In The Luxe, a $145 million luxury condominium community located within the Desert Ridge neighborhood, family-owned The Statesman Group offers residents a significant resortstyle amenity designed for seamless indoor and outdoor living plus access to a range of on-site services. The second phase — 35 condos priced from the high $600,000s — recently came on line offering … [More]
Don’t Sign that Lease without Verified Ventilation Performance Defined
Did you know you breathe more than 11,000 liters of air a day? If you’re reading this, you will probably spend around 2,000 hours per year breathing the air in the office for which you are about to sign that lease. This year alone, you will bring into your lungs more than 900,000 liters of whatever is in the air of that cool new office space. Would you drink 900,000 liters of … [More]
Appetite for Industrial
One of the largest industrial developers in Southern California, CapRock Partners, has become an active player in Phoenix’s real estate market. “We see a lot of corporations and jobs leaving California for Arizona (among a few other states) and we think that’s going to continue,” says Bob O’Neill, senior vice president of acquisitions. Lower cost is one factor. Another big one … [More]
Phoenix Moves Up in Industrial Growth
The industrial sector of Phoenix’s commercial real estate market is in strong growth mode, according to the 2019 U.S. Industrial Pipeline Report, recently released by nationwide commercial real estate listings platform COMMERCIALCafé, part of Yardi Systems. Phoenix is the sixth most attractive market for industrial development this year, with 34 projects totaling 6.5 million … [More]
Phoenix Rising: Driving Forces Behind One of America’s Fastest Growing Cities
According to the U.S. Census Bureau in 2017, Phoenix edged Philadelphia out to become the fifth biggest city in the United States, with an estimated population of over 1.61 million, and is forecasted to rank at least fourth by 2020. It’s worth looking at how a flourishing flexible office market supports widespread growth. Bill Gates to Invest in the Nation’s Next Smart City in … [More]
Taylor Morrison Expands in Southeast Valley
Taylor Morrison, a leading national builder and developer, is expanding in the Southeast Valley with the grand opening of Bellaza II in Chandler. The intimate community of Bellaza II will offer 38 home sites and a selection of three large, single-story floor plans ranging in size from approximately 2,911 to 3,509 square feet with up to 5 bedrooms, 3.5 baths and 3-car … [More]
Arizona Center Transforms into Urban-Contemporary Center
Arizona Center, Phoenix’s original downtown entertainment destination, located at Third Street and Van Buren, recently completed construction on its $25 million makeover, which includes new creative office space, outdoor work stations, shopping, entertainment and casual dining. Complementing the new modern aesthetics is a new logo, website and brand identity. Among the … [More]
CBRE
CBRE is the leader in the Metropolitan Phoenix commercial real estate market, offering strategic advice and execution for property sales and leasing, corporate services, property, facilities and project management, mortgage banking, appraisal and valuation, development services, investment management, and research and consulting. Throughout its business lines, the Phoenix … [More]
JLL
JLL is a leading professional services firm that specializes in real estate management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. At year-end 2018, JLL had nearly 300 corporate offices, operations in more than 80 countries and a global workforce of more than 88,000. The Phoenix office of JLL was established … [More]
NAI Horizon
NAI Horizon has been serving Arizona for more than 25 years, providing brokerage and property management services for local, national and international clients. We are proud to be the local representative of NAI Global, the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. Founded in 1978, today NAI Global has more than 400 … [More]
2019 Q1 Office Insight
According to JLL’s Q1 Phoenix Office Market Report, metro Phoenix has absorbed more than 1 million square feet of office space since the first of the year — a quarterly high not seen in more than 10 years. This is already massively ahead of 2018, which, though a notable year for local office space, recorded 1.7 million square feet in total absorption for the full 12 … [More]
2018 Q4: Phoenix Airport Office Submarket on the Rise
Phoenix’s Airport office submarket is quickly filling with new and expanding tenants, pushing vacancy rates down 9.3 percent year-over-year and inching rental rates up, according to data from JLL’s Q4 Phoenix Office Market Report. According to JLL, overall vacancy in the Airport submarket in 2018 fell from 32.7 percent to 23.4 percent. During the same time period, submarket … [More]
Master-Planning Luxury
Straddling the Scottsdale-Paradise Valley border, The Palmeraie project is an important addition to the local economy. It was previously touted as a new Ritz-Carlton hotel and residential development, announced concurrent with Marriott taking over management of what was previously Ritz-Carlton at The Esplanade in Phoenix as The Camby. Now, the exclusive Ritz-Carlton residences … [More]
Maricopa County Scores High for Opportunity Zone Investment Potential
A list of the U.S. counties with the highest opportunity zone investment potential, recently compiled by Commercial Café by Yardi based on information from the U.S. Department of Treasury, includes six counties in Arizona. Maricopa County scored the highest for OZ investment in the state, with 61.6 points; its ranking is sixth nationwide. It is followed by Pinal County, which … [More]
New Multifamily Development Activates Central Corridor
Circa Central Avenue is a new multifamily project, developed as urban infill just south of Phoenix Art Museum and adjacent to the Metro Valley light rail by Hunt Companies, Inc., Tilton Development Company and Ryan Companies US, Inc. The six-story project includes four levels of residential apartments over two levels of parking, as well as five two-story townhomes and two … [More]
Park West Renovation Gains Locally-based Businesses
Commercial Investment Real Estate Equity is putting $4 million into renovating Park West, an outdoor lifestyle shopping center that features more than 30 national and local retailers, restaurants and a 14-screen Harkins Theatre nestled in a boutique shopping environment. Cozy seating areas, shade structures and a splash pad offer a relaxing, family-friendly shopping experience … [More]
New Office Breaks Ground at Perimeter Center
Irgens – Phoenix has broken ground on its second building within the Irgens Perimeter Center project, 17 Three Hundred at Perimeter Center, with completion scheduled for October. The two-story office and healthcare building will contain approximately 47,322 square feet of space. “The Scottsdale Airpark submarket finished 2018 with a vacancy rate below 10 percent,” says … [More]
Mixed-Use Bringing Big Change to Downtown Phoenix
Much touted since its planned arrival was announced many months ago, the Fry’s store that will finally bring a grocery to serve all the residential housing in Downtown Phoenix is within sight on the calendar. On January 22, RED Development, Fry’s Food Stores and StreetLights Residential held a “topping off” ceremony to commemorate the completion of vertical construction on the … [More]
