Daily News for Commercial Real Estate & Business – October 14, 2010

To view the October 2010 Multifamily Executive magazine, click here.

To view this weeks "The Watchlist" by Costar, click here.

Commercial Real Estate: Crawling Toward Recovery If nothing else, people who care about commercial real estate in greater Phoenix can take cold comfort in this: the worst is probably over. View article...

FBI breaks ground on new Phoenix field office Federal officials, city leaders and a construction company broke ground Thursday on the field office of the Phoenix FBI building, 21711 N. Seventh St. Ryan Cos. USA Inc., which was awarded a $154.5 million contract from the General Services Administration, hosted the gathering. Mounds of dirt, and construction equipment and construction material sit on the 12.2-acre property, near Phoenix Deer Valley Airport. View article...

Allen Systems Group Renews In Phoenix Allen Systems, also known as ASG Software, a software and business services provider, recently renewed its 12,326-square-foot lease at the Anchor Center East at 2231 E. Camelback Road. The tenant has occupied the space on the second floor since 2006. View article...

Westin Hotel to Open in February Last week Starwood Hotels announced the Westin Phoenix Downtown currently under construction at the Freeport-McMoRan Center will open in February of 2011. The latest addition to the Downtown hospitality market will occupy the first nine floors of the tower at Central and Van Buren and is the first Westin in the City of Phoenix. View article...

Builders show renewed interest in Surprise's Marley Park Homes started to rise this year on the empty lots that dot Marley Park's neighborhoods after three homebuilders started buying land in the master-planned Surprise community. Surprise was booming with the rest of the West Valley when Marley Park opened in 2005. And just like the rest of the West Valley, it had a quick slide when the national real estate market crashed. View article...

Scottsdale set to add 2,000 acres to preserve Scottsdale is gearing up to bid Friday on 2,000 acres of state trust land for its McDowell Sonoran Preserve, a move that would expand its preserve by more than 14 percent. The opening bid at the Arizona State Land Department auction will be $44.1 million, which is the appraised value of the land north of Rio Verde Drive and east of Pima Road. View article...

Ariz. launches Pinal transportation corridor study State officials are thinking about potential new transportation links in northern Pinal County in south-central Arizona. The Department of Transportation says it will hold public meetings this month in Apache Junction, Florence, Picacho and Queen Creek regarding a study area between U.S. 60 in Apache Junction and Interstate 10 in the Picacho and Eloy area. View article...

CMBS Delinquencies Continue to Trudge Upward Delinquencies on CMBS loans continued to increase in recent months, according to the most recent reports from Trepp LLC and Realpoint LLC, two research firms that track the sector. View article...

Economists Declare that Multifamily is in the Throes of a Recovery A panel of economists at the MFE Conference held in Las Vegas last week reinforced the sentiment of the entire event: Multifamily is a good place to be with a future that is brighter than expected. "We're in the throes of a recovery," declared Ryan Severino, an economist with Reis...View article...

Overbuilding and High Debt Could Cause Real Estate to Obstruct Economic Growth for Years Real estate markets have been holding back a more robust U.S. economic recovery. Unfortunately, it is unlikely that those markets will fare much better in 2011 or even 2012. Real estate markets in the doldrums include the housing market, especially single-family homes, and the commercial property markets. View article...

Owners Prepare Investment Strategies for the Recovery As the multifamily market appears to be turning the corner toward recovery, uncertainty remains. But it appears that panelists at a leadership session at the MFE Conference last week in Las Vegas, moderated by Highlands Ranch, Colo.-based UDR CEO Tom Toomey, has solutions. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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

Comments

  1. I’m super excited about more Phoenix businesses coming into the downtown area like the Westin. I love doing stay-cations in Phoenix and I love the Heavenly bed that Westin has. Plus I heard a great restaurant, Province, is also coming with the hotel- can’t wait!

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