Commercial Real Estate & Business News – November 14, 2017

The overall economic picture remains quite positive. Recent data has generally beat expectations. Financial conditions remain very positive given record highs in the stock market. The value of the dollar continues to decline which makes our exports look better. Labor markets continue to tighten as unemployment reached a 17-year low. And both consumer and business confidence remain at the highest levels in a decade...»

Examining 90 major malls across the country, a new JLL report found that the majority have undergone a makeover, including at least common area improvements, rebranding or tenant upgradesover the last three years. Other malls have gone further, adding new uses, design elements or expansions to entice shoppers, especially Millennials looking for a 21st-century retail experience. In total, these malls have undergone more than $8 billion in renovations since 2014...»

Phoenix's commercial real market still isn't completely back from the last crash with a $4.67 billion drop in office sales from the end of the Great Recession. It's been several years since the last real estate crash but some big U.S. markets are still trying to get out of its hole. It's been several years since the last real estate crash but some big U.S. markets are still trying to get out of its hole. Phoenix slipped three spots nationally when it comes to commercial real estate sales of office buildings and developments. The region now ranks 15th, down from 12th, according to data crunching by Commercial Cafe, a commercial real estate research and information site...»

Phoenix still doesn't rank high compared to other big U.S. cities when it comes to jobs located along transit lines, according to a new study by the University of Minnesota. But Phoenix and other cities such as Cincinatti, Charlotte and Orlando are growing their links between workers and transit system. Phoenix ranks sixth out of 50 U.S. regions studied by the University of Minnesota for growth of workers linked to transit systems. Phoenix's grew its transit-oriented job base by 7.5 percent from 2015 to 2016...»

Proximity to a major university and an international airport were among the factors Amazon recently cited as desirable in its search for a second headquarters. Benchmark Electronics seems to have a similar wish list. The industrial engineering and manufacturing company earlier this year moved its headquarters from the Houston area to Scottsdale as it awaits the construction of a new home base in Tempe...»

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