Sun Belt and Mountain West regions lead nation in drawing down apartment supply
A key factor in the performance of the U.S. apartment sector over the past two years has been the large number of new units added to supply, an increase that far outpaced demand — particularly in the South, Southwest and Mountain West regions. This imbalance has resulted in elevated vacancy rates and falling rents. The tide has finally begun to turn this year, with deliveries of new apartment units projected to decline by nearly…»
Scottsdale 101 Shopping Center adds new dining and entertainment
The Scottsdale 101 Shopping Center, located at the southwest corner of the Loop 101 freeway and Scottsdale Rd. in Phoenix, announces five tenant updates, including three restaurants, one wellness center and one entertainment venue. The shopping center, managed by YAM Properties, welcomes the opening of Rodizio Grill, the rebranding of Bowlero to Lucky Strike and Coconuts Fish Café to Maui Fish House, and the arrival of…»
Tucson Airport submarket lands $80 million I-10 International Logistics Campus
Full-service commercial real estate firm Lincoln Property Company (Lincoln) has announced the completion of I-10 International Phase I, its first-ever ground-up industrial development in Tucson, Arizona, and the newest addition to Southern Arizona’s emerging Sonoran Desert industrial corridor. Valued at $80 million, I-10 International Phase I sits on 79 acres at the southeast corner of Alvernon Way and Los Reales Road, two miles…»
US apartment rents see steepest October decline in more than 15 years
U.S. monthly apartment rent growth declined last month in its largest October drop in more than 15 years as an oversupply of units affects all parts of the country. The national average rent fell to $1,708, a 0.3% decrease from September’s revised figure of $1,713. That marks the fourth consecutive month of no change or a negative change in monthly rent, according to a report from CoStar’s Apartments.com. Three of the five steepest monthly…»
West Valley data center hub from AZ Land Consulting clears initial hurdle
A massive data center corridor in the works in the far west side of the Valley is clearing initial hurdles. Maricopa County’s planning and zoning commission recommended approval of a new land use designation at a Nov. 6 meeting to set up thousands of acres for data centers and other industrial uses. The proposed development is from a notable valley landowner, Anita Verma-Lallian, who is CEO of Arizona Land Consulting…»