VAI Resort, the soon-to-be-unveiled $1 billion hotel, resort, and live entertainment destination near Phoenix, proudly announces a groundbreaking collaboration with industry giants C3 Presents and Live Nation. The global leaders in live entertainment will jointly book and promote performances at the state-of-the-art VAI Amphitheater, an integral part of the resort with a $50 … [More]
Barrett-Jackson Holds Record-Breaking 2024 Scottsdale Auction
Barrett-Jackson, The World’s Greatest Collector Car Auctions, supercharged its kickoff to the 2024 auction calendar with their flagship Scottsdale Auction, January 20-28 at WestWorld of Scottsdale in Scottsdale, Arizona. In dynamic fashion, the event featured its largest auction docket in company history with 2,016 collectible vehicles, all selling with No Reserve, for $200.9 … [More]
Record Levels of New Space Deliveries Drive Up Vacancy in Phoenix Industrial Market
Strong Absorption Expected Through 2024 with Continued Rental Rate Increases
The Greater Phoenix industrial market delivered a historic 27.9 million square feet of new space during 2023, which drove vacancy rates up in the area, according to a report released by Colliers in Arizona. Vacancy rose to 6.7 percent at the end of fourth quarter, which marks a 370 basis point rise year-over-year. Strong pre-leasing of those delivered developments helped … [More]
Luxury Home Prices Hit All-Time High, New Listings Rose Most in Phoenix
Prices of luxury homes rose at twice the pace of non-luxury homes at the end of 2023, partly because elevated mortgage rates are irrelevant to many affluent buyers
The typical U.S. luxury home sold for a record $1.17 million in the fourth quarter, up 8.8% from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage, and new listings of luxury homes rose most in Phoenix (42.3%). Prices of non-luxury homes increased at half the pace, rising 4.6% year over year to a record $340,000. This is … [More]
Phoenix Sky Harbor International Airport Says 2023 Busiest Year Ever
2023 was a monumental year for Phoenix Sky Harbor International Airport with a record-breaking day, national and international honors, and new innovations. The year-end passenger numbers for America's Friendliest Airport® show that PHX has reached a new passenger milestone, and 2023 is the … [More]
Commercial Contracting Co. Partners to Unveil New Program to Support Workforce Development and Cultivate Arizona Construction Careers
DPR Construction, one of Arizona's top commercial contractors, has teamed with Job Corps, the nation's largest career technical training and education program for youth, to provide on-the-job training at DPR Construction jobsites. The six-week experience will serve as the capstone to Phoenix Job Corps' Pre-Apprentice Carpentry program, giving participants practical, hands-on … [More]
Intel Announces New Foundry Collaboration, Platform to Be Manufactured in Arizona
Intel Corp. and United Microelectronics Corporation, a leading global semiconductor foundry, today announced that they will collaborate on the development of a 12-nanometer semiconductor process platform to address high-growth markets such as mobile, communication infrastructure and networking. The long-term agreement brings together Intel’s at-scale U.S. manufacturing capacity … [More]
Price Growth Starts the Year Strong, Metro Phoenix near Top of List for New Listings
The median U.S. home-sale price rose 5.1% during the four weeks ending January 21, the biggest increase since October 2022, according to a new report from Redfin, the technology-powered real estate brokerage. Asking prices rose 6.5% which is also the biggest increase since October 2022. Greater Phoenix is on of the top Metros with the biggest year-over-year increases in new … [More]
Saras Micro Devices Opens New Headquarters and Manufacturing Center after Relocating from Atlanta
Saras Micro Devices, an emerging leader in cutting-edge power performance solutions leveraging integrated packaging design, announced the grand opening of its new headquarters and state-of-the-art manufacturing facility in Chandler, Arizona. The decision to open a new manufacturing center in Arizona is part of Saras’ longer-term strategy to support its growth in the … [More]
Air France to Begin Phoenix-Paris Flight
Air France has announced the start of new nonstop service between Phoenix Sky Harbor International Airport and Charles de Gaulle International Airport in Paris, France. This marks the first time there will be nonstop service between Phoenix and France. Service on the Boeing 787-900 Dreamliner aircraft will begin May 23, 2024, and will operate three days per week for the summer … [More]
$95 Million Federal Grant for I-10 Expansion South of Phoenix Announced
Governor Katie Hobbs announced that Arizona will receive a $95 million INFRA grant from the US Department of Transportation for major improvements to widen Interstate 10. The grant was awarded to improve the safety and conditions on the 26-mile stretch of the I-10 located entirely within the boundaries of the Gila River Indian Community. The I-10 corridor is a main corridor for … [More]
Phoenix Office Fundamentals Showing Signs of Stabilizing
Following a challenging 2023, local office market reporting some positive trends
The Phoenix Office of JLL has released its Q4 2023 Phoenix Office Insight, noting some persistent, positive trends after a challenging 12 months. In the last quarter of the year, negative absorption slowed, asking rents showed signs of stabilizing and construction deliveries remained subdued, reducing some supply-side risks and supporting the leasing success of key product … [More]
Coalition of Business Industry Leaders Urge State Legislators to Continue Arizona Commerce Authority
The Arizona Chamber of Commerce & Industry, joined by a coalition of more than 100 business leaders and growing throughout the state, today sent a letter to Arizona legislators expressing strong support for the continuation of the Arizona Commerce Authority (ACA). The agency, established by former Gov. Jan Brewer in 2010 in an effort to revamp the state’s economic … [More]
ASU First to Collaborate with OpenAI to Enhance Teaching and Learning
Arizona State University will be the first higher education institution to collaborate with OpenAI, the AI research and deployment company behind ChatGPT. This collaborative effort introduces the advanced capabilities of ChatGPT Enterprise to the university, empowering faculty and staff to explore the potential of generative AI to enhance teaching, learning and discovery, … [More]
Renting a Home More Affordable than Owning; Phoenix Rents Growing Faster than Wages
ATTOM, a leading curator of land, property and real estate data, today released its 2024 Rental Affordability Report, which shows that median three-bedroom rents in the U.S. are more affordable than owning a similarly-sized home in nearly 90 percent of local markets around the nation. The report shows that both renting and owning a three-bedroom home continue to pose … [More]
Tech Council’s Q3 2023 Impact Report Shows Strong YOY Gains in Technology Jobs, Despite Current Lull
The Arizona Technology Council has released its Q3 2023 Arizona Technology Industry Impact Report with the finding that the state’s technology jobs total has exceeded 222,000 — a 3.78% one-year gain that places Arizona third in the Southwest for job growth in the sector. The highest number of industry jobs currently are in computing, software, defense, and semiconductor. … [More]
Greater Phoenix’s Residential Real Estate Market Puts 2023’s Challenges in Rearview, Sees Brighter Prospects for 2024
Motivated buyers, downsizing sellers expected to help 2024 rebound from tough year
Greater Phoenix's residential real estate market weathered unprecedented challenges in 2023, with factors such as a shortage of listings, record-high mortgage rates and hesitant sellers making it the toughest year for the market since 2009, according to the latest market data reports from Phoenix REALTORS®. Yet despite the challenges, REALTORS are turning their gaze towards a … [More]
Governor Announces $89M for New Affordable Housing and Homeless Response
Governor Katie Hobbs and the Arizona Department of Housing (ADOH) have awarded $40 million in grants statewide from the newly-created Homeless Shelter and Services (HSS) Fund to provide shelter and other services to people experiencing homelessness. From day one, Governor Hobbs has demonstrated a commitment to investing in Arizona communities and supporting those in need. These … [More]
