Commercial Real Estate & Business News – June 15, 2017

Job search site ZipRecruiter recently analyzed its database of more than 8 million active jobs, and ranked the 20 fastest-growing tech markets based on year-over-year data. Job growth for engineering, software, and IT roles may be losing steam in the Bay Area, but smaller cities are picking up the slack, the company says. Huntsville, Ala. topped the list, with over 300% tech job growth from 2016 to 2017. Thousand Oaks, Calif. (200%) came in second, followed by Phoenix, Ariz. (188%)...»
Arizona State University (ASU) and master developer Catellus Development Corporation announce the next phase of the Novus Innovation Corridor, the bold new community created by ASU's establishment of a university athletic facilities district. When completed, Novus will integrate more than eight million square feet of private, mixed-use urban development with new and renovated technology-enhanced collegiate athletic venues, ultimately bringing approximately 20,000 new jobs and 5,000 new residents to central Tempe...»
Quicken Loans has finalized a deal to move its Arizona office from Scottsdale to downtown Phoenix. The move will bring more than 1,100 jobs to the One North Central Building at Washington Street and Central Avenue. Detroit-based Quicken announced the deal this morning. The mortgage lender will lease 150,000 square feet across six floors at the downtown office building. The relocation from Scottsdale to Phoenix will be completed next year...»
Investors using 1031 exchanges continue to have a voracious appetite for triple net lease properties, and they are increasingly setting their sights on restaurants. "People are shifting to e-commerce-resistant retail, and restaurants are at the top of the list of what people are looking for," says Randy Blankstein, president of the Boulder Group, a net lease advisory firm. "So it has gone from a category that five years ago was considered specialty to very much a mainstream category that is getting a lot of interest from a lot of new players."...»
Urgent care clinics have become one of the fastest-growing segments of the medical-care industry, and more are showing up in neighborhood retail centers, providing a boost to flagging occupancy levels. While they may not be a cure to what ails the shopping center industry, they are offering some relief. The urgent-care sector is a highly fragmented industry with more than 4,300 companies operating more than 9,600 units, according to data from National UC Realty, a Tampa-based firm that has specialized in the category for the last 10 years...»

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