Commercial Real Estate & Business News – December 8, 2015

Heading into the winter months, multifamily rents are showing their typical seasonal mild growth, according to Yardi’s Matrix Monthly, which surveys 111 markets across the nation. In November, national rents dropped just $1 to $1,165, after rents had previously grown for nine consecutive months. However, rents increased by 6.4% year over year, 190 basis points above the 4.5% rent growth in November 2014. Markets in the West are still dominating… Read more »
A $175-million hotel and residential complex called WaterView is the latest big-ticket development unveiled for Scottsdale’s bustling downtown district, situated along the Arizona Canal near Scottsdale and Camelback roads. The project includes a five-story luxury hotel with 269 rooms, a rooftop pool and ground-level shops and restaurants along Camelback Road, across from the W Hotel and Scottsdale’s entertainment district….Read more »
ORION Investment Real Estate has sold Power Road Plaza for $3,895,000 or $97/SF. This ±40,240 square foot retail/office plaza was constructed in 1974 and has undergone extensive renovations over the years, with the most recent one completed in 2014. The property has great frontage along Power Road and is located across the street to the main entrance of Leisure World. Power Road Plaza is anchored by Van’s Golf Shop… Read more »
Low gas prices make just about everyone happy—except those in the oil industry and the economies that rely on them. Experts say that office markets that rely on energy firms, which coasted on neutral this year as oil supply increased and prices dropped, will suffer in 2016 through a period of higher vacancy and sinking lease rates. Oil prices sunk below $40 a barrel this week, and there doesn’t seem to be a hike in sight… Read more »
Greater Phoenix is enjoying year-over-year growth and expansion with continual job recovery, corporate relocation and expansion, and population growth. Though the region’s recovery has been muted since the recession, forecasts call for the current momentum to continue through 2017, exceeding national levels. During the “Phoenix Leaders Roundtable: Trends & Takeaways” panel at the recent RealShare Phoenix Metro 2015 event here, panelists agreed that Phoenix is its own worst critic… Read more »