Commercial Real Estate & Business News April 30, 2018

IRVINE, CALIF. – Industrial vacancies hit an all-time low in 2017, as changes in technology and consumer habits drove demand for distribution and warehousing space, according to Ten-X Commercial’s U.S. Industrial Market Outlook. The biannual report indicated that the national vacancy rate declined to 7.3 percent in 2017, its lowest level…»
Tempe and Chandler have consistently been the busiest submarkets for office construction over the past several years. Financial and tech companies are driving demand for modern office space as they position themselves near a young and growing workforce. About 1.1 million square feet of office construction is underway in Chandler…»
Tourism tax dollars contributed more than $850 million to Arizona’s general fund last year. Lodging taxes account for about one-fifth of that. First-quarter numbers for 2018 are now out, and Arizona’s occupancy rate ranks third nationwide. “I will say the first quarter is typically a strong one for Arizona hotels and resorts.…»
Data centers have it good these days, since businesses and consumers use more data than ever before, and that usage keeps growing. The data center market in Phoenix is strong as well, according to the speakers at Bisnow’s Phoenix Data Centers event. As a data center market, Phoenix has some advantages, including low-cost power and a business-friendly state government.…»
CBRE negotiated the sale of a 198,771-square-foot industrial park located near Phoenix Sky Harbor International Airport. The Meritex Company, a Minneapolis-based commercial real estate investment company purchased the two-building property from Chicago-based Clarius Partners, LLC, for approximately $23 million.…»