Experts Say Housing Affordability is a Key Valley Issue

By Corina Vanek | Phoenix Business Journal Housing affordability, the fate of office work and the demand for industrial space in Phoenix were among the themes covered during the IREM CCIM Economic Forecast held January 14. Robert Hicks, executive vice president for Portico Property Group, said the Valley is expected to see another 22,000 apartment …

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Arizona Cities Among Best Areas to Buy Rental Property

By Plamedie Ifasso and Greg Barr, Phoenix Business Journal The Phoenix metro is one of the best areas in the U.S. to invest in rental property, a new report shows. The study conducted by Stessa identified the best areas to buy rental property by creating a composite index based on five factors real estate investors …

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And the Single Largest Buyer of Homes in Maricopa County is…

The hot, hot housing market in the Phoenix-metro last year was a seller’s paradise, but misery for buyers. Experts studying the market put it simply: there were not enough homes for all the people who wanted to buy, or even rent, in the Valley in 2021. While the majority of predictions showed the pricing increases …

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California Company Investing $51M in Affordable Valley Housing

By Angela Gonzales | Phoenix Business Journal A California company has entered the Phoenix market with plans to bring affordable apartments to different areas of the Valley. Community Preservation Partners is investing $51 million to buy and upgrade three apartment communities in Buckeye, Tempe and Phoenix totaling 170 units and is under contract to buy …

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Which Sectors of the Valley CRE Market Will Be Strong in 2022

By Angela Gonzales | Phoenix Business Journal At a time when the office sector remains in recovery mode nationwide, multifamily and industrial are expected to continue to thrive in 2022, according to a new 2022 outlook report released by Umpqua Bank. Tight demand and short supply in the multifamily and industrial sectors are driving the …

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Despite Large Maturing Loan, Fashion Square Not in Danger

By Corina Vanek | Phoenix Business Journal Despite a loan worth $423 million coming due in 2023, Scottsdale Fashion Square is not in any financial danger, according to Robert Kline, managing director of debt and structured finance for the Southwest region for Colliers International. “Scottsdale Fashion Square is the crème de la crème of malls …

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Experts Say Demand is High for Smaller Commercial Spaces

By Corina Vanek | Phoenix Business Journal While national companies and larger office users have mostly slowed plans to lease office space, smaller tenants seeking space in Phoenix will still likely face competition. Laurel Lewis, senior vice president at NAI Horizon, said lease rates have continued to go up, even during the pandemic, so tenants …

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Rental Occupancy Hits 40 Year High in Metro Phoenix

By Brent Ruffner | Phoenix Independent The Phoenix metro is at its highest occupancy percentage in more than 40 years, despite increasing rents around the region, according to a local housing research expert. Thomas Brophy, national research director at Colliers in Phoenix, said the current occupancy rate is 97.1% — the highest since that number …

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Developer Proposes Turning Harkins Theatre Into Apartments

By Corina Vanek | Phoenix Business Journal A plan to redevelop a Harkins Theatres location in north Phoenix could spark yet another new trend — repurposing outdated retail real estate to meet changing market demand. Developer Wolff Co. hopes to raze the North Valley 16 movie theater and redevelop the site into apartments. Jason Morris, …

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Scottsdale Company Converts Hotel Suites Into Affordable Housing

By Corina Vanek | Phoenix Business Journal In the wake of the Covid-19 pandemic, which hit the hospitality industry harder than almost any other, and faced with an affordable housing crisis in Arizona, some real estate firms are looking to transform hotels into apartments. “One of our clients is very entrepreneurial and had the opportunity …

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