The pandemic dramatically accelerated the rise of remote and hybrid work, resulting in many companies downsizing their office space. This trend is expected to continue due to investments in technology and shifts in worker expectations. Companies that are demanding amenity-rich, high-performance workplaces are now migrating to new, Class A buildings, leaving Class B and C … [More]
Office Conversion: Vacancy to Vibrancy
Potential is diverse, from residential to hospitality to community spaces
40 Acres of Rail-Served Land Sells, Seen as Benefit to Semiconductor Suppliers
NRS Logistics America Inc., a national provider of chemical and gas logistic services, closed on 40 acres in Casa Grande, Arizona, for $7.05 million. The sale includes 4 acres of rail right of way. Land Advisors Organization Pinal County Specialists Kirk McCarville, CCIM, and Trey Davis facilitated the deal on behalf of the seller, Auza Ranches. The land is in proximity to … [More]
New Flexible Office Space Co. Plants Flag in Phoenix with Full-Floor Lease on Camelback Road
Texas-based Lucid Private Offices has leased a full floor totaling 26,910 square feet at 24th At Camelback II, a Class A office building located along the Camelback Corridor in Phoenix, Arizona. The trophy asset is owned and was developed by the partnership of Hines and Invesco Real Estate, global real estate investment firms. Lucid Private Offices’ new flexible office space … [More]
Back-to-Work Mandates and Overall Economic Growth Trends Help to Boost Local Office Market
Stubborn vacancies in the office sublease sector and murky outlooks on interest rates and back to work trends have challenged the metro Phoenix office market, but positive momentum during the second quarter could influence that trend, raising hopes for an end to seven straight quarters of negative local office absorption, according to the Q2 2023 JLL Phoenix Office Insight … [More]
Caddell Taps Local Industry Veteran to Lead New Phoenix Office
Caddell Construction, a leading global general contractor offering a comprehensive menu of project management and construction services for commercial and government clients, announced the hiring of industry veteran Brian Sheehan as head of the company’s new Phoenix office, marking the latest chapter in Caddell’s ongoing national expansion. Sheehan will assume the role of … [More]
Collaborative and Upscale Co-Working Space Set to Open in Downtown Phoenix
X Phoenix, a 506-unit residential coliving and membership club located in the heart of Downtown Phoenix, is opening a 27,000 sq ft., dedicated coworking space on Mon. July 17, 2023. The space offers dedicated desks and private offices as well as an expansive area for a multitude of events that encourages connection and collaboration. In addition to the workstations that … [More]
Demolition of Major Mesa Mall Begins
Verde Investments, Inc., will take another step in the redevelopment of Mesa’s Fiesta Mall site by beginning demolition of the vacant mall located near Southern Avenue and Alma School Road. Verde controls the approximately 80-acre site in west Mesa. In early March, the company filed a pre-application with the City outlining its intention to request a zoning change for the … [More]
Sale of 380-Unit in SanTan Village Is Developers First in Greater Phoenix since 2007
The sale of the 380-unit multifamily community, Soltra at SanTan Village to The Premiere Residential for $140 million is the company's first Phoenix acquisition in 16 years. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Leon Multifamily, one of the most active multifamily developers in the greater Phoenix area. “This property has … [More]
Optima Opens Fifth & Final Tower at Optima Kierland Development
Award-winning real estate development firm Optima announced the grand opening of 7190 Optima Kierland, the fifth and final tower within the Optima Kierland development in North Scottsdale. The 10-story tower is comprised of 216 residences including studio, one-, two-, three-bedroom and penthouse apartments, along with the development’s first Olympic-length pool and 24-hour … [More]
City of Buckeye Stepping Up as New Jobs Demand Housing for Its Current, Future Employment Base
The City of Buckeye, Arizona, is seeing tremendous growth in its housing market, ignited by construction of the 2 MSF KORE Power plant as well as other large corporations putting down stakes in the bustling West Valley city. KORE recently received an $850 million from the U.S. Department of Energy. State officials estimate the plant will create about 3,000 new jobs and … [More]
