Commercial Real Estate & Business News – April 21, 2016

Just as it breaks ground on the first building at The Grand at Papago Park Center, Lincoln Property Company has secured a pre-lease commitment from a major first tenant: leading enterprise application software company SAP America. SAP is currently located in the Scottsdale Galleria, but will relocate to the first building at The Grand at Papago Park Center as it is completed in January 2017. SAP will occupy the top floor measuring 40,000 square feet, relocating approximately 275 employees… Read more »
When San Francisco-based tech startup DoubleDutch announced expansion into downtown Phoenix earlier this year, the CEO said the city’s talent pool, co-working spaces and warm entrepreneurial community made it a natural home. And as more emerging companies flock to the urban core — particularly the Warehouse District — those are the assets Phoenix could try to harness through a new “Innovation District.”… Read more »
A massive supermarket offering global foods is opening in the East Valley on Wednesday. The AZ International Marketplace is opening in Mesa on the northeast corner of Dobson and Broadway roads, and will offer a variety of foods from around the world, according to The Arizona Republic. The space also houses retail, hardware and garden products… Read more »
The outlook for construction employment in the Southwest remained positive in March as all three states in the region posted year-over-year job gains once again. Of all industries in Arizona, construction experienced the third largest job growth in March, lagging behind only Leisure & Hospitality and Education & Health Services, according to the Arizona Department of Administration’s Monthly Employment Report. The construction industry posted a year-over-year… Read more »
A recent dip in investment sales transactions has sparked questions on whether the decline is a temporary hiccup or a sign of a bigger slowdown ahead. The latest sales data from New York City-based research firm Real Capital Analytics (RCA) shows that transaction volume in February fell a whopping 46 percent year-over-year, with total sales of $25.5 billion. Sales saw a similar sharp month-over-month… Read more »