Author: BEX Staff

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate was unchanged from November to December, remaining at 4.3%, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate was also unchanged month-to-month at 3.7%. Last December, Arizona had a seasonally adjusted rate of 4.0%, while the national rate was 3.5%. The Construction sector lost 600 jobs around the state last month. Arizona had a gain of 8,100 jobs in nonfarm employment in November. “Prior to the pandemic (2010-2019), NSA nonfarm employment gained 5,600 jobs on average in December,” the report states. The…

Awards & Accolades 1. ACS Services LLC announced that Adrianne Roberts, an E.I.T. Geotechnical Engineer in Training, has successfully passed the P.E. exam. Boards & Commissions 2. Tucson Commercial Real Estate Women announced the 2024 Board of Directors: Rosemary Bright, Chapter President; Lindsay Welch, President-Elect; Alexis Ryland, Secretary; Melissa Lal, Past President; Ashley Stewart, Delegate; Shaima Namazifard, Director; Karen Farrell, Director, and Lani Baker, Director. Company News 3. CBRE Investment Portfolio management has assumed property management services for Brookfield Properties’ U.S. office portfolio. Under the newly announced partnership, CBRE and Brookfield plan to deliver comprehensive management services for Brookfield’s 65MSF…

Sales Transactions 1. Cushman & Wakefield announced it brokered the $66.5M sale of Elevation at the Village, a 214-unit multifamily community at the SanTan Village shopping center in Gilbert. The buyer was Cal-Am Properties, Inc. David Fogler, Steven Nicoluzakis and Race Carter with Cushman & Wakefield’s Multifamily Advisory Group represented seller Vedura Residential.   2. Newmark announced the joint venture equity placement of Altera Fund Advisors and Virtus Real Estate Capital, which acquired a $43.23M medical outpatient property portfolio in Tucson from Healthcare Trust of America. Acquisition financing was provided by Capital One, N.A. The four properties in the portfolio…

By Roland Murphy for AZBEX A report last month from Northmarq gives new detail to a trend market watchers were already tracking: Build-to-Rent housing is experiencing the same uncertainty as the rest of the housing market while maintaining an exceptional degree of popularity as the new kid on the multifamily block. As the birth site for BTR, Phoenix maintains its position as both a bellwether for the segment and a harbinger of things to come. Summarizing the overall state of the market, the report says, “After a few years of rapid growth, the single-family build-to-rent market is facing its first…

Officials in Lake Havasu City will hold an open house Jan. 29 to introduce the public to considerations for a new bridge to connect to the Island. The City’s feasibility study will look at the need, costs and impact of “Freedom Bridge,” which is intended to deal with the needs of increased development and transportation demands. Residents will have an opportunity to provide feedback. The bridge has a projected cost of $35.5M, though there are no official designs or final cost estimates in place yet. State Rep. Leo Biasiucci championed the project in last year’s Arizona budget, and an extra…

By Associated Builders and Contractors Associated Builders and Contractors reported its Construction Backlog Indicator increased to 8.6 months in December from 8.5 months in November, according to an ABC member survey conducted Dec. 20 to Jan. 4. The reading is down 0.6 months from December 2022. The South, which remains the region with the lengthiest backlog, posted the largest monthly increase in December. Only the West, which historically reports the lowest backlog of any region, experienced a monthly decline. ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels increased in December. All three readings remain above the…

As part of her proposed $418.6M in transportation project cuts, Gov. Katie Hobbs has proposed eliminating an interchange project at Riggs Road and State Route 347. (AZBEX, Jan. 16) The Arizona Department of Transportation lists the project as funded for a 2026 construction start. The project is intended to create a new interchange that would eliminate a traffic light and separate traffic on SR 347 and Riggs to improve safety and flow. ADOT is performing an environmental study and design concept report to determine a preferred choice for the interchange. The study is planned for completion next year, with construction…

By LGE Design Build Despite national declines, Phoenix stands at the forefront of industrial space occupancy and demand, with a 3% increase in occupied space and the delivery of 16.5MSF of industrial product in Q3 2023, as highlighted in LGE Design Build’s newly released Q4/Q1 Construction Delivery Outlook report. A summary of the report’s other key findings include: Construction Labor Arizona’s construction workforce is expanding alongside the state’s economic growth, with a surge in construction projects. Other notables: There were more than 900 construction jobs added in the Phoenix metro area in November 2023, for a total of 161,400, according…

Groundbreakings 1. Dominium broke ground on two projects totaling 605 units in Glendale. The first is Juniper Square, a 221-unit senior apartment complex. The second is 67 Flats, a 384-unit traditional apartment community. The projects are expected to cost $250M, including land and other costs, and be completed by early 2026. 2. Save the Family Foundation of Arizona announced the groundbreaking for Phoenix Scholar House, a 56-unit affordable housing community. Construction is expected to start in spring 2024 and, once completed, will house low-income single mothers with children. 3. Lev Libeskind announced the groundbreaking for Rainbow Road, a 36-unit apartment…

By Roland Murphy for AZBEX While Phoenix was drawing most of the attention around the state with its passage of a local prevailing wage ordinance, The City of Tucson also waded into the fray as City Council passed its own version the evening of Jan. 9. The official City announcement said, “This significant milestone reflects the City’s commitment to do the right thing for workers.” In summarizing the ordinance, the announcement explained, “Moving forward, prevailing wages will be applied to City of Tucson projects and will adhere to the Federal Standard for prevailing wages. Embracing prevailing wages will become our…