Commercial Real Estate & Business News – September 3, 2021

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 recorded in port markets, with Southern California in the…»

As the pandemic progresses, the great exodus of renters from downtown apartments to the suburbs is transforming into more of a shift across the center of America’s cities.In some urban areas, residents who lived downtown before the pandemic are now opting to remain downtown, but they’re moving to a roomier place on a…»

Arizona continues to be a leader in job creation as the economy recovers from the Covid-19 pandemic, topping the nation for small business growth for the second month in a row, according to data released Tuesday.The Grand Canyon State ranked first in the index for small business growth in August, edging out Texas and Georgia, which…»

Hines, the international real estate firm, has completed the purchase of 1.8 acres of land in the City of Tempe for a new 14-story office building overlooking Tempe Town Lake. The property will be the future home of the proposed 250 Rio development, which will be a 216,000-square-foot Class AA office building and…»

With little inventory, home-price growth in the U.S. hit a record high in June, rising 18.6% from the same period last year, according to the S&P CoreLogic Case-Shiller Index. June marked the highest annual rate of home price growth since the index debuted in 1987, beating out the 16.8% annual growth rate logged the…»