Commercial Real Estate & Business News August 2, 2019

Microsoft to Build World-Class Sustainable Datacenters and Invest in Solar Power in Arizona Microsoft announced Arizona as the location for the development of three new world-class datacenter campuses to support the growing demand for cloud and internet services in Arizona and across the Western United States. Microsoft intends to develop the datacenter campuses in El Mirage and Goodyear, Arizona to be among the…»Industrial Vacancy to Stay Near Historic Lows
The U.S. logistics sector continues to thrive, but the high-flying days seen in 2018 gave way to a more sustainable level of activity in the second quarter of 2019, according to Prologis Inc.’s U.S. industrial business indicator, a survey of customer sentiment. Prologis’ IBI activity index has continued to moderate this year and…»

Garden-Style Apartment Projects Allow Developers to Expand in the Suburbs
Developers in the U.S. continue to build more low-rise apartment buildings than any other type of construction. That includes a high volume of new garden-style apartment buildings-often three-story “breezeway” apartments. “The ‘same old breezeway’ apartments are still getting built in the same old way,” says Walter Hughes, chief…»

TruAmerica Multifamily Acquires Multifamily Property in Phoenix for $77.26 Million
TruAmerica Multifamily, which owns and operates nearly 2,000 multifamily units in Phoenix AZ, has acquired Covington Park, a 520-unit garden-style apartment community for $77.26 million. Built in 1999, Covington Park is located in Phoenix’ Northwest Corridor. It is one of the newest communities in the submarket, with much of…»

Homeownership Rate in the U.S. Falls to the Lowest Since 2017
The U.S. homeownership rate fell to the lowest level in more than a year as rising prices and a tight supply of starter homes put buying out of reach for many renters. The share of Americans who own their homes was 64.1% in the second quarter, the lowest since the third quarter of 2017, according to a…»