Commercial Real Estate & Business News April 16, 2018

Retail vacancy levels stayed relatively flat for the first quarter of the year, according to preliminary data from real estate research firm Reis. Industry experts say that despite accounts of retail bankruptcies and store closures, the sector is poised to stay the course. For neighborhood and community shopping centers, the vacancy rate averaged 10.0 percent, the same as the quarter before…»
A nationwide affordable-housing crisis deepened across Maricopa County last year, as rising rents and shrinking options led to yet another spike in rental evictions. More than 25,000 eviction orders moved through the county’s Justice Courts in 2017, according to court data obtained by The Arizona Republic. It was the fifth-highest total in county history and a 12 percent jump from the year before…»
Tempe Marketplace, one of the Valley’s largest shopping centers, will soon have a whole new look and feel with a number of unique, local and regional restaurants and retailers moving in. Vestar, the Phoenix-based owner of the huge open air shopping center just of the Loop 202 and McClintock Drive, announced last week that popular Mexican restaurant Barrio Queen will be opening its next location at Tempe Marketplace…»
Christopher Todd Communities LLC is investing $3 billion to develop rental home communities in Arizona by 2030. This year alone, the Phoenix developer will invest $120 million, adding another $250 million in 2019. “There will be in excess of $275 million in investment costs in year 2020 moving forward,” said Todd Wood, CEO of Christopher Todd Communities, adding he is using traditional bank construction financing for his projects…»
NEW YORK CITY-The keynote speaker at the 2018 RealShare Net Lease Conference in New York City, Sam Chandan, the chair and associate dean at NYU Schack Institute, said most people don’t read economic data. Their sense of the economy is based on their job security, career promotions, salary increases and what happens to friends and family members who lose their jobs…»