Commercial Real Estate & Business News – October 7, 2014

Sunridge Hotel Group broke ground on a Courtyard by Marriott hotel that will be located adjacent to Phoenix-Mesa Gateway Airport. “Courtyard by Marriott is a great addition to the Gateway area and another sign of the growing success of southeast Mesa,” Mesa Mayor, and Airport Authority Board member John Giles says... Read more »
The first new project on the old Mountain Shadows Resort property is underway in Paradise Valley. Cullum Homes, a custom builder, is putting up 40 homes on a 10-acre site on the eastern side of 56th Street at Lincoln Drive. It will be one of just a few places in Paradise Valley where houses are not built on 1-acre lots... Read more »
The residential real estate market is about to go “boom.” According to AARP, for the next 18 years, Baby Boomers will be turning 65 at a rate of about 8,000 a day. That’s a lot of homeowners who may be thinking about unloading their large family homes. “It is often misleading to generalize for a whole generation,” said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business at Arizona State University...Read more »
Apartment completions in the nation’s top 100 metros reached the highest levels in 14 years in the third quarter at 66,813 units, and pushed the annual completion total so far to 226,615 units—also a 14-year high—according to information released by MPF Research. “The wave of new supply coming for the past year or two now is beginning to crest,” says Greg Willett, MPF vice president. “The timing looks right for this cycle... Read more »
Rental rates at malls and strip shopping centers ticked up slightly in the third quarter, but vacancy rates remained flat as the slow recovery in retail real estate continued to plod along. Asking rents at regional malls rose 0.5% in the quarter to $40.51 a square foot, up 1.8% from a year earlier, according to data released Thursday by real-estate research company Reis Inc. Mall vacancies remained at 7.9% for the fourth quarter in a row. Strip centers saw rents rise... Read more »

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