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Commercial Real Estate & Business News February 8, 2019

Big Desert Ridge Project Gets Green Light in Phoenix
Developer Crown Realty & Development has acquired the master developer rights for 96.5 acres of land in the Desert Ridge area of Phoenix. The land site had been the subject of more than a decade of litigation over land rights and bankruptcy. Now that the litigation has settled, Crown was able to purchase the property for…»
Sales of Phoenix Industrial Properties Surged 33% in 2018
The Greater Phoenix industrial real estate market posted an active 2018, with sales volume up 33 percent over 2017 and construction of new industrial projects up 17 percent.  A slight cooling of net absorption at the end of the year put upward pressure on vacancy rates. During 2018, sales volume in the industrial sector hit…»
Watermark Tempe Signs High-Profile Company as First Office Tenant
The Watermark Tempe, a 16-story Class A mixed use development on the north shore of Tempe Town Lake, has signed its first office tenant. WeWork, the international coworking giant, has leased floors 10 and 11 of the speculative development. The Watermark is scheduled to complete construction in September, and WeWork plans to…»
Phoenix Voters Will Decide Future of Light Rail in August
This August, Phoenix residents will have another opportunity to vote on the future of light rail. A group of light rail opponents called Building a Better Phoenix collected enough signatures to send the controversial public transit system back to the voters, asking them to end light-rail expansion in Phoenix and instead divert the city money to…»
Phoenix Becoming a Pricier Place to Live
Rising rents and home prices are starting to strain the Valley’s long-touted affordability sales pitch. According to the S&P CoreLogic Case-Shiller Index, home appreciation in the greater Phoenix area jumped 8.1 percent from November 2017 to November 2018. That rate pushed Phoenix past Seattle, and the Valley remains behind only…»