Commercial Real Estate & Business News – April 22, 2015

East Beats West: All New Office Construction Happening In East Valley

All of the new office construction in the Phoenix region, and almost all of the leasing activity, is happening in the East Valley, Tempe and Scottsdale, according to new first quarter data. The bulk of that is in Tempe with the big State Farm Insurance development and other projects, and the East Valley where there some projects underway in Chandler... Read more »

Can Apartment Supply and Demand Keep Pace?

The percentage of vacant apartments stayed incredibly low in the first quarter, as cold weather delayed a confrontation between growing supply and growing demand. As a result, says Victor Calanog, chief economist and senior vice president for Reis Inc., “The most die-hard multifamily optimists will have their beliefs tested in the next six months.”... Read more »

Return Buyers Expected to Boost Housing Demand in Coming Years

Nearly a decade since the start of the foreclosure crisis, formerly distressed homeowners with restored credit are re-entering the housing market, but damaged credit profiles and lender overlays will greatly restrict the overall share of those eligible to buy, according to new research from the National Association of Realtors. California, Florida and Arizona are expected to see the largest share of return buyers within the next decade... Read more »

Phoenix Vacancies Still High But Larger Office Spaces Harder To Find

Phoenix’s office vacancy rate is close to 22 percent but there are fewer big blocks of office available. That makes it tough for the Phoenix office market to take big bites out of its still high post-recession vacancy rates. There are still plenty of vacant offices in older, smaller buildings in suburban submarkets... Read more »

Why California's Hottest Businesses Are Expanding To Arizona

When San Francisco-based Weebly was looking to open new offices last year, it wanted a location that would attract talent. The company, which has been offering user-friendly website-building tools since 2006, was valued at an estimated $455 million in 2014, after raising $35 million in Series C funding the previous year. It was time to make room for growth... Read more »

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