Commercial Real Estate & Business News December 11, 2019

CoStar Economy: About That Surprisingly Good Jobs Report That sound you hear is the furious scribbling of economists revising down their forecast for recession. Two weeks ago we wrote that there may be some troubling signs of slowdown in the jobs market. Nearly everything since then has suggested otherwise. Employers hired a net 266,000 employees in November, the most in a single month since January, and even with an…»

Phoenix Wants New Office Buildings Downtown
Construction in downtown Phoenix is bringing new apartments and hotels, but there’s a key development area that’s missing. Downtown needs new office space, according to the city’s economic development director. Christine Mackay said in the last five years, the office vacancy rate has fallen from 30% to 10%, or about 1.3 million square feet of…»

U-Haul Plans Multi-Million Midtown Phoenix Campus Expansion
U-Haul International plans to break ground on a multi-million dollar conference and fitness center on Tuesday just east of its corporate towers along Roanoke Avenue between Central Avenue and 3rd Street in Midtown Phoenix. The two-story facility, which will be the showpiece of its ongoing campus expansion, is slated to be completed by…»

Cambria Hotel Downtown Phoenix opens in Roosevelt Row
The Cambria Hotel Downtown Phoenix, located in the Roosevelt Row Arts District, is now open. The seven-story, 127-room hotel welcomes locals and visitors alike to enjoy its full-service restaurant and rooftop bar with panoramic city views. The hotel is managed by Oxford Hotels & Resorts, LCC, an award-winning, lifestyle-oriented hotel management…»

Scottsdale Residents Seek Referendum on Southbridge II Development in Old Town
Some of the Scottsdale residents who worked to block commercial development in the city’s preserve last yearare now working to stop the Southbridge II project near Fifth Avenue in Old Town. The City Council last week narrowly approved the 10-acre development that includes more than 1 million square feet of condos, retail and office…»