Commercial Real Estate & Business News – August 7, 2017

The Phoenix Industrial market ended the second quarter 2017 with a vacancy rate of 9.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,117,870 square feet in the second quarter. That compares to positive 3,097,359 square feet in the first quarter 2017. Vacant sublease space decreased in the quarter, ending the quarter at 555,130 sq ft…»
Average U.S. multifamily rents rose $1 to $1,350 in July, according to a survey of 121 markets by Yardi Matrix. Rents were up 2.6% during the month on a year-over-year basis. The multifamily market remains strong despite the modest growth, as rents historically moderate in the second half of the year. Also, “the market is in an extended period of rate-growth deceleration, coming down from unsustainably high increases,” the report states…»
The Milwaukee Brewers are exploring moving their spring training home 35 miles southeast to a new facility in Gilbert. The Major League Baseball team wants Gilbert to build a $90 million baseball facility near Loop 202 at Lindsay and Germann roads, according to emails between consultants and town officials. “We believe there may be a great deal of community support for the Brewers to relocate in the town of Gilbert,” Bob Quinn, Brewers executive vice president of finance and administration, said in a statement…»
Grand Canyon Education Inc. (Nasdaq: LOPE) is set to spend more than $100 million this year to grow its Grand Canyon University campus in Phoenix. Plans call for building two more apartment-style dorms, a classroom building, another parking garage and a club sports facility Each of the 5-story, 624-bed dorms will be built north of a newly built parking garage at 29th Avenue and Camelback Road. An additional 2,400-space parking garage totaling nearly 800,000 square feet will be built on the north side…»
Out-of-state relocations, an ongoing economic recovery and job growth were all contributing factors in lowering the Phoenix industrial vacancy rate to 9.2% while rental rates ended the second quarter at $.59, which is an increase over the previous quarter, according to DAUM’s second quarter market report. During the quarter, net absorption for the overall Phoenix industrial market was 1.2 million square feet, which compares to positive 3.1 million square feet in the first quarter of 2017…»