Commercial Real Estate & Business News – January 15, 2021
Store Closures Lift Phoenix’s Vacancy Rate, But Some Retailers Are ExpandingPhoenix’s retail leasing volume fell to a historic low last year, and numerous retailers shuttered their doors as they were unable to withstand the challenges created by the coronavirus pandemic. But not all segments of the retail market suffered, and its recovery depends on an […]
Commercial Real Estate & Business News – January 14, 2021
National US Rental Demand Closes Out Year at Strongest Level Since 2000The United States ended the year with the best fourth quarter for apartment demand in two decades with large Sun Belt cities driving the most traffic, though some high-priced coastal markets hit hard by the coronavirus pandemic initially now appear to be rounding the […]
Commercial Real Estate & Business News – January 13, 2021
Andante Apartments in Ahwatukee Sold for $145.25MIn the largest multifamily sale in over two years, the Andante Apartments in Ahwatukee were sold for $145.25 million, or $252,170 per unit. According to the commercial real estate tracking website Vizzda.com, the last multifamily transaction this large was the $142 million…» Proposed Downtown Phoenix Mixed-use Tower Would Incorporate […]
Commercial Real Estate & Business News – January 12, 2021
Vacancy Climbs As Rents Fall Across Asset ClassesApartments, office and retail are all following a similar trend: rising vacancy rates with declining rents. A new report from Moody’s Analytics calls the dynamic “bleak, but not dire,” noting that while most metros are following a similar pattern, most of the declining fundamentals are more moderate…» Buckeye […]
Commercial Real Estate & Business News – January 11, 2021
New Build Will Transform the Phoenix SkylineThe Phoenix skyline is getting an upgrade. Aspirant Development has acquired a two-acre land site in Downtown Phoenix with plans to develop the tallest building in Arizona. Aspirant Development purchased the property from Desert Troon for $9.2 million in an off-market deal…» VanTrust Real Estate Completes Construction on 118,000 […]
Commercial Real Estate & Business News – January 8, 2021
DoorDash Building Trades in Phoenix’s Largest Office Deal of 2020Lincoln Property Co. sold its newly developed Grand2 property. The deal was the largest office transaction in Phoenix last year, and the fifth largest office deal in the US. Grand2 is a 9-story, 358,000-square-foot office building fully leased to San Francisco-based DoorDash. Apex Capital Investments Corp. […]