Valley Luxury Home Market Cooling

By Angela Gonzales | Phoenix Business Journal The buying frenzy in the Valley’s luxury home market appears to have ended. “I don’t feel the market is dead in any way,” said Robert Joffe, co-founder of Launch Real Estate. “There’s just no question it’s a complete slowdown from what it was, but I feel we are …

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Phoenix Metro Seeing a Bump in International Company Relocations

By Audrey Jensen | Phoenix Business Journal As more manufacturers look to bring operations to the U.S., the Phoenix metro is seeing an uptick in interest from international companies considering moving to the Valley, experts say. So far in fiscal year 2023, the Greater Phoenix Economic Council said it is working with about 61 international …

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ON Semiconductor Relocating Its HQ to Scottsdale Office Space

By Ron Davis | Phoenix Business Journal Phoenix-based Onsemi has leased about 175,000 square feet of office space in Scottsdale, with plans to sell its existing Phoenix campus. The company will be relocating its corporate headquarters to the McKesson office development on Pima Road, the semiconductor supplier confirmed. A timeline for move-in is “as soon …

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Converting Commercial Buildings Into More Phoenix Housing

By Audrey Jensen | Phoenix Business Journal WeBuild Res plans to redevelop old office buildings into a multifamily complex near 31st and Northern avenues in Phoenix. Developers are planning to convert defunct commercial buildings into apartments to bring more residences to the city of Phoenix, which is facing a major housing shortage. Phoenix-based WeBuild Res …

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Valley Homebuilders See Surge in Homebuyers Backing Out

By Angela Gonzales | Phoenix Business Journal Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession. Through the middle of July, the cancellation rate was in the 30% range, up from 8-10% in 2020 and 2021, and up from 15% in 2018 and …

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Phoenix Drops Another Rung in National Home Price NSA Index

By Angela Gonzales | Phoenix Business Journal Falling steadily, Phoenix didn’t even make the top three metros in home price growth in May, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released on July 26. Phoenix had led the nation in home price growth for nearly three years until earlier …

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Metro Phoenix’s Booming Build-to-Rent Market Adding 10K Units

By Angela Gonzales | Phoenix Business Journal The burgeoning build-to-rent sector has about 9,500 units under construction in metro Phoenix, adding to existing inventory of about 8,700 units, according to a report released by Northmarq. “We’ll be seeing the local inventory of single-family build-to-rent units doubling in the next 18 to 24 months,” Peter O’Neil, research director …

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Report: Arizona Housing Deficit Up 1,377% in 10 Years

By Angela Gonzales | Phoenix Business Journal Arizona’s housing deficit has increased 1,377% since 2012 — representing 122,683 homes — according to a report by Washington, D.C.-based Up for Growth. The report — which ranks Arizona eighth in the nation in terms of the severity of its housing deficit — calls for a need to …

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Commercial Real Estate Rent Growth Expected to Climb in Valley

By Ron Davis | Phoenix Business Journal A growing population has brought a higher cost of living in Phoenix. And that growth trend is showing little sign of slowing down, with a new report suggesting that as the population swells, the Phoenix metro could draw more interest from out-of-state companies looking to set up shop …

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Homebuilder Incentives Reemerging for Valley REALTORS®

By Angela Gonzales | Phoenix Business Journal Tim Morris, an associate broker with HomeSmart, said he’s starting to seen an increase in incentives for REALTORS®. “Large builders are starting to recognize the need for resale REALTORS® again,” he said. When the market was in a frenzy, homebuilders didn’t need Realtors to help sell their new …

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