Survey: Confidence Returns to Pre-crisis Levels
Source: NAHB Now In a strong signal that the housing market is ready to lead a post-COVID economic recovery, builder confidence in the market for newly-built single-family homes jumped 14 points to 72 in July, according to the latest NAHB/Wells Fargo Housing Market Index. The HMI now stands at the solid pre-pandemic reading in March before the outbreak affected much of […]
Industry Professionals 07-21-20
Giving Back 1. As the COVID-19 pandemic takes its toll on business and industry in Arizona, in the spirit of being stronger together, the state’s two CCIM chapters have united in support of the commercial real estate industry. Collaboration includes: Regional activities and economic updates Meaningful e-connection in support of chapter members and sponsors Hosting webinars with relevant and timely content Sponsored […]
Commercial Real Estate Transactions 07-21-20
Sales Transactions 1. Pennybacker Capital purchased The Osborn Apartments, a 31-building, 302-unit multifamily complex near 32nd Street and Osborn Road, Phoenix, for $42M. Todd Braum, with Lee & Associates’ Arizona Apartment Group represented both the buyer and seller, Bean Investment Real Estate. 2. AP MP, LLC, an affiliate of MBRE Health Care purchased a two-story, 40.9KSF fully occupied medical building at 535 N. Wilmot Road, […]
354-unit Apt. Project Proposed for Avondale
By Tasha Anderson for AZBEX A new multifamily residential development is being proposed for the NWC of Avondale Boulevard and the Corporate Drive alignment, also known as The BLVD east of Avondale Boulevard. Property owner and developer, Lervick Investments, LLC requested approval of a development plan for the 354-unit apartment community on the 16.44-acre site. The City of Avondale […]
COVID-19 News Round-up for July 17
Economic News Hotel Outlook Worsens, Again Despite some encouraging numbers a few weeks ago, the increasing spikes in COVID-19 numbers have once again created a downturn in the U.S. hotel industry, according to a recent report in National Real Estate Investor. (Source: National Real Estate Investor) Office Markets Preparing a ‘New Normal’ Future As offices re-populate, companies and building owners […]
Ariz. Construction Lost 900 Jobs in June
By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate increased to 10 percent in June 2020, from May 2020, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 11.1 percent from 13.3 percent in May. In June 2019, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.7 percent. The state had a net gain of 19,700 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a loss of 51,600 jobs in June,” the report states. Leisure & Hospitality had the largest net gain with 34,000 jobs, […]
Online Commerce Driving Growth in Industrial
Source: Colliers International The Greater Phoenix industrial real estate market remains healthy, despite business conditions during the pandemic. America’s growth in online purchasing is driving expanded demand for warehouse/distribution space. Net absorption of industrial space peaked at more than 2MSF in the second quarter. This marks the fifth consecutive quarter with net absorption exceeding 1MSF. Year-to-date the market has posted 3.7MSF of […]
Arizona Projects 07-17-20
Groundbreakings 1. The Douglas Allred Company recently broke ground on two additional office buildings at their Park Place Development on Price Corridor. Both three-story buildings will be 150KSF and located on the NEC of Price and Willis roads. The architect is Balmer Architectural Group and the general contractor is Willmeng. 2. The Kansas City Royals broke ground July 9th on The Fountains at Surprise Center, their new four-story, […]
$150M Project to “Enhance” SDLE Triangle Bldg
By Tasha Anderson for AZBEX Developer, PEG Companies is looking to preserve the historic Ralph “Haver Triangle Building” in Scottsdale while enhancing it with the development of a new $150M mixed-use project around it called The Triangle. The Haver Triangle Building was designed in 1962 by architect Ralph Haver, AIA, who, “was one of the most influential and creative Arizona architects of the second half of the 20th […]
COVID-19 News Round-up for July 14
Budget, Policy & Stimulus News Navajo Nation Approves Initial Aid Expenditures The Navajo Nation‘s leaders over the weekend approved the tribe’s first expenditures of more than $60M in federal COVID-19 aid, about two months after receiving most of the funds in May. The tribe’s executive branch approved portions of two separate resolutions related to the spending of more than $714M given through the Coronavirus Aid, […]