Commercial Real Estate & Business News August 15, 2019

U.S. Office Vacancy Lowest in 18 Years, Despite Lots of New Construction The U.S office market continued to experience accelerated growth in the second quarter, with 17.1 million sq. ft. absorbed, bringing the year-to-date total to 66.5 million sq. ft. Vacancy dropped to 12.2 percent nationally-the lowest level in 18 years, according to a second quarter office report from real estate services firm CBRE. Markets with…»
MTCC Phoenix Announces Axis Raintree
Trammell Crow Company (TCC) Phoenix has unveiled plans for its newest development, Axis Raintree. The project will include a 175,000-square-foot, three-story, Class A speculative office building with a structured garage. Construction is scheduled to begin in October 2019 and will be completed in 4Q 2020. TCC acquired the…»
Waypoint Sells for $107.6M in Year’s Biggest Deal
Following the execution of a strategic development, repositioning and leasing plan, Harvard Investments and Lincoln Property Company (LPC) have sold the Waypoint suburban Class A office campus for $107.6 million to Innovatus Capital Partners LLC (Innovatus), an independent advisor and portfolio management firm headquartered in…»
Valley Homebuilder Permits Soar to Pre-Recession Numbers
Homebuilders are bullish on construction in metro Phoenix – in fact, they haven’t pulled this many single-family building permits in a single month since before the Great Recession.According to Home Builders Association of Central Arizona, homebuilders pulled 2,227 single-family building permits during July – the most in a…»
George Oliver Brings Office Lofts Project to North Scottsdale
A brand new loft-style office project is coming to North Scottsdale, courtesy of Phoenix-based commercial real estate investment and operating company George Oliver and Vancouver-based Kootenay Holdings. Called Lofts at The District, the project will target small- to mid-size tenants with high-end, innovative office space reflective of…»