Commercial Real Estate & Business News – December 23, 2015

The local economy should expect continued slow to moderate growth—around 2% to 2.5%. That was the consensus among panelists at a recent RealShare conference here. “The big thing we have to see more of is more residential and new home construction, which will help the multi-tenant industrial here.” That is according to John DiVall, SVP and city manager of Arizona at Liberty Property Trust, who recently spoke at the RealShare Phoenix Metro conference... Read more »
Arizona’s seasonally adjusted unemployment rate dipped slightly in November to 6.0 percent, according to a recent report published by the Arizona Department of Administration Office of Employment and Population Statistics. The national rate was unchanged at 5.0... Read more »
Arizona added nearly 100,000 residents over the past year, sluggish gains by the state's historic standards, but enough to remain among the fastest-growing states in the nation. The latest population estimates from the U.S. Census Bureau show Arizona is the 14th-most-populous state after passing Massachusetts in 2015. Arizona grew 1.5 percent and had 6,828,065 residents as of July 1, the agency estimates... Read more »
Phoenix’s transportation system will see a new investment on Jan. 1, 2016, when the voter-approved citywide Transportation 2050 (T2050) plan takes effect. The T2050 plan entails the expansion of transit services and street improvements. The comprehensive plan includes 42 miles of new light rail, expanded bus and Dial-A-Ride service and repaving of nearly 680 miles of major arterial streets. Passed by voters in August of 2015, the plan was developed through more than 100 meetings and feedback from over 3,700 residents... Read more »
The RoomStore furniture chain has filed for bankruptcy protection as company officials project the longtime Phoenix retailer will lose about $2 million this year. In a petition for Chapter 11 reorganization filed in U.S. Bankruptcy Court in Arizona on Friday, officials with The RoomStores of Phoenix LLC blamed losses on spillover from the 2008 housing crash and increased competition among furniture retailers... Read more »

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