Commercial Real Estate & Business News – February 27, 2017

West Valley economic development officials say their communities are on the cusp of breaking out to bring more high-wage jobs to residents and cutting down on the throngs that leave the region for work elsewhere. “The freeways are always clogged,” Brian Friedman, director of the city of Glendale’s office of economic development. “We want to help residents stay near their homes.”…»
The first high-rise luxury condominium tower at Optima Kierland is over 50 percent sold, with the developer’s ability to customize each home, unmatched amenities and desirable location cited as the primary factors in accelerating sales, and helping the community to reach the development milestone ahead of schedule.…»

Downtown Chandler residents and visitors will get the movie theater they’ve longed for the past few years, possibly as early as December. Flix Brewhouse, which combines a microbrewery and a theater, will anchor a 77,000-square-foot multi-use project – called Overstreet – along the southwest corner of Arizona Avenue and Chandler Boulevard. …»

Phoenix-based Vestar has commenced the renovation of its shopping center Desert Ridge Marketplace located off Loop 101 and Tatum Boulevard in north Phoenix. The $15 million overhaul is being done with the community, residents and visitors to the area in mind. First opened in 2001, Desert Ridge Marketplace served as the cornerstone in generating the Desert Ridge master plan…»
The commercial real estate market should remain steady in 2017 as demand grows in smaller markets, according to the quarterly forecast from the National Association of Realtors. The report predicts national office vacancy rates will fall 110 basis points to 12.1% this year, pushed down by more office demand as jobs grow.…»