August 27, 2017

After years of waiting for interest rates to rise, some banks have started to lend as if they never will, loading up on a record amount of loans and securities that carry low rates for years. The percentage of bank assets that won’t mature or change rates for more than five years reached a new high in the second quarter, according to Federal Deposit Insurance Corp data released Tuesday. That means banks are allowing more borrowers to lock in low rates for long periods of time, a potential risk should rates move sharply higher.

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While media analysts wring their hands over the impending death of brick-and-mortar retail stores, maverick investors are seizing the opportunity to reinvigorate the downtown shopping experience. This long-range strategy includes aggressively expanding real estate portfolios in carefully targeted markets to create attractive destination neighborhoods filled with successful local businesses.

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Phoenix always has been a cheaper place to live than other big U.S. cities where apartments, housing prices and office rents are more expensive. The latest multifamily market data from Axiometrics and its parent company RealPage Inc. drives home that point.

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Mike and Jeff Mastro, along with their father Dennis and partner Scott Troilo, founders of Steak 44 and Dominick’s Steakhouse, are opening a new upscale seafood eatery. Ocean 44 will open in the space of the former Harkins Camelview Theatre, which closed down at the end of 2015.

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August 24, 2017

Phoenix traditionally has been a market that can become overbuilt fairly quickly. But if you’re laser focused on specific neighborhoods in the city and its tertiary markets, an abundance of opportunities await. The Central Corridor, for instance, morphed into a very dynamic locale after the Valley Metro light-rail system expanded in the neighborhood. And Arizona State University (ASU) is beginning to expand into downtown, an area that is starting to gentrify

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Many of the markets where developers have been doubling down on building new apartment units are likely to have enough renters to fill those apartments over the next decade or so, according to the latest research commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). “The analysis suggests that 15 or so metros will lead the way on activity, and they are basically the same 15 or so spots that have accounted for about half of both demand and supply in the current economic cycle to date,”

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Architecture firms have reported increasing demand for their design services for the past six months, as reflected in the July Architecture Billings Index, which was published by the American Institute of Architects on Wednesday. The index came in at 51.9, down from a score of 54.2 in the previous month, but still reflecting an increase in design services

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SafeWise said that Mesa “keeps the heat on criminals by effective policing that utilizes community outreach and increased training and transparency for better accountability.” The company’s analysis said Mesa has “both lower-than-average rates of crime and wide economic and racial diversity among neighborhoods.”

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A joint bid by the United States, Canada and Mexico to host the 2026 World Cup to North America has added Glendale to a list of possible host cities for one or more games. “I am writing to you following a major announcement made July 6 concerning the official launch of the Bid Campaign to stage the 2026 FIFA World Cup in the United States, Canada and Mexico,” said Sunil Gulati, chairman of the 2026 United Bid Committee

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August 23, 2017

The Offices at Chandler Viridian will be a 250K SF office building at the intersection of Loop 101 and Loop 202, near the Chandler Fashion Center. The building will feature 41K SF floor plates, energy-efficient glass to allow for natural light and access to a three-story parking garage.

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Macerich, a California-based developer of retail commercial space, is seeking approval from municipal leaders to expand the mall along Hyland Avenue by amending the zoning restrictions on the 56-acre site and increasing building heights up to 150 feet.

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New data indicate that apartment rents in Mesa are rising faster than rents in any other Arizona city, though it still remains one of the East Valley’s most affordable communities for renters. The median apartment rent in Mesa has risen 6.4 percent in the last year, according to Apartment List’s August 2017 Mesa Rent Report.

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The Greater Phoenix housing market has been improving at a healthy pace with single-family home construction gaining momentum and prices for new homes trending higher. Permitting for single-family units rose during the first six months of 2017, while multifamily housing development slowed. Approximately 22,000 single-family permits are forecast to be issued in 2017 and approximately 7,000 multifamily permits are expected.

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Builders started 16,663 homes between the end of 2Q16 and 2Q17, of which 4,632 started in the second quarter. That was the highest number of quarterly starts since 3Q07, or almost 10 years – and a jump of 15.7% over the same quarter a year ago, and 17.2% over 1Q17.

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August 22, 2017

In the wake of tough talk from President Donald Trump toward North Korea and Senate Majority Leader Mitch McConnell, Sen. Jeff Flake, a Republican and sometimes outspoken critic of the president, says he’s willing to give him “a little space.” The gradual, if not spectacular, recovery in recent years has pushed economic stories and reports out of the limelight. “Across the U.S. and especially out West, there has been a full recovery from the housing crash and recession,” said John Williams, the Federal Reserve’s top official in the West

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There is a 73% chance the next recession in the United States will begin by the end of 2020, according to a panel of economic and housing experts but the property market is unlikely to be hammered. Those taking part in the third quarter Zillow home price expectations survey don’t expect the housing market to play as big a role as in past recessions. Instead, they anticipate a geopolitical crisis could trigger the next recession

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Rents are a cost-burden for younger Americans, as might be expected, but also older generations who rent, according to a new report by Abodo. The firm analyzed Census Bureau data to determine renter cost burdens in the 100 most populous MSAs, then divided the data into the three generation groups based on the age of the renter. Of the 65.5 percent of millennials who rent, 46.5 percent spend more than 30 percent of their income on housing costs

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PHOENIX – Eight months into 2017, we’ve had more than 50 restaurants either open their doors for the first time in the Valley or open second, third, and fourth locations. The openings include everything from modern Japanese cuisine to Chicago deep-dish pizza, Mexican cuisine, Hawaiian-inspired poke, and fast-casual breakfast joints. What can we expect for the rest of the year and into 2018? So far, we’ve found more than 40 restaurants with plans to open around the Valley

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Sprint (NYSE:S) continues to expand its presence and investment in the Southwest with plans to add 44 new retail locations throughout parts of Arizona, Colorado, Nevada, Utah and West Texas by the end of 2017. New jobs for about 300 people will include a combination of retail, operations and technical experts. Currently, Sprint counts more than 2,250 regional employees, inclusive of employees in Idaho and New Mexico, and operates nearly 400 branded retail locations throughout the Southwest region

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August 21, 2017

Internal Revenue Code Section 1031 exchanges, more commonly known as “1031s” or “like-kind exchanges,” are a nearly century-old tax deferment mechanism that may be targeted for elimination or curtailment under several tax reform proposals being considered in Congress.

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Demand for rental apartment housing is on the rise in the East Valley and the rest of the metro region, buoyed by an increased desire for high-end apartments and the ever-present need for more-affordable options for low-income families.

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Reliant Group Management tapped Rainbow Housing Assistance Corp. as the service provider for La Palmilla Apartments in Phoenix. The community was purchased by a new tax credit limited partnership sponsored by Reliant and will have all units restricted to households making 60 percent of the area median income or less.

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The development boom underway in the seniors housing space has not put a damper on confidence. Exclusive survey results from the fourth annual NREI / NIC Seniors Housing Market Study indicate a more positive outlook across the board on questions related to improving fundamentals, access to capital and transaction pipeline.

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Food halls are the hottest new trend in retail. Restaurants and unique eateries have been a growing driver in the retail market, as they tend to be more Internet resistant than brick-and-mortar retailers. Food halls are the next evolution: properties packed with destination eateries.

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August 20, 2017

The Opus Group (Opus) announced today plans to build a speculative industrial project in the Longbow Business Park and Golf Club in Mesa. Construction on the 147,672-square-foot project, named Longbow Gateway One, is slated to begin this month, with project completion scheduled for January 2018.

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