North American data center pricing approached record levels in 2023, with Phoenix boasting some of the highest average asking rates ($170 – $200) for 250-500 kilowatt (kW) per month, according to CBRE’s latest North American Data Center Trend Report. Leasing activity remains strong, and renewal rates increased by 20% from H2 2022 to H2 2023. The Valley's vacancy rate is 3.9%, … [More]
The Typical Homebuyer’s Down Payment Is $56,000, Up 24% from a Year Ago
The median down payment for U.S. homebuyers was $55,640 in February, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up 24.1% from $44,850 a year earlier—the largest annual increase in percentage terms since April 2022. Phoenix Metro home purchases made in cash were down 6.1 percentage points from a year earlier—the fifth largest … [More]
Rising Supply Draws in Some Buyers, Even as Housing Payments Soar 10% to All-Time High
The typical U.S. monthly housing payment hit an all-time high of $2,721 during the four weeks ending March 24, up 10% from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. Housing payments are at a record high because of the one-two punch of elevated mortgage rates and rising home prices. Mortgage rates remain elevated near … [More]
Renting Now Beats Buying in All of the Largest U.S. Metros
Elevated mortgage interest rates, still-high home prices and falling rents have made it more affordable to rent than buy in all of the top 50 U.S. metros, according to the Realtor.com® Rental Report released today. In February, the mortgage payment on a starter home in the largest metros cost $1,027 (+60.1%) more than the monthly rent in those markets, on average. At the same … [More]
ASU Business School Launches New AI Degree Program
The W.P. Carey School of Business introduces innovative new graduate degree for AI in business
Following ASU’s groundbreaking announcement of the first university collaboration with OpenAI, the W. P. Carey School of Business is officially launching a new degree program — the Master of Science in Artificial Intelligence in Business (MS-AIB). Backed by faculty from the Department of Information Systems, it is the first AI graduate degree program from a business school in … [More]
Intel and Biden Admin Announce up to $8.5 Billion in Direct Funding Under the CHIPS Act
The Biden-Harris Administration announced today that Intel and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development … [More]
$10 Million Commitment Brings Global Fight League Phoenix Franchise
The Global Fight League (GFL) will launch the world's first team-based international MMA league in unprecedented fashion with an in-depth docuseries exploring the current state of the MMA industry. The docuseries will give fans a first-of-its-kind look at the formation of the first true MMA League, from fighter recruitment and business operations to the selection of eight … [More]
Cardinals Introduce First-of-Their-Kind Field-Level Seating Experiences
Two-Level Casitas and Pair of Private, Field-Level Clubs Highlight New Luxury Offerings for 2024
The NFL’s new league year began last week and for the Arizona Cardinals, bold plans are underway to re-shape the in-stadium experience in ways that will re-define the standards and expectations for high-end, premium spectator offerings not only in Arizona but across the sports landscape. Last year, the Cardinals had the least expensive gameday experience in the NFL according … [More]
Scottsdale Airpark Remains Focal Point of Growth
Area Attracts High Profile Companies and Impressive New Developments
The Greater Scottsdale Airpark area continues to be a focal point for growth and business relocation, according to a report released by Colliers in Arizona. Nationally recognized companies are moving operations there and sizable new developments are being built in this prestigious area of metropolitan Phoenix. “We have been tracking the Scottsdale Airpark submarket since … [More]
Arizona Is Making Business Connections with Ireland
More than 15 companies headquartered in Arizona have made business connections with Ireland by establishing an office, development center or lab to expand and grow international business. These include such leaders as Standard Aero, MSR-FSR, ON Semiconductor, transACT, Microchip Technology and companies in the aviation sector. transACT: Headquartered in Phoenix, Transact … [More]
Home Listings Surge, Luring Some Buyers Off the Fence, but Near-Record Housing Costs Price Others Out
New listings rose 13% from a year earlier, their biggest increase in nearly three years, but home prices and mortgage rates remain elevated
The median U.S. monthly housing payment was $2,686 during the four weeks ending March 10, just $30 shy of last October’s all-time high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s due to a combination of still-high mortgage rates and rising prices. While mortgage rates came down slightly this past week after … [More]
New Dark Fiber Connectivity to Span Nine Valley Cities, Area Universities, Major Data Centers
Light Source Communications, a leading provider of secure, scalable, reliable connectivity on state-of-the-art dark fiber networks, announces the commencement of a new dark fiber route in the Phoenix, Ariz. metro area, following its deal with a major global hyperscaler as the anchor tenant. Once complete, this project will encompass nine cities, universities and several data … [More]
Optimism on Main Street Declines as Inflation Looms as Top Challenge
The NFIB Small Business Optimism Index decreased in February to 89.4, marking the 26th consecutive month below the 50-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important business problem in operating their business, up three points from last month and replacing labor quality as the top problem. “While … [More]
How Arizona Is Competing for the CHIPS Act
State leads unprecedented effort to maximize semiconductor opportunities
Arizona is leading the nation in supporting the U.S. CHIPS Act economic and national security objectives. Even before it was signed into law on August 9, 2022, Arizona had one of the fastest-growing and most established semiconductor industries in the world. The passage of the CHIPS Act and new investment and actions from state and industry leaders have accelerated the growth … [More]
Real Estate Crowdfunding Co. Launches Arizona Multifamily Opportunistic Fund to Capitalize on Increasing Number of Distressed Properties
Neighborhood Ventures, one of the country's largest real estate crowdfunding companies, announced the launch of its Arizona Multifamily Opportunistic Fund. This special fund will allow accredited investors (and non-accredited investors in Arizona) to invest in Arizona multifamily commercial properties that Neighborhood Ventures estimates are selling at a distressed rate of 30% … [More]
More Inventory, More Closings: 2024 Residential Housing Looks Up
Homes selling faster as days on market plummet from last year’s numbers
The single-family home inventory grew nearly 8% in February compared to meager 2023 numbers, and the number of families closing on their new homes increased 1.5% so far this year compared to the same period last year, according to the latest data from Phoenix REALTORS®. “As interest rates are dropping and buyer interest is rising, we’re starting to see more existing homeowners … [More]
Partnerships in ASU-Led Initiative to Transform Climate Challenges into Economic Opportunities
The U.S. National Science Foundation has announced three new partners in an Arizona State University-led initiative to transform the desert Southwest’s climate challenges into economic opportunities. Ecolab, Hydrosat and the U.S. Green Building Council have joined NSF Engines: Southwest Sustainability Innovation Engine, or SWSIE. The initiative unites academic, community, … [More]
Toyota Provides up to $9.3M to Arizona Schools for STEM Programs
Toyota USA Foundation announced grants of up to $9.3 million to prepare Chandler and Tempe students for future careers in science, technology, engineering and math (STEM). The collaboration is part of the Driving Possibilities initiative and is a five-year phased rollout of programing in select schools. "Our goal is to increase awareness of future STEM careers while helping … [More]
