Daily News – October 14, 2009

Here are the news stories you might find interesting today:

Kellogg's Leases 86,650 SF in Phoenix

Kellogg Co. leased 86,650 square feet in Buckeye Logistics Center, Building 2 in Phoenix. The cereal and snack food manufacturer agreed to a five-year lease. The 303,495-square-foot warehouse at 6913 W. Buckeye Road was built last year. The Buckeye...

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Experts Say Bottom Has Been Reached

PHOENIX-Q3 office statistics deliver more dismal news with vacancies between 22% and 24% and more space under construction, there's nowhere to go but up.

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Hotwire puts Phoenix 5th for falling hotel rates

Phoenix ranks fifth on Hotwire's October list of North America's top 10 cities with falling hotel rates. Houston was No. 1 with a 30 percent decline over October 2008, according to the discount Internet travel site.

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Record $6B Halloween sales projected

The economy may be scarier than usual but research firm IBISWorld said Tuesday that Halloween sales are expected to reach a record-breaking $6 billion in 2009, up 4.2 percent from the $5.77 billion generated last year.

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Survey: Consumers to cut holiday spending

Thirty-percent of U.S. consumers say they will spend less this holiday season than they did last year.

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Surprise partners with Rio Salado on Communiversity

A new educational partnership between the Surprise and Rio Salado College is taking shape this week.

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Swedish clothing store H&M picks second site

Scottsdale Fashion Square will host the area's second H&M, a Swedish clothing store.

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Foreclosures still haunt Phoenix home market

Foreclosures continue to plague the Phoenix home market preventing a recovery from taking hold.

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Mesa coffee shop goes out of business

The Human Bean, a coffee shop that took over a neglected but high-profile corner next to downtown Mesa, is history.

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Metro explores ways to extend light rail into Glendale

A study would evaluate five transit options, four of which would end up at Westgate City Center.

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New neighborhood grocery fills void in downtown Tempe

A new independent market in central Tempe gives neighborhood residents what they've wanted for a while - a place where they could walk or bike to buy groceries. Months before opening Tempe Farmers Market last week, owner Daryle Dutton discussed his idea with businesses owners and residents in his neighborhood near University Drive and Farmer Avenue.

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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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