Commercial Real Estate & Business News – April 28, 2015

Phoenix Apartment Vacancies Lowest In Two Decades, Rents Up

Apartment vacancies across Phoenix are at their lowest in two decades and rents increased a record amount during the first quarter, according to new data. Vacancy rates stand at 5.7 percent, down from 13 percent in 2009. Renters moved into 2,800 units during the quarter up 15 percent from 1Q 2014. For the past 12 months, there have been 6,200 apartments rented in the region... Read more »

So. Calif. Investor Spends $14.7 Million For Newly Built Logistics Center In Phoenix

A company formed by Bixby Land Co. in Irvine, Calif. (William Halford, pres.) paid $14.7 million ($94.62 per foot) to buy a 155,351-square-foot distribution building within the Canal Crossing Park industrial project located at 5670 S. 32nd Street in Phoenix. The seller was Conor Globe-Canal Crossing LLC, a venture formed by Conor Commercial Real Estate in Phoenix and Globe Corp. in Scottsdale (George Getz, principal)... Read more »

PHX Real Estate Market Expanding

Commercial real estate experts in Phoenix say that the market is expanding, and they are confident that the expansion will continue, according to the fifth Commercial Real Estate Survey from the W.P. Carey School of Business at Arizona State University. Results of the first-quarter survey, conducted March 24 among undisclosed senior executives from diverse brokerage houses, characterize commercial real estate is between a recovering market and one that is beginning to take off... Read more »

Tempe Redevelopment Project Aims To Attract Young Professionals

The redevelopment of The Circuit promotes Tempe’s venture toward the growing creative office trend intended to attract young professionals, officials said. The Circuit, formerly Jabil Circuit, a semiconductor plant that closed in 2014 includes 190,000 square feet of creative office space. It is located on the Loop 101 and less than a mile away from the intersection to Loop 202... Read more »

The Story Continues: Apartment Sales Rise and Cap Rates Fall in 1Q

Apartment sales hit $68 billion, rising 68% year-over-year in the first quarter, according to a recent report from Real Capital Analytics. Unlike most property sectors, entity-level transactions and portfolio sales didn’t drive volume. Only 28% of last quarter's activity came from multi-asset deals. “The sale of individual assets can be viewed as the bedrock of the market and here the apartment sector posted 54% year-over-year growth on sales of $23.8b,” RCA said in the report... Read more »

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