The Phoenix area has 10,500 apartment units under construction to the tune of nearly $1.4 billion, according to a report being released today by Colliers International.
The market continues to record vacancy declines, even as new units are delivered, said Pete O’Neil, research director for Colliers International in Phoenix.
The new headquarters of Benchmark Electronics on Rio Salado Parkway at the southwest intersection of Loop 101 and Loop 202, is expected to be completed in early 2019. The publicly traded company has about 13,000 employees globally, including 225 currently in Arizona. Benchmark plans to add add roughly 500 new jobs in the Phoenix metro area over the next five years.
Freddie Mac has released a new study that names affordability and changing attitudes towards renting as noteworthy indicators in the growing demand for rental housing.
Exciting new tool from the Cooke Team! Track under construction, lease up and prospective multifamily projects in the Valley with this new interactive tool.
Versum Materials Inc. has settled into its new global headquarters in Tempe’s ASU Research Park as it celebrates its one year anniversary next month as a public company. With annual sales of $1 billion, Versum mainly makes specialty materials and containers used in manufacturing semiconductors, while also making gas and chemical delivery systems used in the fabs to make semiconductors. The Tempe facility employs more than 150 full-time employees in high-paying electronic materials production, research and development, administration and operations positions.
For the third year in a row, Arizona State University tops the list of “most innovative schools” in the nation, recognizing the university’s groundbreaking initiatives, partnerships, programs and research.
U.S. News and World Report has named ASU as the most innovative university all three years it has had the category. The widely touted set of annual rankings by the news magazine, which compares more than 1,500 institutions on a variety of metrics.
Business, civic, and education leaders alike are collaborating to help turn Phoenix into a leading market not just for large corporations, but also tech companies. Driving across the region you can see signs for other major tech companies from Silicon Valley, including Weebly, Uber, Shutterfly, Prosper Marketplace, BoomTown, Gainsight, and DoubleDutch. These companies, and others like them, saw reprieve from the exorbitant costs of doing business in the Bay Area and the spiking labor competition, but were also drawn in by the value of running their expansion offices in Greater Phoenix.
Benchmark Electronics (NYSE: BHE) will land a new corporate headquarters in Tempe at the Rio 2100 development.
Rio 2100 development sits on 52-acres at the Loop 101 and Loop 202 freeways. Benchmark moved its headquarters from Houston to Arizona earlier this year.
It currently has space in Scottsdale with plans to grow its new Tempe base to 500 workers over the next five years.
Gilbert ranked as the 52nd fastest growing U.S. city, and Tempe ranked as 85th fastest growing out of 515 US cities assessed in a study by WalletHub.
WalletHub’s study, 2017’s Fastest-Growing Cities in America, observed the growth and decline of 515 cities of varying sizes throughout a seven-year period.
Tempe ranked 55th for socio-demographics — which were defined by population growth, working-age population growth and college-educated population growth.
Scottsdale ranked 106th fastest growing US city but 47th for sociodemographics.
Phoenix was the 19th fastest growth large city out of the 64 large cities assessed. Mesa ranked 23rd out of the 64.
The study was based on socio-demographic standards and statistics pertaining to jobs and the economy.
In all corners of the Valley, construction on various commercial real estate projects is in full bloom with plenty more in the pipeline.
