Commercial Real Estate & Business News April 23, 2019

Low Interest Rates, High Demand from Users Boost Hotel Sales Volume Brokers are busy again with the sales of hotel properties, after a slow winter with relatively few transactions.”Investor appetite continues to be very strong for hotels,” says Kevin Mallory, global head of CBRE Hotels. “That’s a surprise.”Low interest rates may be luring buyers and sellers back to the market.”We’ve seen additional product come to…»
Construction Increases in Greater Phoenix Industrial Market
The Greater Phoenix industrial market remained steady during the first quarter, despite decreased net absorption relative to the end of 2018.  Construction activity has increased, but vacancy declined during the first three months, according to a report released by Colliers International in Arizona. According to the Bureau of Labor Statistics, Phoenix…»
Phoenix Approves $231 Million Mixed-Use Development for Downtown Transit Hub
More major changes are coming to downtown Phoenix, as a city transit center gets transformed into a new development comprising more than 1.1 million square feet. The $231 million project was approved by Phoenix City Council on April 17.It’s happening at 300 North Central Avenue, current site for the Central Station Transit Center that’s a hub for…»
Hotel to Begin Construction in ASU Novus Corridor
The first development in the Novus Innovation Corridor’s third phase, a 259-room, dual-branded hotel, is set to break ground April 23.Mortenson is the developer, builder and owner of the hotel, said George Forristall, director of real estate development at Mortenson. The eight-story hotel will be a part of the Hyatt Hotels Corp. under the Hyatt Place…»
SkySong 5 Tops 70 Percent Occupancy Months Before Completion
With significant leases from Arizona State University – which is taking two floors in the six-story building – and companies including Berkadia and Limelight Networks, SkySong 5 already is nearly three-fourths leased while still under construction. “We are very pleased with the interest in SkySong 5,” said Sharon Harper, President & CEO of…»