Commercial Real Estate & Business News – September 15, 2017

Park Central Mall was the first shopping mall to open in Phoenix back in the 1950s. Now as other malls - and retailers - wrestle with the world of Amazon.com (Nasdaq: AMZN) and e-commerce, Park Central is looking at a reincarnation as a technology and knowledge worker focused development. Sharon Harper is leading that effort. And she thinks she has the blueprints for success...»
"Retail is evolving, not declining, to meet the demands of today's consumers," says Mattis. "As a result, some stores will close when they are no longer relevant but others will come in to take their place. It's a healthy part of our industry, even if it is sometimes painful along the way, and keeps the retail horizon exciting in the future." Joseph Williams, SVP of the Woodmont Co...»
Not only has the predicted slowdown in CMBS issuance this year failed to occur, but the CMBS market has seen a renewed flurry of activity. A total of $9.9 billion in CMBS loans priced during August, bringing the year-to-date CMBS total to $52 billion, a 41% increase year-over-year, according to Kroll Bond Rating Agency (KBRA). The combined CMBS pricing volume for July and August ($17.6 billion)...»
The average U.S. monthly rent rose by $1, to $1,352, in August, remaining essentially flat as apartment completions begin to slow across many of the 121 markets in Yardi Matrix's Matrix Monthly survey. Meanwhile, the national rent-growth rate fell to 2.4%, down 20 basis points (bps) from July. (Despite these slowdowns, rents have increased every month this year.)...»
The Phoenix metro area led the U.S. in wage growth this past year, according to the U.S. Bureau of Labor Statistics. Phoenix ranked 23rd, however, when it comes to overall wages and what workers are paid. Wages jumped 7.6 percent in the Phoenix between July 2016 and July 2017. The average hourly wage was $26.75 per hour in Phoenix up from $24.87 a year ago, according to BLS...»

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