Commercial Real Estate & Business News – April 25, 2016

With little fanfare, Arizona in recent months finally closed the books on the recession, with statewide employment now higher than it was prior to the downturn. Arizona’s largest non-government employers are doing their part, gradually boosting their job totals... Read more »
The Greater Phoenix office market got off to a steady start during the first quarter. Net absorption was positive, vacancies ticked lower and rents rose. Further strengthening is likely in the months ahead, as employers continue to expand payrolls. Employers added more than 70,000 new jobs in 2015—the strongest calendar year of growth since 2005—and similar gains are forecast for 2016 and 2017... Read more »
Large national lenders will remain active in the larger metro markets, and regional and local lenders will remain the option for small metros, MetroGroup Realty Finance’s founder Patrick Ward tells GlobeSt.com. As we head further into Q2, we spoke exclusively with Ward about financing for the commercial real estate sector and what to anticipate for the rest of the quarter and the remainder of the year... Read more »
A Las Vegas developer wants to turn land near the Westgate Entertainment District, University of Phoenix Stadium and a new casino into a 340-unit apartment development. Vegas-based Fore Property Co. wants to get the land rezoned and develop apartments on parcels that are still used as farmland on occasion... Read more »
Edison Midtown, a new Midtown Phoenix condominium tower by Scottsdale-based developer Deco Communities is blazing ahead with construction to meet the growing demand from all over the Valley for new for-sale residential in Midtown Phoenix. With dozens of buyers already lined up to move in, the project is on track for an early spring 2017 completion. “There is an incredible burst of energy happening in the Midtown neighborhood right now,”...Read more »

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