Commercial Real Estate & Business News – July 13, 2015

Preliminary reports for the second quarter show that office rents are experiencing strong, steady increases in most U.S. markets due to a lack of new construction and renewed hiring in the professional services sector. Experts say this trend should continue as long as current world events don’t get out of control... Read more »
Revenue and income growth at multifamily properties across the country backed by Freddie Mac loans continued to outpace inflation significantly despite the boom in multifamily building, which has resulted in rising vacancies and higher expenses and debt service. According to an analysis of full year-end numbers for loans securitized in Freddie Mac K deals by CoStar News, revenue and income grew at a 3.9% year-over-year growth rate last year...Read more »
The metro Phoenix shopping center landscape is the second most saturated market in the country, just behind Las Vegas, but there are positives for the Valley's retailers, according to a recent study on the national shopping centers. The study, which was conducted by Pitney Bowes and the Directory of Major Malls, found that Las Vegas, Phoenix and Washington D.C. have the highest ratio of gross leasable area to population... Read more »
Claiming a major lack of quality office space in the Downtown Scottsdale area, Stockdale Capital Partners is planning to put in 190KSF of office and 14KSF of retail at the southeast corner of Scottsdale Road and Shoeman Lane (AZBEX, March 6, 2015). The 2.5 acre site will also feature a six-level, 816-space parking garage. According to plan documents submitted in support of the project, the lack of high quality office space in Scottsdale in general, and downtown in particular, is causing the city to miss out on high-paying jobs... Read more »
GoDaddy founder Bob Parsons’ real estate group has bought another commercial property. Parsons’ YAM Properties LLC acquired a commercial building and site at Fifth Street and Ash Avenue in downtown Tempe for $6 million. The property is just west of Mill Avenue. Business Real Estate Weekly of Arizona first reported the sale. The property currently has an existing 17,000-square-foot building that is leased to technology company Brightcove Inc. It was also previously home to a McDuffy’s sports bar location... Read more »

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