Commercial Real Estate & Business News – April 17, 2015

The Metropolitan Phoenix retail market continues its recovery, as noted in a recent report from CBRE Phoenix Research. With vacancy under 10 percent for the first time in seven years, demand for space is beginning to reflect that of pre-recession levels. However, while a sense of normalcy is slowly returning to the market, real estate experts are noticing new trends emerging in this post-recession retail market; and, one of the most prominent of those trends is Medtail, or the addition of medical related tenants to traditional shopping centers…Read more »
Greater Phoenix saw its unemployment rate drop to 4.8 percent in March, the lowest in Arizona, according to the state Department of Administration. Meanwhile, Arizona’s seasonally adjusted unemployment rate dropped 0.3 percent to 6.2 percent in March, the largest decline in four months… Read more »
A joint venture formed by Trinsic Residential Group has completed the $6.2 million assemblage of a multi-parcel site in Central Phoenix that is planned for a 220-unit apartment community being called Aura on Indian School. The 7.01-acre property wraps the northwest corner of 20th Street and Indian School Road… Read more »
Home sales were up in the Phoenix area but the number of listings on the market are down, according to new data today from Arizona State University. ASU’s housing expert Michael Orr reported Thursday that home sales were up 9 percent in February compared to a year ago and 19 percent over a sluggish January… Read more »
Another infill, restaurant-oriented development is slated for Seventh Street in Phoenix. The $7.8 million Crown on 7th project is being built at the former Crown Imports building between Missouri and Bethany Home roads…Read more »