Commercial Real Estate & Business News August 7, 2018

Arizona’s job growth is expected to outpace the nation over the next several years, and most of the gains will occur in metropolitan Phoenix, a report released Thursday forecasts. The state’s population also is expected to grow by 1 million residents over the same time period. Arizona will add nearly 543,000 net new jobs through 2026…»
The first new-build office space in the Camelback corridor in 10 years is nearing completion, as finishing touches are being added to the Camelback Collective mixed-use project, which will bring 115,00 square feet of office space and 160 hotel rooms to the area. The project, at Camelback Road and 28th Street, has been under construction since February 2017 and cost more than $80 million…»
Trammell Crow Company (TCC), a development and investment company founded in 1948, purchased 38.5 acres in Phoenix for West 202 Logistics Center, a 554,000-square-foot speculative industrial building. A local private investor sold the land for an undisclosed price. Plans for the single-story, cross-dock facility at the southeast corner of 59th Avenue and Lower Buckeye Road call for 95 loading docks…»
Annual U.S. multifamily property sales are approaching a record in the face of a flood of new apartment construction and increasing home ownership, according to CoStar. Market doomsayers may be confounded by how the new units are being quickly absorbed by renter,s but demand remains unabated across the sector, CoStar’s multifamily analysts predict in a presentation on the state of the market…»
The much anticipated Scottsdale location of Chicago-based Lou Malnati’s Pizzeria, known for its deep-dish pizza, is nearing completion at the corner of Scottsdale Road and Chauncey Lane. The 10,000-square-foot, newly constructed, full-service restaurant, full bar, carryout and delivery is set to open in September. It will be the company’s largest Arizona project to date.…»