Commercial Real Estate & Business News – January 26, 2016

Nearly 1,000 attendees packed the Grand Canyon Ballroom at the J.W. Marriot Phoenix Desert Ridge Resort to hear insights from top-tier presenters at the Urban Land Institute Arizona 11th Annual Trends Day on Wednesday. Experts and leaders in economics, social trends, education, politics and other disciplines kept a brisk pace across a range of topics... Read more »
There seems to be no end in sight for hotel renovations in the greater Phoenix area, especially in Scottsdale. The Hotel Valley Ho is going through a $4 million renovation, the Fairmont Scottsdale Princess has spent $60 million on upgrades and the Chaparral Suites in Scottsdale will have the largest hotel renovation in the city, with $22 million spent on transforming the space into an Embassy Suites by Hilton... Read more »
Hamlet could have been speaking to us. We live in strange times, good times for all aspects of commercial real estate. But the up cycle we’re enjoying is unlike any we’ve ever experienced. There are forces at play that are unique to the times, and challenge each of us to respond in different ways. Indeed, these are good times, redefined, brought into high-definition, so to speak, in three areas directly impacting our business... Read more »
Rent growth has been a big story in the housing recovery. Multifamily rental starts and completions have concentrated on higher-end market segments in big cities, while development in the mid- and lower tiers of the rent spectrum has been scarce. So, the benchmarks and metrics for measuring prospective rent growth now suggest a massive slow-down in rent payment power, since the demand pool among higher-end tenants can be expected to "level out" vs. development... Read more »
Leading up to the economic downturn in 2008, retail was the only property type to experience a significant inventory increase. Between 2000 and 2008, total retail stock increased by 14.2 percent, more than double the inventory increase observed in the apartment and office sectors. Almost eight years later, we are left with a sector that has been overbuilt and under-demolished. Speculative construction has not returned to the market...Read more »

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