Daily News for Commercial Real Estate & Business – August 10, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

Basis opens $6.7 million charter school in north Peoria One of the country's top-ranked charter schools opened a $6.7 million facility last week in north Peoria, where the now barren classrooms and hallways will bustle with several hundred students for the first time Monday. More than 650 students in Grades 5 through 10 are enrolled - with 120 hopefuls on the waiting list - in the rigorous curriculum at the new Basis School, a roughly 36,000-square-foot building in the sprawling desert area near Happy Valley Road and Lake Pleasant Parkway. View article...

John Hall & Associates acquired by Realty One Group John Hall & Associates a familiar name in Phoenix real estate for more than 35 years, has been acquired by Realty One Group, a Nevada-based company with four Arizona offices. The company will now be known as Realty One Group in Arizona. View article...

Market Trend: Phoenix's Retail Vacancy Decreases to 12.2% The Phoenix retail market experienced a slight improvement in market conditions in the second quarter 2011. The vacancy rate went from 12.4% in the previous quarter to 12.2% in the current quarter. Net absorption was positive 412,654 square feet, and vacant sublease space decreased by 31,986 square feet. View article...

Retail: Investment Interest Strong Despite Neg Absorption Though the retail sector posted a negative 582,887 square feet of overall net absorption during the first half of 2011, the silver lining was that investors liked the overall fundamentals enough to park their money in the region. According to locally based Cassidy Turley BRE Commercial's mid-year Retail Market Snapshot, investment interest in area retail assets was at its strongest since Q2 2007. View article...

Improved Fundamentals Continue Drawing MF Buyers The Phoenix area has become an attractive place for multifamily buyers during the past handful of quarters, and Q2 was no different. According to Colliers International-Phoenix's Q2 multifamily housing report, buying and selling continued to be active. The report notes that the number of deals closed between March-June, 2011 was up more than 75% from Q1 2011, and 28% higher than levels from a year ago. View article...

ECONOMY
Fed will keep interest rates near zero into 2013
The Federal Open Market Committee said today for the first time that it will keep its benchmark interest rate near zero through at least mid-2013, after a downgrade on the U.S. debt roiled global markets. View article...

Economy: What's bringing down the market, and what's next An unprecedented downgrade of the government's credit rating triggered a wave of stock-market selling Monday that engulfed the financial landscape. The bellwether Dow Jones industrial average slid more than 600 points, or 5.6 percent, wiping out $1 trillion in investment value, as investors pondered whether this latest spate of bad news might be enough to tip the economy back into recession. View article...

Phoenix 92nd in job growth over past five years The Phoenix area has shed more than 11 percent of its private sector jobs over the past five years, ranking it 92nd in the nation among major metros for job growth. Only 13 of the top 100 markets added jobs in the past five years, based on the latest figures from the U.S. Bureau of Labor Statistics. View article...

Phoenix near bottom in personal income growth Phoenix-area residents earned a total of $152.8 billion last year, putting the Valley in 15th place among the nation's metropolitan areas. However, income growth in Phoenix lagged the vast majority of other metro areas. View article...

HOUSING:
Phoenix
home prices projected to fall nearly 9% by 2012 Phoenix home prices are projected to fall 8.7 percent by the first quarter of 2012, according to the latest Fiserv Case-Shiller Home Price Index. The projections find Phoenix home prices will lose 8.7 percent of their value between early 2011 and early 2012. Another drop of 6.9 percent is expected between early 2012 and early 2013. View article...

Chandler housing, population growing slowly New-home construction has been slow and steady in Chandler over the past year, a sign that vacant lots in subdivisions that stalled during the recession are gradually filling with houses and people, says planner David de la Torre. Between census counts, the city bases its population estimates on available housing units. View article...

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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