Commercial Real Estate & Business News – February 2, 2015

Market Trend: Phoenix Retail Vacancy Decreases to 9.8%

The Phoenix retail market experienced a slight improvement in market conditions in the fourth quarter 2014. The vacancy rate went from 10.1% in the previous quarter to 9.8% in the current quarter. Net absorption was positive 819,805 square feet, and vacant sublease space decreased by negative 25,345 square feet. In third quarter 2014, net absorption was positive 812,404 square feet… Read more »

Almost All Of Phoenix Region?s Office Leasing Happening In East Valley, Scottsdale

The post-recession commercial real estate market in Phoenix is rising far faster in the east than in the west. Year-end 2014 data shows 93 percent of the office leasing volume and activity in the region happened in the East Valley, Tempe and Scottsdale. Regionwide, the absorption rate ? space leased minus space vacated ? was 1.75 million square feet… Read more »

ULI Trends Day: Infrastructure Reigns

Urban Land Institute Arizona Trends Day this week at The Phoenician in Scottsdale attracted 900 participants and covered a wide array of topics from ?Reviving the Economy: Phoenix Open & Super Bowl,? to ?Expanding Horizons: Land and Residential Market View.? The keynote speaker was sports writer Rick Reilly. The panel, ?Why Arizona? Employers and Site Selectors Perspectives,?… Read more »

Arizona Projected First In U.S. For Restaurant Sales Growth During 2015

A new report from the National Restaurant Association predicts Arizona’s restaurant industry will lead the rest of the country in growth this year and will continue to do so for at least the next 10 years. The report, released Thursday, ranked Arizona first in the nation for anticipated restaurant sales growth in 2015 and first in job growth through 2025… Read more »

High-End Malls Get Boost From High-Tech Stores

The nation?s high-end malls are posting record sales, thanks in part to the growing presence of technology retailers that sell pricey goods. At Bellevue Square, a shopping center in this affluent Seattle suburb, electric car maker Tesla Motors Inc. produced sales of $5,500 per square foot last January, more than five times the mall?s average and at a pace the mall?s owners say is likely a U.S. record for any retailer… Read more »