Here are the news articles you might find interesting today for commercial real estate and business:
Tempe to get big entertainment venue Main Event Entertainment purchased a retail site in Tempe near Interstate 10 and Warner Road with plans to build a 57,000-square-foot indoor entertainment venue. The venue, on 6.4 acres adjacent to Ikea and Dick’s Sporting Goods in the Emerald Center, is to have bowling, billiards, laser tag, glow golf, rock climbing, gravity ropes and arcade games, as well as food and beverage services. View article…
Hand & Stone Massage and Facial Spa planning Phoenix expansion Hand & Stone Massage and Facial Spa opened its sixth Phoenix-area location late last month and has plans to open an additional two or three dayspas this year. The Hamilton, N.J.-based chain of franchised spas opened its newest store in Scottsdale at Scottsdale and Lone Mountain roads on Dec. 28. View article…
Office Absorption Doubles in 2012 The Phoenix office sector continued its upward trek in 2012; according to Cassidy Turley’s Office Market Snapshot, the region experienced a yearly net absorption of 1.8 million square feet. This is more than double 2011’s year-end total. Another piece of good news for the metro area was a 220 basis point drop in vacancy from the 27.9% vacancy at the end of 2011. The overall vacancy rate for the fourth quarter 2012 fell 1.8% to 25.7%, marking the fourth consecutive quarter of decline. View article…
Hundreds participate in Saturday ground breaking Maricopa city leaders and official broke ground Saturday on the multigenerational center and regional park at the corner of John Wayne Parkway and Bowlin Road, which will be completed in 2014. “We have come to the fun part of the challenge,” Mayor Christian Price said to the attendees. “The part where we get to see the results start to take place.” View article…
DMB to build retirement community in Buckeye’s Verrado Housing developments in Arizona, including Del Webb’s first Sun City, redefined retirement for the entire country nearly 50 year ago. Now, Scottsdale-based real-estate firm DMB wants to reinvent retirement living for the Baby Boomers on 1,200 acres in its Buckeye community of Verrado. View article…
Phoenix has long road back to recover lost jobs from recession Only three U.S. markets have lost more private-sector jobs than Phoenix since the Great Recession took hold late in 2007. New research from On Numbers finds the Phoenix area in November 2012 had 141,500 fewer jobs than it did five years earlier. The Great Recession officially began in December 2007. View article…
Commercial Real Estate Vacancies Slowly Declining, Rents Rising Commercial Real Estate Outlook is produced quarterly by NAR’s Research division and includes the latest market information on five major commercial real estate sectors – industrial, office, multi-family, retail and hospitality real estate. Most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market, according to the National Association of REALTORS quarterly commercial real estate forecast published on November 26, 2012. View article…