Commercial Real Estate & Business News – April 28, 2017

The U.S. office vacancy ticked up 0.1% in the first three months of 2017 to 10.3% marking the first quarterly increase since 2010. Total net absorption in the US office market slipped approximately 9% from the same period a year ago as developers added an additional 19 million square feet of new office space across the country. ...»
Not one but two Wall Street sharpshooters have announced plans to sponsor new commercial mortgage-focused real estate investment trusts, seeing opportunity in the growing demand for nonbank lenders from real estate investment borrowers....»

Wells Fargo & Co. (NYSE: WFC) and highlight the list of the top commercial offices leases in the Phoenix region during the first quarter. Wells Fargo leased 115,394 square feet in Chandler at Price and Queen Creek roads. The San Francisco-based bank has a big campus Chandler. Indeed Inc......»

Neither a border adjustment tax, which would have a significant impact on the retail sector, nor changes to the way carried interest is taxed, which would affect real estate partnerships, were mentioned in the new plan. ...»
The multifamily sector has experienced tremendous growth and innovation over the past several years. Driven by strong resident demand, the market continues to see increased amounts of apartment construction throughout the country. As a result, the competition keeps intensifying...»

Commercial Real Estate & Business News – April 27, 2017

RSE Capital Partners - a Washington D.C. real investment firm - and Domain Communities - a Houston apartment investment company - have teamed to buy a Tempe development for $19.2 million. The purchase is part a new $100 million multifamily investment push RSE and Domain are launching in the Phoenix market....»
Phoenix Mayor Greg Stanton wants to develop technology and manufacturing focused business parks along the new South Mountain Freeway being built as a connector between the Loop 202 in the East Valley and Interstate 10 west of Phoenix. ...»

Demographic diversity is going to help keep our economy thriving, and the next generation is already taking the reigns, Hessam Nadji of Marcus & Millichap said in his keynote speech at RealShare Los Angeles. The population today includes both the baby boomers and the millennial generation...»

It has been found that the City of Phoenix owns a lot of excess vacant land and as a result, Phoenix is hoping to sell the land parcels it doesn't need to developers. The City of Phoenix owns about 1,400 plots of land, which is worth more than $150 million in total...»
Shares in Whole Foods Market Inc. are on the rise after reports by Financial Times that Albertson Cos. is exploring purchasing Whole Foods Market. Stocks climbed to $37.33, a 4.5 percent increase, since speculation about the possible purchase began. ...»

Commercial Real Estate & Business News – April 26, 2017

Like most of America's true paradigm shifts, the growth of Silicon Valley's tech industry started with lots of slow-burning embers-then exploded into a full-scale conflagration seemingly overnight. It took its name from the semiconductor businesses that seeded a patch of Northern California in the 1960s, attracting brainiacs from around the world...»
The growing Scottsdale Quarter, facility additions like Sneaky Big Studios and new tech company tenants have propelled the Greater Scottsdale Airpark into the modern live, work, play era, according to a recent report....»

North American Development Group (NADG) and the team at AZ Architecture, along with renowned local architect Will Bruder, have issued an eagerly anticipated construction update for Eldorado on 1st. The project, consisting of a group of seven adjacent city homes...»

Its stability and reliability since the Great Recession has made the self-storage market popular among developers and buyers in Arizona. There are approximately 950 self-storage facilities in the state, according to the Arizona Self-Storage Association, with about 500 in the Valley alone, and over 50 in the development pipeline....»
While the commercial real estate markets remain strong, we're approaching the top of the cycle, with elevated pricing and some resistance from investors, Colliers International's chief economist Andrew Nelson tells The firm recently released its US capital flows report...»

Commercial Real Estate & Business News – April 25, 2017

The commercial real estate industry is experiencing a period of see-sawing in asset values. While the three major CPPIs that track the market have stayed flat or showed slight declines during some recent month, they also registered minor increases during others....»
I was standing in front of the dairy case at my local Bashas' store when a perfect stranger read my mind aloud. "What are we going to do when this store closes?" she asked. I turned from the milk selection with a mournful look. "I don't know," I said....»

Sears Holdings Corp. (NASDAQ: SHLD) expanded its previously announced plans to close 150 stores this year by adding another 50 locations to its store-closing list, and is now turning its attention to selling another $700 million in properties. ...»

While hotel developers are building new properties in almost every segment of the hospitality business, there is one asset type that's experiencing the most construction: upscale limited-service hotels. "The hotel business is firing on all cylinders, filling more rooms than ever," ...»
North Scottsdale residents in the McDowell Mountain Ranch area will get a popular neighborhood hangout when The Vig opens in May. The Vig, known as one of best patio bars in the Valley, already has four Valley locations. The new restaurant is in a new standalone building on the southwest corner of Bell Road and Thompson Peak Parkway...»
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