Here are the news stories you might find interesting today regarding commercial real estate and business:
Email me if you would like a copy of the pdf document from the webinar I listened to titled, “3rd Quarter 2009 Retail Review,” hosted by Costar. Out of the largest 20 metro markets, Phoenix has the highest vacancy rate of 11.4%. Also, the best prediction is that in 2011 is when we will see rent increases on the leasing market. Regarding cap rates, the long-term average is around 8.2% with a price/sf around $149 (Shopping Centers). Transaction under $5 million is down over 54% from last year; for properties over $20 million it is off over 83% from last year. Phoenix has seen over a 54% change in sales volume from last year!
Cavazos named Phoenix city manager
The city of Phoenix has picked David Cavazos as its next city manager. Cavazos, who will succeed the retiring Frank Fairbanks, is the first Hispanic to serve as Phoenix city manager and currently serves as deputy city manager.
Adjusted state unemployment rate hits 17.2%
Arizonans have been told for months now that the state jobless rate is hovering in the low 9 percent range. But it turns out that’s pretty much only half the story – literally.
University of Phoenix Signs Major Flex Lease in Tempe
The University of Phoenix leased 111,349 square feet at 1717 W. 16th St. in Tempe, AZ. The educational institution is taking occupancy in November. Located in the Tempe One business park, the 111,349-square-foot flex building was built in 1978 on 8.8 acres and was renovated in 2008. The facility has one drive-in bay.
GameStop plans to hire 15,000 seasonal workers
As usual, GameStop Inc. plans to hire about 15,000 seasonal, part-time workers to help with the holiday rush, the video game retailer said Tuesday.
Neighborhood group, Chandler exploring a land swap
Improving Chandler Area Neighborhoods (ICAN) is experiencing growing pains, but a proposed land swap with the city might be able to help.
CMBS Delinquencies Continue Relentless Climb
Hotel loans have surpassed multifamily loans for the dubious distinction of highest CMBS delinquency rate, according to Fitch Ratings. The overall CMBS delinquency rate hit 3.58 percent in September, up 54 basis points (bps) since August and up 243 bps since the beginning of the year. And that grim trend doesn’t look to end anytime soon.
Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.