Commercial Real Estate & Business News April 3, 2019

Barker Pacific Group Acquires Phoenix’s City Square
In a joint venture with Iron Point Partners, LLC, Barker Pacific Group (BPG) has acquired City Square, a three-building, 736,809 SF Class A office complex in Phoenix, Arizona. Offering panoramic views of the Phoenix Skyline and Camelback Mountain, the project is among the major Class A office properties on the Central Avenue Corridor. City Square is…»
Phoenix Office Absorption Bouncing Back in 2019 After a Less-Than-Stellar Fourth Quarter
Tenant demand in the Phoenix office market is bouncing back after the fourth quarter of 2018 ended with the weakest quarterly absorption, just over 100,000 square feet, since 2015. Historically, the first quarter of the year has been one of the slowest times of the year for office occupancy gains in Phoenix. However, this year’s first quarter…»
Ground to Break on Massive Master-Planned Community, Replacing Old Family-Owned Farm
Ground will break Thursday on a master-planned community in Avondale, which will include nearly 3,700 homes and will replace a formerly family-owned farm as metro Phoenix’s farmland continues to give way to housing projects. The community, called Alamar, will be built in phases by developer Brookfield Residential. The first phase of the…»
Report: Older Millennials Make Up Largest Share of Home Buyers
Older Millennials and Gen Xers are the most active generational groups when it comes to home buying, according to a report released by the National Association of Realtors. The organization just released the 2019 Home Buyer and Seller Generational Trends study, which found that older Millennials (born between 1980 and 1989) make up…»
Demand for Workforce Housing to Remain Strong in 2019
Strong demand for workforce housing should continue in 2019, boosting investment in the sector, according to industry experts. As the unemployment rate keeps falling, new households form, boosting demand for apartments, particularly for workforce housing, as it offers inexpensive housing options, according to John Sebree, director of…»