Author: BEX Staff

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate increased to 3.5% in August, up from 3.3% in July, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate also increased to 3.7%, up from 3.5%. In Aug. 2021, the state had a seasonally adjusted rate of 4.5%, and the national was 5.2%. The state had a net gain of 46,300 non-farm jobs over the month. “Prior to the pandemic, nonfarm employment averaged a gain of 54,000 jobs in August (2010-2019),” the report states. Government gained 38,200, more than the pre-pandemic average of…

By Associated Builders and Contractors Construction input prices decreased 1.4% in August compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices fell 1.4% for the month as well. Construction input prices are up 16.7% from a year ago, while nonresidential construction input prices are 16.3% higher. Input prices were up in six of 11 subcategories on a monthly basis. Natural gas prices increased 35.3% (and are 457.9% higher than they were in February 2020), followed by unprocessed energy materials prices, which rose…

By Roland Murphy for AZBEX As a twice-weekly publication, we don’t usually cover breaking or “spot” news simply because it’s dated by the time the magazine arrives in readers’ inboxes. That said, the drama over the past few weeks concerning the risk of a rail strike in the U.S. – and the potential havoc even a brief stoppage could have on the brittlely fragile supply chain – warrants an exception. As of 6:45 a.m. Eastern on Thursday, Sept. 15, the Associated Press was reporting President Joe Biden’s announcement that a tentative deal had been reached following protracted last-minute negotiations between…

Glendale City Council approved a rezoning request last month for the 188-acre Vision 2 master-planned mixed-use development west of Loop 101 and Glendale Avenue. Planned uses include high-density multifamily, hospitality, office and retail. Project representatives and city staff collaborated on the planned area development with the goal of creating an urban mixed-use center with a pedestrian focus and a high-intensity degree of use, according to economic development officials. The project lies between the Glendale’s Sports & Entertainment District and Camelback Ranch, and the recent completion of the 1.6-mile Ballpark Blvd. connector is expected to enhance cross-connectivity between the areas. (Source)

JLL’s latest Data Center Market Report shows Phoenix is the leading market in the country in terms of megawatts of net absorption. National absorption hit 1,087MW in the first half of 2022, according to the report, which was more than 95% of the total for last year. Greater Phoenix was the leading market, hitting 280MW of net absorption, an increase of more than 10 times 2021’s total absorption. Phoenix is also a leader in capacity under construction, coming in second for new supply with 278MW. Phoenix’s pace is made all the more impressive by the fact it reported no new…

By Roland Murphy for AZBEX A recent article at RealPage raises concerns about the pace of cooling in the Phoenix multifamily market and assigns the reasoning to some outlier-level data reviews that have not often been talked about. Market reviewer Jay Parsons noted no other market is decelerating as quickly as Phoenix in terms of rent growth, then he checks of four “jarring” statistics: Phoenix occupancy rates have fallen every month in the five-month period ending in August and are now at 94.4%, the lowest rate since 2017;The lease renewal rate in July 2022 was just 47.2%, down from 56%…

Groundbreakings 1. eegee’s has broken ground on its second Mesa location. The new restaurant at Southern and Country Club is expected to open in the spring. 2. Work has begun at Sight Logistics Park in Tempe with the demolition of an existing office building on the Harl Avenue site. Completion is expected in Q3 2023. Progress Reports 3. The final leg of Maricopa’s median beautification project on SR347 has begun. One southbound leg will be closed north of Cobblestone Farms Drive until Oct. 21. The project runs from the Union Pacific overpass to Maricopa’s northern city limit.

By BEX Staff for AZBEX Nicola Wealth Real Estate and Hopewell Development have acquired two industrial development sites in metro Phoenix. The two sites total 32 acres and have capacity for six buildings totaling 486.2KSF. The first is a 17.79-acre property in north Mesa adjacent to Falcon Field Airport. The site is located south of the North Loop 202 freeway and “will deliver much-needed modern multi-tenant industrial product for small to mid-bay users,” according to a joint press release. When completed, Falcon202 Commerce Park will provide three buildings totaling 264.5KSF. CBRE’s Mike Parker handled the purchase and will be managing…

A plan to redevelop 28 acres at Phoenix Sky Harbor International Airport into facilities for air cargo took a step forward earlier this month. The Business and Development Subcommittee of the Phoenix Aviation Advisory Board recommended in favor of a staff recommendation to repurpose the 28-acre site. The matter will now move to the full Board. The total site in question is 40 acres. Staff recommended reserving the 28 acres on the west side of the parcel and leaving a determination for the remaining 12 acres for a later date. The project discussion came about because of a growing need…

After working for 18 months to acquire the property, Thompson Thrift Retail Group recently paid $9.3M for a 50-acre-plus site at the NEC of 99th Avenue and McDowell Road where it plans to build a $150M mixed-use multifamily and retail site. The 65KSF retail portion will be anchored by a Sprouts Farmers Market. No other tenants have been named, but Thompson Thrift representatives say the commercial buildings will range from 3.5KSF to 14.6KSF and are currently approximately 70% pre-leased. Groundbreaking is tentatively scheduled for next summer, and Sprouts representatives have said they expect to open the store by end of…