Mesa’s Waypoint Office Complex to Get Extra Building
By Tasha Anderson for AZBEX The Waypoint Office Complex in Mesa is getting its fifth building at the SWC of north Alma School Road and Bass Pro Drive. Developer, Lincoln Property Company has requested Design Review board review and approval for the proposed three-story office building, known as Waypoint 5, along with “associated site development and landscape design,” according to the project’s […]
Mixed-Use Towers Planned for Tempe Train Depot Site
By Tasha Anderson for AZBEX A new mixed-use development including office and hotel towers is being planned for the site of the historic Tempe train depot that was built in 1924. E&R Holdings, LLC, a company affiliated with mixed-use developer, RED Development, is requesting a Planned Area Development Overlay, a use permit for tandem parking and a […]
Phoenix Office Market Outlook
Source: JLL Despite a sluggish first half of 2020, the Phoenix office market showed signs of growth during the third quarter, posting just over 300KSF of positive absorption. The Chandler submarket led the way in Q3 with over 176KSF of net gains coming from the finance and insurance sectors. The Tempe submarket was a close second experiencing more than 100KSF of […]
Office Sublease Space Up 21.8 Percent
By Les Shaver for GlobeSt.com As COVID-19 forced lockdowns across the country, the amount of vacant sublease increased in the first half of 2020, according to new figures from Cushman & Wakefield. C&W monitored activity across 83 office markets and 92 industrial markets in North America and determined sublease vacancy generally increased across the office market and minimally throughout […]
Subleasing, Rent Pressures Equal Trouble for Office
By Rayna Katz for GlobeSt.com Given corporate America’s reluctance to return to offices rather than work from home, current conditions in office properties—and the likely near-term future—are looking bleak. Looming excess supply on the horizon will also be a problem, according to a new report on the top 25 US Office Markets from Colliers International. All told, the mid-year research stated, […]
Phoenix #2 in Data Center Growth
Source: JLL COVID-19’s impact on public safety and stay-home orders drove significant demand for immediate digital connectivity around the world. JLL’s 2020 Mid-Year Data Center Outlook finds data centers’ resiliency and reliability established the sector as one of the few to perform strongly during the first half of the year. According to the report, Phoenix ranks as a top […]
224-Acre Mixed-Use Hub Proposed for Goodyear
By Tasha Anderson for AZBEX Developer, Keystone Equities LLC, is looking to transform a vacant, underutilized site in Goodyear into a master planned employment hub with office, commercial, retail, light-industrial and entertainment uses. Keystone is requesting a rezoning of approximately 223.9 acres located at the SWC of Interstate 10 and AZ State Route 303 to Planned […]
Nonresidential Construction Spending Down in July
Source: Associated Builders and Contractors National nonresidential construction spending fell 1.2 percent in July, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, spending totaled $809.1B for the month. Of the 16 nonresidential subcategories, 10 were down on a monthly basis. Private nonresidential spending declined 1.0 percent while public nonresidential construction […]
NAIOP Survey Finds CRE Deals Increasing
Source: AZ Big Media In the fourth monthly NAIOP survey measuring the impact of the COVID-19 crisis on the commercial real estate industry, respondents say that deal activity is improving across most major sectors of the industry, but more now expect impacts from the crisis to affect their businesses for an additional 12-18 months. “July continued a trend of positive […]
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 […]