Commercial Real Estate & Business News – April 20, 2017

Vacancies for US industrial are at their lowest levels in nearly 20 years thanks largely to technology-driven demand, Ten-X said Wednesday. E-commerce’s positive influence on space absorption has already been well documented; less widely noted is the growing demand for cloud-server farms. Conversely, low oil prices mean that the energy sector is no longer the spur to industrial leasing that it was in former years…»
Institutional investors are increasing their interest in owning commercial real estate due to its more predictable returns, but what is the ripple effect on the rest of the industry? It’s pretty well-known within (and outside of) the real estate industry that Blackstone is the largest owner of real estate in the United States…»

A Class A office campus in Scottsdale has sold for $37.5 million. The Scottsdale Executive Office Center is located at 15880, 15990 and 16100 North Greenway-Hayden Loop. Perry Investment Trust No. 1 LLC sold the 181,238-square-foot office park to Encino, California-based Kramer-Wilson Co. The Airpark office center was build in 1997. …»

Mark Wayne is very bullish on downtown Phoenix and one of its largest office buildings – Renaissance Square. “Downtown is very much in vogue,” Wayne said. Wayne is a managing partner with San Diego-based Cypress Office Properties which bought the close to 1 million-square-foot office towers in the heart of downtown Phoenix along with Oaktree Capital Management last year for $151 million. The two towers are 26 and 28 floors.…»
A new $5 million restaurant complex in south Scottsdale has landed its first tenants. Two local restaurants are scheduled to open in late summer at SkySong, Arizona State University’s Scottsdale Innovation Center, on the southeast corner of Scottsdale and McDowell roads. Bitters, a nearly 2,700-square-foot craft cocktail bar and restaurant …»