Commercial Real Estate & Business News April 24, 2019

Bank Branch Closures Are Increasing, But Alternative Tenants May Take Over Vacated Spaces Healthcare clinics and co-working facilities may soon find new homes in closed bank branches.Bank branch inventory in the U.S. has decreased by about two percent each year over the past two years, according to real estate services firm JLL. From 2016 to 2018, 5,700 branches closed across the country, and forecasts call for another approximately 1,700 bank…»
Phoenix Makes List of 10 Hottest Markets for Office Delivery
Since 2009, the U.S. economy has had more than 110 consecutive months of growth, making this the second longest economic expansion since the Great Depression. After a rather tepid 2017 performance, the U.S. office market gathered some steam in 2018, adding 76 million square feet of new office space and completing roughly 396 new projects in its top…»
Could Population Growth Propel Phoenix and Tucson to Merge?
Phoenix and Tucson may still merge by 2040.A 2005 prediction for the cities with downtowns separated by 120 miles didn’t seem far fetched when proclaimed by growth experts during the housing boom.But when the bust started in 2007 and stretched to 2011, such a prediction seemed unlikely.Now, metro Phoenix is on another growth streak. New census…»
It’s Not Just Ecommerce Pushing Retail to Evolve
Ecommerce is often faulted as disrupting the retail market, but according to Blake Pomeroy of Koss Real Estate, the underlying technology boom is responsible for the evolution in retail and the emergence of ecommerce. The problem is complex, and to truly adapt, retailers and retail owners must leverage technology to meet cultural changes and…»
Tempe’s Watermark ‘Tops Out,’ on Track for Opening
The tallest building along the north side of Tempe Town Lake has completed vertical construction and is on track to open in October.The Watermark Tempe, a $150 million mixed-use development on the lake’s north shore and west of Scottsdale Road, will be a 16-story, 265,000-square-foot Class A office building, and include 44,000 square feet of…»