Medical Office Market in PHX Thrives
Source: Colliers International As cases of coronavirus and hospitalizations rose in Greater Phoenix following Memorial Day weekend, the area’s second quarter of real estate market activity was also surging. The medical office market posted its strongest quarter of net absorption in nearly two years and vacancy in this product type dropped 50 basis points. During second quarter […]
Construction Output Drops Significantly
Source: Associated Builders and Contractors The U.S. economy contracted at an annualized rate of 32.9 percent during the second quarter of 2020, according to an Associated Builders and Contractors analysis of data by the U.S. Bureau of Economic Analysis. Nonresidential and residential fixed investment contracted by 27.0 and 38.7 percent, respectively, while investment in nonresidential fixed structures contracted by […]
Report Reveals Costs Trends and Recovery Preview
Source: Rider Levett Bucknall International property and construction consultancy firm Rider Levett Bucknall has released its new Quarterly Cost Report for North America. With data current to April 1st, 2020 and featuring construction cost information for 14 US and Canadian markets, the QCR provides a statistical view of the state of the construction industry, detailing indicative construction costs for eight building sectors. The impact […]
Phoenix Mayor Announces Affordable Housing Plan
Source: City of Phoenix In Phoenix, the COVID-19 pandemic and economic downturn is intensifying the already existing housing crisis. Phoenix residents, as well as residents in other cities across the country, are experiencing job losses, which can make it even more challenging to afford a place to live. According to Housing and Urban Development’s Fair Market Rents, in Arizona the cost of a […]
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 […]
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 […]
Rio Nuevo Approves Tightened 2021 Budget
Source: Rio Nuevo Facing a substantial reduction in next year’s revenue due to COVID-19, the Rio Nuevo Board approved a break-even budget reflecting an estimated $6M reduction in annual state tax revenue. The District has been dramatically impacted by COVID-19 related business closures and the subsequent economic slowdown. The District ended the year with a little over $6M cash on hand and has elected to hold those funds as a […]
Statement of Direction OK’d for SmokeTree Resort
By Melissa Rosequist for Independent Newsmedia Official marching orders have been set laying out perimeters for the Paradise Valley Planning Commission to scrutinize and evaluate revamped plans for SmokeTree Resort. While the resort is in the early stages of going through the town’s official municipal approval process, the larger discussion of welcoming public input and comment while adhering to COVID-19 safety guidelines is on […]
Multifamily Construction Costs May Drop
By Bendix Anderson for National Real Estate Investor Heading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put a halt to that, scrambling the projections of economists, developers and contractors. Developers aren’t exactly finding bargains at the moment, since […]
Maricopa County Board Approved $3B Budget
Source: Maricopa County Maricopa County is putting hundreds of millions of dollars in federal funds to immediate use helping people impacted by the COVID-19 pandemic while also pulling back on discretionary spending unrelated to the crisis. The Board of Supervisors approved the final $3.071B budget for fiscal year 2021. The bulk of spending is focused on core responsibilities like public […]