Commercial Real Estate & Business News – January 14, 2016

When Donald Trump wanted to build a 150-foot-tall condominium and hotel tower at 22nd Street and Camelback in 2005, the surrounding single-family, low-rise neighborhoods cried out. When Macerich predecessor Westcor wanted to go up 165 feet across Camelback Road at Biltmore Fashion Park a few months later, they choked. The idea of urban core development is evolving slowly in the Valley, but it’s a concept for infill that’s starting to catch fire... Read more »
After six years of rising apartment rents in U.S. cities, investors from all corners of the real-estate industry are piling into new projects in a bet that the boom still has a long way to run. Over the next three years, developers are expected to build almost one million apartments in the U.S., more than the nearly 900,000 constructed over the previous three, according to researcher Axiometrics Inc... Read more »
If “slow and steady” is the general theme for the 2016 commercial real estate outlook, shopping centers may have a quasi-theme of “rocket boost.” With a lagging economic recovery and what most agree is as an overbuilt retail sector, where exactly will this push occur? The answer may lie in the place most worshiped by iconic “Clueless” protagonist Cher and most of the cast of “Fast Times at Ridgemont High” if you’re a product of the 1980s. If you haven’t guessed — it’s the mall... Read more »
Ending 2015 with the strongest quarter for multifamily investment sales on record, investors poured $150.6 billion into apartment properties in 2015, shattering the total set the previous year by about 16%, according to preliminary apartment sales data for the year compiled by CoStar. The $47.3 billion in apartment sales for the fourth quarter of 2015 far exceeds the previous quarterly record of just under $38.4 billion set in 2014... Read more »
Phoenix’s industrial market had an exceptional final quarter in 2015, according to a Lee & Associates report. The improving economy, including consumer confidence, a rising home market and lower unemployment, have fueled the industrial sector’s healthy year, the report stated. Construction activity remains at a healthy clip and a strong pipeline remains in place. This was the fourth highest quarterly absorption since 1999 with the vacancy rate at its lowest point it’s been since 2007... Read more »

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