Commercial Real Estate & Business News – August 13, 2014

Top 10 Metros for New Apartment Construction Permits

While multifamily permitting was a big driver of all residential sector activity most of the year, the summer has seen a bit of a slowdown, according to research firm Axiometrics. In June, the annualized rate of multifamily permit activity dropped by double-digit percentage for the second straight month. June saw 301,000 units permitted, 17.1 percent below May?s 363,000… Read more »

Chandler Airpark Area Seeing Major Expansion Since Recession

After being grounded by a difficult economy, Chandler’s youngest employment corridor, the airpark area, is growing into its designation as one of the city’s top opportunity hubs. More industrial/office development is planned or will break ground this year, the first significant signs of development since the recession… Read more »

Mass Mutual Affirms Hiring Plans for Phoenix Office

Nearly one year after hosting a ribbon-cutting ceremony attended by Gov. Jan Brewer and Phoenix Mayor Greg Stanton, Mass Mutual said it now has 330 employees at a facility in north Phoenix with plans to expand to 400 by year’s end… Read more »

Latest Commercial Property Prices: July 2014

There is an all-time high in commercial property prices, according to Green Street Advisors. The price index in July was unchanged from the record-high set in June. It is up 6.0 percent from one year ago and up a whopping 76 percent from the cyclical low five years ago. For those who took the plunge to buy during the scary times in 2009, the returns on their investments have been quite spectacular… Read more »

So. Calif.-Based Investor Spends $21.6 Million For Deer Valley Project

A company formed by Griffin Opportunities LLC in Los Angeles, Calif. (Charles Cale, Walter Cale, principals) paid $21.6 million ($209.72 per foot) to buy a 102,996-square-foot flex-office showroom project located at 2851 W. Kathleen Road in the Deer Valley area of Phoenix. Maricopa County records show the buyer in the cash sale was… Read more »