February 8, 2016

Farmers Insurance has selected Phoenix as the location for a 1,000-employee operation and plans to build a new office complex at Pinnacle Peak Road and Interstate 17. The expansion could eventually raise Farmers’ employee base in Phoenix from approximately 500 to more than 1,500 full-time employees.

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Arizona gained traction with exports finishing 2015 with $22.6 billion in products shipped outside the state according to the latest data from U.S. Trade.gov, the government’s export data tracking site.

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February 5, 2016

Mesa Mayor John Giles formally announced ASU’s plans to open a satellite campus downtown, plus four other big developments during his State of the City address Thursday.

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Dave & Buster’s at Westgate, which opened several months ago, will have a little West Valley competition since Main Event Entertainment has announced it will opening in Avondale. The family entertainment center, which is based in Dallas (same as Dave & Buster’s), will open its second Arizona location in Avondale at 10315 W. McDowell Road on Feb. 8.

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Irgens – Phoenix has announced the $17 million acquisition of an office project at 501 N. 44th St. The four-story building is located south of the Loop 202 and just off State Route 143 near Sky Harbor International Airport.

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The holiday shopping period of 2015 ended with same-store sales that ticked up 3.3 percent, according to the SpendTrend report from First Data, a firm that provides technology solutions for commerce transactions, and while an increase is still a win, the season could have been a lot more jolly for retailers.

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Scottsdale hotels seem to be going through a renaissance of sorts with the number of resorts investing in multimillion dollar renovations.

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February 4, 2016

The U.S. economy and the stock market are sending opposite messages to the commercial real estate community, causing many industry professionals to scratch their heads. On the one hand, the leading economic indicators are solid. Monthly gains in nonfarm payroll employment averaged 280,000 during the fourth quarter of 2015, and the national unemployment rate ended the year at 5 percent. Average hourly earnings rose 2.5 percent in 2015, a sign that wage growth is accelerating.

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National Office Vacancy Rate Tightens to 10.8% As New Supply Deliveries Hold Steady

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Construction spending in the U.S. in 2015 reached a level not seen since the financial crash, the Commerce Department reported Monday. Last year’s expenditures rose to $1.097 trillion, 10.5% higher than 2014′s expenditures of $993.4 billion and the highest level since 2007, when construction spending stood at 1.148 trillion.

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Among real estate property types, multifamily has been strong and the outlook is positive for 2016. Investment dollars are still flooding into the apartments sector, although investment is more focused than ever on core strategies (new construction in urban infill) and will continue to be more conservative and careful. What can we expect to see in the capital markets crystal ball? Here are my top five predictions for 2016.

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It’s happening in New York. It’s happening in Boston with its new Millenium Towers, and it’s happening in Los Angeles, the go-to hot spot for hot Chinese money. On Dec. 18, the U.S. started a process to make foreign ownership of American real estate that much easier. This month, it now becomes a tax obligation to foreign owners, which will help the Internal Revenue Service crack down on just who exactly is owning these properties.

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February 3, 2016

The city of Phoenix is on the verge of landing 1,000 new jobs and a $23.7 million expansion of Farmers Insurance Exchange in North Phoenix.
The city of will invest $500,000 in workforce training funds. Phoenix was selected after a multi-state site selection competition.

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A downtown Phoenix hotel could be in the hands a of new owner in the near future. The city council will vote Wednesday whether to accept a multimillion dollar offer for the Sheraton Grand Phoenix.

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Developer Wood Partners has proposed a 230-unit, 4-story apartment complex south of Camelback on three combined parcels between 7th Street and 8th Place in Phoenix.

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A rental house located near a college campus may be a great investment—the list of places where investors earn the best yields on single-family rental houses is full of cities and towns with many college-aged residents, according to the latest analysis from data firm RealtyTrac.

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February 2, 2016

For office space design in 2016, “sense of purpose” is the new catchphrase that office-using businesses are using to attract and retain workers, including the much sought-after Millennials, according to recent research reports.

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In December, when the Federal Reserve raised rates for the first time in nearly a decade, many would-be homebuyers assumed it meant the beginning of the end for record-low mortgage rates.

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Arizona is gaining traction in one of the most crucial business categories to boost the state’s gross domestic product: middle market enterprises — but not to the extent needed.

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January 25, 2016

Predicting if and when Millennials will buy homes is a big money question for the real estate industry.   A group of up-and-coming Millennial leaders from metro Phoenix shared their opinions Wednesday on how they and their peers view housing with more than 1,000 of Arizona’s top real estate executives at Urban Land Institute Arizona’s […]

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January 22, 2016

Wall Street Journal staffer Ben Leubsdorf breaks down the make-up and trends of the three respective measures and indicators of inflation–the Producer Price Index, the Consumer Price Index, and the Personal-Consumption expenditures index–and the PPI’s recent renegade behavior.

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New adjustments to the government-sponsored enterprises’ lending caps portend an overall boost in apartment financing this year and double-digit growth over Fannie’s and Freddie’s record 2015 volumes.

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PHOENIX — Economists who advise the Arizona Legislature said Thursday they believe the state’s financial outlook will continue to brighten at a moderate pace despite pressure from national and world markets that have dropped in recent weeks.   The report by members of the Finance Advisory Committee gave a bit of calming news to lawmakers who tend […]

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For the first time since late-’60s urban renewal chased Phoenicians from the city’s core and into the suburbs, sales of condominiums are passing those of single-family dwellings here.

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Could Arizona’s largest office development be up for sale? A report from one of our sister papers, the Dallas Business Journal, says State Farm Insurance Co. wants to sell its newly completed $800 million regional operations campus in Texas.

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