Commercial Real Estate & Business News – April 12, 2017

West Valley mayors recently wrapped up the season for State of the City speeches. It was a time for city leaders to rave about their communities, share their visions for the future and, typical of the fast-growing West Valley, highlight major developments that will bring jobs and investment to the region...»

Who said the suburbs were dead? Suburban areas of Phoenix accounted for 8 percent of the net office leasing in the entire U.S. in 2016. Only Dallas (13 percent) accounted for more, with Phoenix tying Los Angeles for second...»

As part of a strategy to grow its self-storage business, Wentworth Property Co. in Phoenix has acquired land within the DC Ranch community in Scottsdale to develop 885 storage units in a 120,000-square-foot building. The 11.08-acre parcel, located just east of the Loop 101 Freeway and north of Bell Road...»

The Scottsdale Airport will be going through some major upgrades over the next year. The project includes the addition of two executive hangars, a new Aviation Business Center with larger restaurant and meeting space, and a veterans memorial. The decision came after an update to the city's airport master plan, which found a need for additional executive hangar space and "better utilization of prime airport property"...»

In the past, Valley residents would drive their own personal vehicles on the very limited number of freeways available to them. Now, anyone can get anywhere quickly with the enhancements of freeways, bus systems, on-demand services, the light rail and much more. The evolution of transportation in the PHX East Valley has helped drive the region. Over the past 10 years, bus systems have grown and the creation of the light rail system has connected Phoenix to the East Valley, allowing for more movement and growth...»

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