Commercial Real Estate & Business News – May 11, 2015

New US Bank CRE Head Optimistic on 2015

Rudy tells GlobeSt.com that he expects that the economy will continue on its path of relatively measured growth, around 2% to 3% annual growth in GDP and the Fed will continue its policy of fostering a low interest environment. “This bodes well for us in the long-term”... Read more »

Rents Rise as Millennials Keep Forking Over the Cash

Rent.com conducted a survey of 1,000 millennial renters to find out how they are planning their next move, finding more than half (57%) rank affordability as the most important factor when choosing an apartment. Yet when asked, 55% said they are willing to spend up to $150 more per month in order to stay in an apartment they love. Nearly one in four respondents (24%) are willing to shell out an additional $400 a month, just to keep their pad... Read more »

In Arizona, an Aquarium Blooms

Construction has begun on OdySea, a 200,000-square-foot, two-million-gallon aquarium that is to open in July 2016. Displays will include a room showcasing 500 phosphorescent flashlight fish, a floor-to-ceiling view of the shark tank from the bathrooms and escalators in tunnels, “so you’re actually traveling through large aquariums as you make the journey to the bottom of the oceans,” said the lead developer, Amram Knishinsky... Read more »

Market Trend: Phoenix Office Vacancy Increases to 17.2%

The Phoenix Office market ended the first quarter 2015 with a vacancy rate of 17.2%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 163,755 square feet in the first quarter. That compares to positive 1,008,131 square feet in the fourth quarter 2014. Vacant sublease space increased in the quarter, ending the quarter at 757,392 square feet... Read more »

ADOT Preps for $1.9B Loop 202 Extension

As part of the process of moving toward the 2016 start of construction for the Loop 202 South Mountain Freeway, Arizona Department of Transportation crews will begin the preliminarily geotechnical investigation in early May, assessing the condition of soil, rock and depth of groundwater along the freeway alignment. In addition to the geotechnical testing, ADOT has issued an RSOQ for General Engineering Consultant Services due in late June... Read more »

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