Phoenix

The Phoenix office market recorded 1.05 million square feet of net office absorption in the first quarter with new leases accounting for 900,000 square feet.

Gov. Andrew Cuomo announced today that ON Semiconductor has committed to invest more than $720 million over 10 years at the East Fishkill facility to establish its first 300mm chip manufacturing plant.

In the last three years, 75% of the new office product delivered in the Tempe or Chandler/Gilbert markets.

The fund, structured as a REIT under a 506(c) designation, is an evergreen fund focusing on 75% value-add, and 25% cash-flowing commercial real estate investments in primarily Western growth markets, including but not limited to Colorado, Utah, Texas, Arizona, New Mexico and California.

Four markets in the State of Florida ranked among the top 15 in the nation for multifamily rent growth, the most of any state.

Projects like the Millennium Park Central promise to create a strong urban core in Downtown Phoenix.

There is a frenzy around opportunity zone projects, but investors need to remember the social impact component of the legislation.

The Phoenix market had 9,000 square feet of co-working space last year, but by the end of this year, that number will likely double thanks to expansion led by WeWork and Industrious.