Commercial Real Estate & Business News – August 20, 2013

Pollack: Phoenix Economic Factors Continue to Roll Along

As of the second quarter of 2013, housing affordability in Greater Phoenix remained very high. According to the National Association of Homebuilders, 76.2% of the families in Greater Phoenix can afford the median priced home. July employment data for Arizona and its political subdivisions indicate that the state continues to grow… Read more

ASU SkySong’s $32 Million Third Building to Break Ground in September

The long-awaited third office building at SkySong, the ASU Scottsdale Innovation Center, is set to break ground next month, according to a statement Monday from Peoria-based Plaza Cos. The $32 million, 145,000-square-foot structure is being financed through Alliance Bank of Arizona and Plaza Cos… Read more

Earnhardt Opening First New Chandler Car Dealership

The newest luxury car dealership opening in the Phoenix metro is Earnhardt Chandler Cadillac. The first new dealership in the Chandler auto mall, Gilbert Road and Loop 202, is moving from Scottsdale to an eight acre site in the Southeast Valley. The last dealership built at the auto mall was in 2009… Read more

Financial Recovery To Drive Office Demand?

One of the big challenges facing the recovery in office market fundamentals is the weakness in the big time lessors: law and financial firms. Traditionally large users of office space, these sectors have been struggling to grow, greatly inhibiting office absorption in the aftermath of the recession. Financial services employment plunged nearly 9% peak to trough in the aftermath of the housing bust… Read more

Scottsdale Council Poised to Clear Way for Borgata Razing

One by one, the merchants at the Borgata of Scottsdale have closed shop at the struggling retail center northwest of Scottsdale Road and McDonald Drive. With fewer than 10 shops remaining, the 32-year-old landmark resembling an upscale Italian village is poised to become the Residences at Borgata, a four-story condominium complex of about 220 units… Read more