Commercial Real Estate & Business News – September 23, 2016

The Federal Reserve voted 7-3 to keep interest rates at their current level at its September meeting, citing a steady unemployment rate and inflation that is still running below the 2.0 percent mark it has predicted. Fed Chair Janet Yellen told reporters during her press conference that the economy has a bit more running room, but "we don't want the economy to overheat and significantly overshoot our 2.0 percent inflation objective. That's one risk that we need to address"...»

Decelerating rent growth and a jump in new rental units are coming this fall, says Yardi Matrix in its newest edition of U.S. Multifamily Outlook. Despite two quarters of weak GDP, strong nationwide employment growth and low inflation rates have offset earlier economic concerns, the report notes. Yardi predicts gains in consumer spending and wage growth in the wake of the employment spike. "Worries that the recovery is on its last legs appear to have subsided," the report says...»

Brent Herrington knows as much about as suburban real estate development and sprawl as anyone. He's the president and CEO of Scottsdale-based DMB Associates. The real estate firm has developed big suburban subdivisons in Scottsdale, Mesa and Buckeye such as DC Ranch, Silverleaf and Verrado. DMB also has plans for a big commercial and residential development at Scottsdale Road and the Loop 101...»
MainSpring Capital, developer of the 232-acre mixed-use Pima Center, has announced plans for its new retail development, The Block at Pima Center...»
Mountain Shadows, the highly anticipated $100 million new boutique resort coming to Paradise Valley, is scheduled to debut in early 2017. Set in the shadow of Camelback Mountain, the property will feature a modern take on its iconic 1950's namesake...»

Commercial Real Estate & Business News – September 22, 2016

North Scottsdale's largest shopping destination is preparing to add more stores, restaurants and apartments in an eight-story tower at Scottsdale Quarter, according to development plans filed to the city last month. The urban mixed-use complex near Scottsdale Road and Butherus Drive, across from Kierland Commons in Phoenix, could get more than 60,000 square feet of new retail space below 300 luxury apartments in what might be the last major expansion for Scottsdale Quarter...»
MainSpring Capital, developer of the 232-acre mixed-use Pima Center, announced plans for its new retail development, The Block at Pima Center. Located on the Northwest Corner of the Loop 101 and Via de Ventura on the Salt River Pima Maricopa Indian Community, Pima Center is one of North Scottsdale's largest mixed-use business parks with 1.4 million square feet already developed. The Block at Pima Center will occupy approximately 12 acres with freeway frontage along the 101 and with full diamond access at Via de Ventura...»
Western Maricopa Education Center is breaking ground on its $45 million campus in Surprise. The new campus at the southwest corner of Dysart Road and Grand Avenue is being built on a 19.3-acre parcel for a fall 2017 opening. It will be the fifth campus in the West-MEC Career and Technical Education School District...»
Longtime Valley restaurant operator, Loco Patrõn, has leased the former Salty Senorita building on Northsight Boulevard for a new Loco Patrõn Mexican Brewery. The area is bustling with new restaurants, retailers and multifamily development. A luxury 297-unit apartment building is being constructed directly behind the Loco North building, along with the popular breakfast and weekend brunch restaurant, Butters, which recently opened its doors across the way. Existing national tenants in the immediate area include Costco, Walmart Supercenter, Sam's Club, Home Depot, and more...»
High-net-worth investors are expected to continue pouring capital into U.S. commercial real estate in 2016, experts say, but they are fine-tuning their strategies to enter markets in which institutional investors are too risk-averse to play...»

Commercial Real Estate & Business News – September 21, 2016

The Phoenix metropolitan area showed strong economic growth in 2015 with a 4.2 percent economic gain over the previous year, according to the U.S. Bureau of Economic Analysis...»
"Returns from property appreciation over the past five years were virtually tied between suburbs and downtown areas," according to an analysis of investment returns among privately-owned, institutional-grade real estate across the top 50 U.S. apartment markets by MPF Research, the market intelligence division of RealPage Inc...»
The buzz around the Scottsdale Seville Shopping Center is that the shopping center on Scottsdale and Indian Bend Roads may soon have new owners. In fact, some tenants have signed or been presented with new tenant estoppel certificates which would transition their lease agreements. The new paperwork indicates that the future landlord could be Whitestone REIT, an integrated real estate investment trust that owns, operates and redevelops neighborhood, community and lifestyle retail centers...»
Ryan Companies and Sunbelt Holdings, co-developers of Marina Heights, have announced new retail, public open space and art amenities at the 20-acre development on Tempe Town Lake. Home to State Farm's regional hub, the 2 million square foot development has been under construction since August 2013...»
Arizona's unemployment rate dropped 0.2 percentage points in August, putting it at 5.8 percent. Statewide joblessness had been on the rise since March. The rise in jobs around the state is due to the public sector, where schools are rehiring staff for the academic year. Drops in education and industries that are affected by warm weather often mean summer employment reports are not strong...»

Commercial Real Estate & Business News – September 20, 2016

It's that time of year again when commercial real estate firms analyze market activity based on numbers and reports from the first two quarters of the year, and predict how that will impact the rest of 2016 through next year. Experts in their respective markets weighed in on the findings from quarter two reports in this mid-year market update of Greater Phoenix. Overall, the commercial real estate market appears to be steadily progressing in the right direction but not all markets are seeing equal levels of activity...»
It's getting pricier for the convenience of calling your landlord when the AC breaks, the internet is down or the swimming pools needs cleaning. Rents are on the rise in metro Phoenix, particularly in infill hot spots in Phoenix, Scottsdale and Tempe...»
Phoenix's reputation as a tech growth market has come on suddenly in the last five years or so, and it's well-deserved. Industry titan Intel saw the potential here when it opened two plants in the East Valley, and now Google is getting in on the action by making Chandler its next testing ground for self-driving cars. This influx of IT jobs, and startups has made the Valley one the top five growing tech hubs in America...»
After opening to a highly receptive market in April 2016 and surpassing preliminary sales goals, Optima Kierland, a high-rise luxury condominium and boutique rental community in the North Scottsdale Kierland neighborhood, is going vertical with construction of the project's first 12-story condominium tower...»
The new facility will serve west coast foodservice packaging and retail tableware markets, producing paper cups, pressed paperboard plates and thermoformed plastic cups and lids, and bringing approximately 300 new jobs to the region. Construction of infrastructure at the 102-acre site is expected to begin in the second quarter of 2017, with commercial production scheduled to begin in late 2017...»
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