Commercial Real Estate & Business News – September 5, 2023

Business Leaders Show Growing Optimism in US Economy

Is the U.S. economy destined for continued growth or heading into recession? It’s a question pondered daily by investors and analysts around the world, but what do business leaders think? Just 16% of executives responding to the third-quarter AICPA & CIMA Economic Outlook Survey said…»

Can Metro Phoenix become Silicon Valley 2.0?

Is Metro Phoenix the new Silicon Valley? It certainly could be. A perfect storm of opportunities is brewing with manufacturing, electric vehicles and technologies like artificial intelligence. One missing ingredient is a more widespread investor appetite to go big. But AI could…»

Utah-Based Data Center Developer Purchased 165 Acres for $62.7M in Mesa

A Utah-based data center company purchased 165 acres of state land in southeast Mesa for $62.7 million. Wes Swenson, the CEO of Novva Data Centers, was the sole bidder at Tuesday’s auction for the parcel along Warner Road and Loop 202, located within the Hawes Crossing…»

Short-Term Rental Critics Want More Regulatory Power for Cities

Advocates of new restrictions on short-term rentals (STRs) are gearing up for the 2024 legislative session when they hope Arizona lawmakers will give cities more power to regulate companies like Airbnb and VRBO. Driving the news: Scottsdale is pushing proposals that…»

Developer Suncrest Makes its First Move in Valley’s Fast Growing Build-to-Rent Sector

Phoenix-based Suncrest, which has developed 24 master-planned communities on 4,100 acres since 2016, has entered the wildly popular build-to-rent sector. A newly created Zora Living brand is being unveiled at its first build-to-rent community in Phoenix. Called Zora Encanto, the…»