Local News

Arizona Projects 07-30-21

Groundbreakings 1. With construction underway on the first Guaranteed Maximum Price portion of the $26M Litchfield Park City Center, it has been announced that the project will now officially be called Litchfield Square. The first

Local News

Arizona Projects 07-23-21

Groundbreakings 1. Lincoln Ventures and Cross Harbor Capital Partners started construction at 811 N. 3rd Street, a 24-story, 326-unit multifamily development in Phoenix. The to-be-named project will feature market leading amenities, including a ground floor

Trends

Phoenix Metro Breaks Industrial Construction Record

By Colliers in Arizona  The Greater Phoenix industrial market is setting records in many categories. Construction of new projects has hit a historic record with approximately 19.1MSF currently being built. Colliers in Arizona also reports net absorption of industrial space has pushed vacancy rates to 5.9 percent,

People on the Move

Industry Professionals 07-20-21

Giving Back  1. Habitat for Humanity has opened enrollment for their 16-week Construction in Training Program Fall semester, which helps produce the next generation of highly skilled craft construction leaders by bringing people together to build homes, communities, and

Commercial Real Estate

Commercial Real Estate News 07-20-21

Sales Transactions  1. Federal Realty Investment Trust purchased the Camelback Colonnade, a shopping mall at 4724 N. 20th Street, Phoenix, for $162.5M. The seller was RED Development.  2. Decron Properties purchased Aura on Broadway, a multifamily community at 1221 E.

Trends

Arizona Construction Gained 2,200 Jobs in June

By Tasha Anderson and Rebekah Morris for AZBEX  Arizona’s seasonally adjusted unemployment rate increased to 6.8 percent in June 2021, from 6.7 percent in May 2021, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate increased to 5.9 percent from 5.8 percent in May. In June 2020, the state had a seasonally adjusted