Commercial Real Estate & Business News – January 11, 2017

It has suddenly gotten a lot more difficult to borrow money for an apartment property. “The overall cost of borrowing has gone up undoubtedly, but the interest rates spreads offered by lenders are very similar to the spreads they offered last year.”…»
Office leasing volume in the Phoenix metro area hit its highest volume since 2005, according to year-end data from the JLL commercial real estate firm. Regional net leasing activity – or absorption – for 2016 came in a 3.1 million square feet.…»

New Glendale PGA Superstore offers simulators, practice bays, putting green. A new PGA Tour Superstore is scheduled to open Saturday in Glendale on Bell Road in a space previously occupied by Sports Authority.…»

The group behind Market Street Kitchen is opening a new concept in Scottsdale. Keeler Hospitality Group, who own Market Street Kitchen in DC Ranch and Spencer’s for Steaks and Chops in Omaha, Nebraska, are opening Liberty Station at 34522 N. Scottsdale Road, Suite 180 in February.…»
The balance of power is shifting in the office sector from CBDs to the suburbs. Suburban markets generally are expected to outperform in 2017, a year that will also favor the Sunbelt. Specifically, while suburban office markets still average higher vacancy rates than downtowns, they’re expected to fare better…»