Commercial Real Estate & Business News – August 10, 2015

The Loop 202 South Mountain extension is moving forward. Arizona Department of Transportation announced it is starting demolition of vacant properties it acquired as part of the nearly $1 billion right-of-way acquisition program. Along the alignment from 59th Avenue and Interstate 10 to the Loop 202-I-10 interchange in Chandler, ADOT has acquired ownership of 200 properties so far… Read more »
Consumer demand for rental apartments remained strong while the market for apartment properties stayed relatively unchanged in the latest National Multifamily Housing Council (NMHC) Quarterly Survey of Apartment Market Conditions. The market tightness, sales volume and equity finance indexes all remained near or above the break-even level of 50, according to NMHC. However, its debt financing index declined significantly to 35 from 60. The index fell below 50 for the first time since January 2014… Read more »
The first extension of metro Phoenix’s Valley Metro light rail system will arrive in downtown Mesa Aug. 22, six months ahead of schedule and setting a revitalization process in motion, spurring both residential and commercial development activity. The 3.1-mile Central Mesa extension is expected to add 5,000 new light rail riders per day to the Valley’s light rail system, with current daily ridership averaging 44,000 people. It will run from the current end of the line at Sycamore Drive to Mesa Drive with four stops… Read more »
There were 76 million people born in the U.S. between 1946 and 1964 that define the baby boomer generation. Boomers pushed up home ownership rates and fueled the consumer spending over the last three decades that made the U.S. a $17 billion economy. Now as baby boomers transition out of the workforce, retirement communities are reaping the benefits of this group… Read more »
The July report from RBC Capital Markets shows that even as chain retailers continue to increase the number of stores they plan to open in the next 12 to 24 months, the retail industry still faces some challenges. The most recent issue of “National Retailer Demand Monthly” reports that the retailers in RBC’s database increased their store opening plans for the coming year by 0.6 percent during the past month, to 42,213 locations. Their two-year store opening plans rose by 0.4 percent to 79,294 locations… Read more »