Author: BEX Staff

No end in sight to rising construction prices Last year ended on a high note for construction in Arizona, with a whopping 19.06 percent increase year-over-year (YOY) compared to 2019 statewide construction volume. Annual activity topped $17.7B according to the Arizona Department of Revenue’s tax data. 2020 marks the highest annual construction volume since 2008 when the market started to slip into the Great Recession. Since 2017 the market has seen yearly double-digit increases in activity. Driving the market are economic forces of in-migration and demand for housing and industrial spaces. The market is delivering these in-demand products as fast…

By Tasha Anderson for AZBEX The second phase of West Maricopa Village, the new 35-acre master plan development including single-family for rent homes, apartments, retail and office space, is making its way through the City of Maricopa’s Planning Department. Developer, Z-Modular is requesting approval of the site plan, landscape, photometric and elevation plans for the second phase, known as FUZE 520. The project was recommended for approval at the Maricopa Planning and Zoning Commission meeting on March 22nd. FUZE 520 is proposed as a 348-unit multifamily development to be located on a 14-acre site at the SEC of Smith Enke…

By CBRE A recent survey of commercial real estate investors ranked Phoenix as a Top-10 target among America’s metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey. The survey found that more investors are prioritizing secondary markets in 2021 (as opposed to gateway markets), particularly those with strong job and population growth prospects, which can translate into greater potential for both equity and income growth. Sun Belt markets are the most appealing: Austin is the top preferred market, followed by Dallas. The survey findings also reveal the sustained appeal of tech-driven markets.…

By NordVPN | Teams The construction industry may not appear to be an obvious target for cybercrime, but it garners unwanted online attention just like other sectors. According to the Cost of Data Breach Report 2020 by IBM, the average cost of a data breach in the industrial sector was $4.99M. GlobalData, a data research company, predicts that the industrial sector’s value will soar to $12.9T by 2022. After rising consistently by 3.6 percent since 2018, it has now caught the eye of cybercriminals. Over half of all construction executives believe their firms will be hit in the future, yet…

Awards & Accolades 1. TDIndustries, Inc. announced it has earned a National Safety Excellence Award from Associated Builders and Contractors (ABC) for the fourth consecutive year. The award was presented at the 31st annual Excellence in Construction® Awards during the ABC Convention 2021 held in Grapevine, TX, on March 10th. 2. NAI Horizon listed their 2020 Top Producers. They are: Lane Neville, Investment Sales / Land Denise Nunez, Investment Sales – Self Storage Isy Sonabend, Industrial Mark Wilcke, Industrial / Land Matt Harper, CCIM, Retail Andrew Warner, Investment Sales – Manufactured Housing Laurel Lewis, Office Mike Kumelski, Retail Troy Giammarco,…

Sales Transactions 1. A Chicago-based investment advisor purchased the first phase of the Lotus Project in Chandler, for an undisclosed amount, from Conor Commercial Real Estate and joint venture partner WHI Real Estate Partners. The newly built industrial park includes four state-of-the-art advanced manufacturing and light industrial buildings totaling 473.5KSF. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented Conor and WHI. 2. West Freeman Properties purchased Midtown Flats, a luxurious, 122-unit multifamily property at 825 W. Osborn Road, Phoenix, for $26M. Newmark’s Managing Director Chris Canter,…

By Tasha Anderson for AZBEX Developer, El Dorado Holdings, Inc. is looking to bring their single-family for rent design to Pinal County at the NEC of Schnepf Road and Toscana Loop Road in San Tan Valley. Plans were submitted to Pinal County with a request for a Non-Major Comprehensive Plan Amendment to re-designate the approximately 16.78-acre site from Suburban Neighborhood to Community Center to allow for a higher density development. A request was also made to rezone the property from Single Residence to Multiple Residential. The project, known as REV @ Bella Vista Farms, will have a more single-family residential…

By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate increased to 6.9 percent in February 2021, from January 2021, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 6.2 percent from January. In February 2020, the state had a seasonally adjusted rate of 4.9 percent, and the national was at 3.5 percent. The state had a net gain of 17,100 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has averaged a gain of 25,400 jobs in February,” the report states. Trade, Transportation & Utilities had the largest net gain…

By Arizona Commerce Authority Intel has announced a substantial expansion of its Arizona-based manufacturing capacity with a $20B investment – the largest private sector investment in state history. The expansion will see the construction of two new semiconductor fabrication facilities, or fabs, which will produce advanced semiconductor chips used in modern electronics. The investment will lead to the direct creation of 3,000 new high-tech, high-wage jobs and 3,000 construction jobs, while supporting an estimated 15,000 additional indirect jobs in our community. Intel’s operations in Arizona go back more than 40 years. With this new expansion, Intel will employ nearly 16,000…

By JLL Amid the pandemic, Phoenix maintained its position as a top US data center market, benefiting from increased cloud migration and technology adoption across major industries. These forces drove unprecedented activity in the data center industry to end 2020, and positioned Phoenix as #3 in the US for total data center space absorbed. According to JLL’s Data Center Year-end report, 2020 was a record year for the data center industry across the US with absorption tracking historic highs in numerous markets. Absorption reached 619.3MW across 15 US markets, driven in large part by increased emphasis on consumer convenience and improved…