Commercial Real Estate & Business News – January 12, 2017

Fed officials raised the target for short-term interest rates by 0.25 percentage points on December 14. The Fed’s most recent forecast projects U.S. economic growth in 2017 to be 2.1 percent, slightly better than the Fed’s previous projection in September. Trump’s expansionistic policy rhetoric-pledging significant spending on new infrastructure…»
Retail construction in 2016 in the Phoenix metro reached the highest level since 2009, according to a new study by CBRE Research. The real estate firm found that in 2016, completed construction on retail brick-and-mortars reached more than 1.3 million square feet, outpacing construction from 2010 to 2015. …»

With President-elect Donald J. Trump preparing to take office next week and the Republican-controlled 115th Congress already in session, the newly reconstituted House Ways and Means Committee met for the first time this week to discuss the GOP’s tax reform “blueprint” released last summer calling for sweeping changes to federal tax law. …»

A 30,195-square-foot Mesa retail center anchored by a Safeway, located at Val Vista Drive and Southern Avenue, was sold for $4,550,000 by Pac West Land LLC. Arizona Partners purchased Stonebridge Shopping Center, which was 69 percent occupied at close of escrow. In addition to Safeway, the property shares the site with a Del Taco, Jack in the Box, and a Safeway Fuel Station …»
It’s hard to find the winners from the 2016 holiday shopping season except for e-commerce sites. The numbers being reported by publicly held retailers look pretty abysmal, particularly in light of the bullish national numbers being reported by retail associations. The International Council of Shopping Centers (ICSC) released its post-holiday Shopping Survey…»