Commercial Real Estate & Business News – February 23, 2015

Microsoft Could Land Big Data Center In Phoenix

Microsoft Corp. could locate a large new data center in Phoenix. A commercial real estate official said the Microsoft data center could be landing at Union Hills Drive near Interstate 17. The project could total as much as 575,000 square feet and the transaction may be completed via private equity firms and other data center entities even though it will be Microsoft operations, according to the industry executive who asked not to be named… Read more »

Small Apartments: Are We Building Too Many?

In the current supply cycle, many new buildings include a large share of studios and one-bedroom apartments. That?s understandable, given the continued importance of millennials as a prime target market this year. These small units fit Gen Y renters? needs well, since this group is willing to trade space for a good location and attractive amenities. With supply coming in at a continued good pace, however, the question now is whether small units will continue to perform as well in the near future as they do today… Read more »

Market Trend: Phoenix Retail Deliveries, Construction and Inventory

During the fourth quarter 2014, 21 buildings totaling 377,959 square feet were completed in the Phoenix retail market. Over the past four quarters, a total of 700,237 square feet of retail space has been built. There were 427,089 square feet of retail space under construction at the end of the fourth quarter 2014… Read more »

State Farm Exec: Transit Helped Tempe Get $600m Hub

Tempe’s public transportation network, which includes neighborhood shuttles, buses and light rail, played a major role in State Farm’s decision to build a massive regional headquarters overlooking Tempe Town Lake, a company executive said last week. State Farm will anchor a $600 million development by Sunbelt Holdings and Ryan Companies… Read more »

Hilton Phoenix Airport Hotel Transformed

Waramaug Hospitality, a private investment group, unveiled the newly revitalized Hilton Phoenix Airport hotel. The 259-room property at the Phoenix International Airport has undergone a $7.5 million renovation ($29,000 per room) over the last six months. The renovation includes all new guestrooms and bathrooms, corridors, public spaces and a completely new lobby featuring a Starbucks outlet and Hilton Connectivity Zone. The property also had major infrastructure work completed such as… Read more »