Local Commercial Real Estate Transactions Down, Not Out

By Corina Vanek | Phoenix Business Journal Real estate transactions such as leases and building sales have slowed but not halted in the wake of sweeping business closures due to the novel coronavirus, according to a commercial real estate expert. Jon Rosenberg, designated broker and managing partner of Scottsdale-based LevRose Commercial Real Estate, said he …

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Opportunity Zone Made Scottsdale Entrada Deal ‘Once-In-a-Lifetime’ Project

By Corina Vanek | Phoenix Business Journal Since forming Banyan Residential last year, the Los Angeles company has focused on buying and developing properties in “opportunity zones.” That meant the 33-acre Scottsdale Entrada became the perfect opportunity. The redeveloped Scottsdale Entrada will have an open area where people can walk, ride bike or hold events. …

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Phoenix Office Market Surges: Major Leases, Sales Lead the Way

By Corina Vanek | Phoenix Business Journal Artist rendering of Grand 2 at Papago Park. The Phoenix office market finished 2019 on a high note, with a decrease in the region’s overall vacancy rate and increases in net absorption, construction and rents, according to research from Colliers International. In 2019, 3.4 million square feet of …

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Foreign Real Estate Investment Grows in Phoenix

By Corina Vanek | Phoenix Business Journal Investment from foreign firms fueled more than $1 billion worth of real estate transactions in Phoenix during 2019, including the city’s two largest office sales. According to CBRE data, the late-2019 purchases of the Biltmore Center for $212 million by Switzerland-based Partners Group and the $190 million purchase …

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Resurgence of Commercial, Multifamily Development at Airpark

By Corina Vanek | Phoenix Business Journal After more than a decade, the Scottsdale Airpark submarket is seeing a resurgence of construction, from commercial to multifamily projects. “We haven’t had much new office construction in the last 12 to 15 years,” said Jim Keeley, founding partner of Colliers International’s Scottsdale office. “It’s good to see …

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Building a New ‘City’ in City North

By Corina Vanek | Phoenix Business Journal City North is once again a development to watch in the Valley. The long-dormant project that stretches back more than two decades and covers thousands of desert acres in north Phoenix is awakening with the renewed potential to be a “city within the city” in the area near …

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Here’s How the Valley’s Office Market Shapes Up in 2020

By Corina Vanek | Phoenix Business Journal The Valley’s office vacancy rate continued to fall during 2019, reaching 14% by the end of the year, even as the region saw the most new office construction since the end of the Great Recession. Sean Spellman, senior vice president with CBRE in Phoenix, said 2.4 million square …

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Commercial real estate growth continues to outpace supply

By Corina Vanek | Phoenix Business Journal Arizona’s commercial real estate industry saw growth in all its sectors during the past year, a big sign the local and state economy were booming. CoStar Director of Market Analytics Jessica Morin has had an inside look at some of the goings-on with the industry, and sheds some …

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Scottsdale Entrada Slated for Mixed-Use Development

By Corina Vanek | Phoenix Business Journal Banyan Residential, a California-based developer, has acquired the 30-acre Scottsdale Entrada with plans to develop it into a mixed-use residential and commercial development. Banyan had submitted plans to the city for the redevelopment in May, and purchased the property, at 64th Street and McDowell Road, from Sunchase Holdings …

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Arizona Economy Stronger Headed Into 2020

By Corina Vanek | Phoenix Business Journal Despite uncertainty about national economic policy and the ongoing trade war with China, the U.S. economy likely will remain stable into 2020 and Arizona’s economy will do even better, according to experts at Arizona State University’s annual economic forecast luncheon. As for Arizona, there is no sign the …

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