Commercial Real Estate & Business News – December 8, 2016

Construction has started on two high-rise apartment towers on a former parking lot next to Arizona State University in downtown Tempe. The development, yet to be named, will include 20-story and 12-story buildings with a total of 407 apartments on the northwestern corner of University Drive and Forest Avenue.…»
Santa Monica-based Ring – which makes video security doorbells – is opening a new 100-worker customer service center at the Westgate Entertainment District in Glendale. The center is slated to open in March. The California-based company already has an office in Scottsdale.…»

‘To be continued’ usually signals an exciting story twist is coming. But anyone hoping for a plot twist next year to the ongoing saga of shrinking apparel retailers won’t be happy with the comments by several top retailers in this segment during quarterly earnings conference calls this past week. …»

The question of how, or if, borrowers will be able to refinance the nearly $120 billion in CMBS loans maturing through 2018 is on the minds of market participants, including the ratings agencies. S&P Global Ratings said Friday that some $12 billion of the $92 billion of loans maturing during 2017 alone could default and end up in special servicing.…»
Arizona had the third highest increase in real gross domestic product in the U.S. in the second quarter. Arizona’s 3.3 percent increase over the same period in 2015 was also higher than the national average. The state’s GDP was just shy of $300 billion for the quarter, compared to $290 billion a year ago.…»