of the Hayden Flour Mill, from which Mill Avenue derives its name, seeking a developer to…»

(Bloomberg)—U.S. household net worth surged to a fresh record in the second quarter as Americans enjoyed an ebullient stock market and the largest-ever increase in the value of their real estate holdings.Household net worth increased by $5.8 trillion, or 4.3%, to $141.7 trillion in the second quarter, a Federal Reserve report out...»

A rezoning request that would allow for the development of a 22-acre mixed-use project on the northwest corner of Avondale Boulevard and McDowell Road in Avondale was unanimously approved by the City Council on Monday.Called Avondale Commons, the master-planned development will include a mixture of apartments with…»

Before the pandemic, people and economic growth were concentrated in global gateway cities. It was putting a strain on resources and creating crisis-level housing affordability challenges.“We had all of the economic growth and population congregating in global gateway cities, and the cost of housing was so high. That was the…»