Commercial Real Estate & Business News – August 7, 2013

Medical Office Sector Continues Healthy Performance

A groundswell of medical joint ventures and partnerships combining the strengths of for-profit and not-for-profit providers are leveraging their stronger balance sheets to invest in real estate, emerging as one of the key drivers behind the increased demand for medical office buildings… Read more

Cities with the Biggest Pay Hikes: Phoenix Ranks Third

After getting hit hard in the housing bust, Phoenix’s construction industry has come roaring back to life. The number of construction jobs grew by 15% year-over-year in May, according to the Bureau of Labor Statistics. And now builders can’t find enough workers to meet demand, forcing them to pay top dollar to attract employees… Read more

Sprouts IPO Closes After Best Debut on Wall Street in Two Years

After riding the market to the best initial public offering in two years, Phoenix-based Sprouts Farmers Market has closed its initial public offering. Sprouts netted $344 million from its IPO. The company began trading Aug. 1 at $18 a share. The first day the share price skyrocketed 124 percent to close at $40.11… Read more

Obama to Lay Out Plans to Aid Phoenix-Area Homebuyers

In an effort to expand home loans, especially to minorities and the newly re-employed, President Barack Obama is expected to announce in Phoenix today steps to cut government red tape for mortgage lenders and help more applicants qualify sooner… Read more

The Monday Morning Quarterback

Arizona weekly unemployment claims were still way down from a year ago, but, by a lower percentage than any time in the last year. Sky Harbor enplanements and deplanements were both up. Foreclosure starts were back to normal (pre-bubble) levels. Auctioned foreclosures were at the lowest since 2007. Auctioned foreclosures to lenders were at the lowest since 2006. Median prices were still going up. Read more