Commercial Real Estate & Business News – November 22, 2017

The most attractive features of an apartment unit to renters turn out to be good management, good cell phone reception and a rent that feels reasonable, according to the just released "2017 NMHC/Kingsley Renter Preferences Report" by the National Multifamily Housing Council (NMHC). It shows the results of a survey of 269,000 renters...»
Institutional Property Advisors brokered the sale of a 240-unit community in Phoenix. The asset was sold by Kunz Investments to Caspian Properties, according to Yardi Matrix, and the transaction was subject to a $30 million loan originated and held by Hunt Mortgage Group. The property traded for $40.4 million. Mountain Park is located in Phoenix's Ahwatukee Foothills Village...»
When Park Central Mall opened in 1957, the cars packed into the parking lot had fins, Elvis Presley's "Jailhouse Rock" was on the radio and shoppers were riding the escalators at a gleaming, two-story Goldwater's department store, founded by the family of the man who would run for president seven years later. The mall was two miles from downtown, perched on the edge of Phoenix...»
California is home to Silicon Valley, some of the world's top research universities and of Waymo, the recently spun-off self-driving vehicle arm of the search giant Google. Yet when it came to deploying its most advanced autonomous technologies, the California company had no choice but to cast its gaze eastward to Arizona - where its vision was not illegal...»
As trade between the U.S, Mexico and Canada is debated by top negotiators in Mexico City as part of NAFTA, one Arizona city is working on a long-term million-dollar project that would potentially increase direct trade with Mexico. The Phoenix-Mesa Gateway Airport Authority Board will vote in the next few days to approve a master development agreement with the company Mesa Skybridge...»

Commercial Real Estate & Business News – November 21, 2017

The report notes that the current economic expansion has now lasted for more than eight years and the consensus of economists is for it to continue for "at least one more year, if not two." Signs of significant overinvestment or overheating in the economy-the forces that normally predict recessions-have yet to be evident, the report states. "If this holds true, office absorption should remain healthy for the foreseeable future," according to the NAIOP Research Foundation...»

Construction has started on a 30-story apartment tower with some ground-level retail space in downtown Phoenix at Third and Pierce streets. The Link PHX, which is slated to open August 2019, is a mixed-used apartment project that will have 257 units. It is being developed by Chicago-based CA Ventures and Diamond Realty Investments...»

Confidence among home builders edged up in November to its highest reading in months and its second highest reading since the recession, according to the Housing Market Index by the National Association of Home Builders and Wells Fargo...»

Unemployment, at least at the state level, is mostly stable, which is good news for the wider economy, as well as demand for most kinds of commercial real estate. Compared with the month before, jobless rates were lower in October in 12 states, higher in only one state, and stable in 37 states and the District of Columbia, the Bureau of Labor Statistics reported November 17...»

Commercial Real Estate & Business News – November 20, 2017

Heading into the holiday shopping season, the story around retail isn't all gloom and doom. Especially after a handful of impressive quarterly earnings reports last week, which boosted overall industry moral. My hope is that the momentum will spill over to retailers' landlords, too, which have been beaten down for much of the year on account of exasperated headlines...»

The traditional office environment is splintering with design elements and use terms that are increasingly customized to the specific needs of the user. Themes such as creative office architecture as well as short-term rentals of office space permeate the environment, particularly for technology companies that want to attract top talent by offering the best amenities; short-term lease arrangements, often referred to as "co-working," are also increasingly common to give companies flexibility with new projects and to reduce financial risk for both tenants and landlords...»

The deal seems to be an attempt to stem the criticism and to prove that retail could also benefit from the fresh thinking WeWork has already infused into offices. Hudson's Bay has already embraced the popular notion of "experiential retail," with The Wellery at Saks. In August the luxury retailer converted 16,000 square-feet formerly occupied by ready-to-wear into an upscale fitness emporium. There are two workout studios, salt rooms and a vegan nail salon...»

Restaurants took Gilbert's image from vanilla suburbia to having a millennial- appealing foodie niche that could draw employers that otherwise might prefer a more urban market. Gilbert Mayor Jenn Daniels said her town has created a sense of place while trying to keep its small-town vibe within the sprawling Phoenix market...»

As trade between the U.S, Mexico and Canada is debated by top negotiators in Mexico City as part of NAFTA, one Arizona city is working on a long-term million-dollar project that would potentially increase direct trade with Mexico. The Phoenix-Mesa Gateway Airport Authority Board will vote in the next few days to approve a master development agreement with the company Mesa Skybridge for an infrastructure project at the airport. The project, if approved, would include a program to facilitate cargo processing that goes to Mexico by bringing Mexican customs officials to the Valley airport, otherwise known as the Unified Cargo Processing Program, recently created by the U.S. Customs and Border Protection...»

Commercial Real Estate & Business News – November 17, 2017

U.S. retail sales edged up slightly in the month before the holiday shopping season starts in earnest. Retail sales in October rose 0.1% over September, and were up 4.3% year-over-year, according to the National Retail Federation. The NRF numbers exclude automobiles, gasoline stations and restaurants...»
Incomes matter - Rental prices in some of the most expensive markets in the country often make headlines. Take San Francisco, our data suggests renting the average place here costs over $3,800 per month, an enormous sum by most standards. But the average SF household earned over $103,000 in 2016, a figure which grew $26,000 from 2013...»
The nation's home builders may not be happy with the Republican tax plan, but they are seeing more buyers, and that is boosting confidence. A monthly reading of home builder sentiment rose two points in November to 70, according to the National Association of Home Builders. This comes after rising four points in October. Anything above fifty is considered positive sentiment...»
WASHINGTON, DC-Mall and shopping center landlords and the retailers that would occupy their properties don't see eye to eye on a number of areas related to brick and mortar stores, says FTI Consulting. As many as 93% of landlords agree or strongly agree that new stores are critical to retailers' sales growth, while just 61% of retailers would say the same...»
Lincoln Property Co. is developing a new 901,700-square foot speculative industrial and distribution development in Goodyear. Lincoln Logistics 40 will be a speculative project and have 40-foot ceilings. Developing a building with this ceiling height on a speculative basis is a first for the Phoenix commercial real estate market...»

Commercial Real Estate & Business News – November 16, 2017

Microsoft (Nasdaq: MSFT) founder Bill Gates' - the richest person in the world until recently being passed by (Nasdaq: AMZN) CEO Jeff Bezos - $80 million buy-in of close to 25,000 acres of Arizona land an hour west of Phoenix is touted as helping develop a futuristic 'smart city' the size of Tempe...»

A 15-story Marriott hotel is coming to downtown Phoenix's Arizona Center in 2019. The 200-room AC Hotel Downtown Phoenix, part of the Marriott-owned chain, will stand at 5th Street between Fillmore and Van Buren streets. It is the second tower planned for the property, which is in the midst of a significant renovation...»

Buoyed by double-digit tech-sector employment growth, Phoenix was in the top third of markets in the country for rising office rents over the past two years, with 13.4 percent growth, according to CBRE's annual Tech-30 report, which measures the tech industry's impact on office rents in the 30 leading tech markets in the U.S. and Canada. Furthermore, Tempe saw the highest tech rent growth of any submarket in the country with just under 30 percent growth over the same period...»

The 164-unit apartment project is a mix of studio, one-bedroom and three-bedroom apartments. Located one block from GCU at 3535 W. Camelback Road, GC Square is a gated community with a diverse range of outdoor and indoor amenities. Community amenities include an expansive clubhouse with large screen HDTVs and pool table, workout room, a clothing care center, business center, resort-style pool and spa, pet-friendly washing stations, BBQ gas grills, outdoor fire pit, movie theater as well as property access control, video surveillance and alarm system...»

Legacy Traditional Schools is building a campus in East Mesa and one in the West Valley totaling $41.7 million in development costs. A Nov. 15 groundbreaking for the East Mesa campus will allow for a fall 2018 opening to serve 1,200 students in grades K-8. That project at 10707 E. Guadalupe Road is budgeted at $19 million. Also opening in fall 2018 will be the West Valley campus at 99th Avenue and Camelback Road, serving 1,200 students in grades K-8. That project is budgeted for $22.7 million...»

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