Commercial Real Estate & Business News August 3, 2018

Roughly 43 million Americans have made the decision to rent rather than purchase their homes, due to convenience, cost, or both, according to personal-finance website WalletHub. While there may be a variety of factors that go into the rent-versus-buy decision, it usually comes down to price. Like home prices, rental rates can vary significantly by U.S. region, state, and city…»
Alta Central, a 223-unit community in Phoenix, has opened its doors to residents. Wood Partners completed the development, adding another property to its luxury Alta brand. The company benefited from a $28.7 million construction loan provided by Fifth Third Bank, according to data provider Yardi Matrix…»
Amid uncertainties related to rising interest rates, the over-extended real estate cycle and a lingering bid/ask gap, investment sales volume remained steady in the first six months of the year, while one property sector-hotels-posted a standout performance. Research firm Real Capital Analytics (RCA) reported in its latest U.S. Capital Trends study that deal volume totaled just over $236 billion…»
Four parcels totaling about 377 acres of State Trust Land will be auctioned by the Arizona State Land Department in August and September, State Land Commissioner Lisa Atkins said today. If all four are successfully auctioned, at least $101 million – their combined appraised value – would be invested in the State’s Permanent Land Endowment Trust Fund for the benefit of K-12 public education…»
Tech jobs are growing in the Phoenix market. According to the Scoring Tech Talent report from CBRE, the Phoenix market ranked 15th in the nation for tech jobs, moving up two spots from the previous report. In the last five years, the market has added 12,650 new tech jobs, and has a total tech labor pool of 83,930. That is 4% of the market’s total employment…»