Commercial Real Estate & Business News – December 16, 2016

In the wake of the Federal Reserve's announcement this week of intentions to raise interest rates, commercial real estate industry veterans assessed its impact on finance and investment. Although the initial consensus suggests that the initial 25 basis-point increase announced Wednesday would do little to discourage lending and investment in the short term, experts also cautioned that rising rates could eventually exert a dampening effect on the market...»

Looking back, 2016 is the year of the economic development deal in Phoenix. There's no question about it on the economy beat. There was a major job-creating capital-investment deal in every month of the year...»

Hines, the international real estate firm, acquired the Southwest Industrial Center from Hillwood Property Trust for $47.3 million. The Class A industrial park is located in the heart of the Southwest Valley submarket in Phoenix at Buckeye Road and 75th Avenue...»

Phoenix-area wages rose more than the cost of living in the first half of 2016, according to the Bureau of Labor Statistics. It cost $127.19 to buy what $100 bought in 2001, according to new data from BLS. The Phoenix metro price increases in key goods and services were about half the rate of other large western metros...

The first Andaz location in Scottsdale opened Thursday as the Andaz Scottsdale Resort & Spa. The spa sits on 23 acres in Paradise Valley, near Old Town Scottsdale, and features bungalow-style guest rooms and suites...»

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