Commercial Real Estate & Business News August 20, 2019

Mesa Offices Near Chicago Cubs Spring Training Site Sell for Record $107.6M An office campus in Mesa’s Riverview District has sold for $107.6 million, making it the priciest overall office sale in metro Phoenix so far this year. Waypoint’s four buildings, with almost 500,000 square feet of space, are home to tenants Cognizant, Mitel, Ashton Woods, Beazer Homes and Nextcare. The development, which is…»

Phoenix-Area Data Center Business is Booming, Report Says
Data centers are big business in the Valley’s commercial real estate sector according to a new study from Newmark Knight Frank. Recent additions by Google and Microsoft Corp. have added to the region’s inventory of space. Microsoft has not one, but three data centers in the works in the West Valley, with the initial phases of…»

Need for Affordable Housing Grows Rapidly in Phoenix
The rise in commercial real estate investment in Phoenix has created a growing need for affordable housing in the Downtown Phoenix area. A joint venture between Pacific Oak Capital Advisors and Defer Gain is building three multifamily projects in the Downtown Phoenix’s Presidential District. All three projects are in…»

Arizona Rents See Decline Compared with June
RENTCafé just released its July Rent Report where it analyzed the evolution of monthly Arizona rents, along with the rents in 260 United States cities. Average rents in Arizona have seen month-over-month decreases across the board as the rental season is slowing down. The only exception is Tucson, which follows a similar pace to the…»

(Un)Affordable: How Did Arizona End Up With A Housing Crisis?
Look around Phoenix and you see cranes and construction sites, new buildings everywhere. If you think this city looks like a place that’s developing fast, you’d be right. Our population is among the fastest-growing in the country. Over the last few years, around 200 people have been moving to the Phoenix area every day. Chanel Sinclair is…»