Commercial Real Estate & Business News – January 18, 2016

Tempe’s Town Lake skyline will soon see its next major addition if a massive mixed-use project gains city council approval. Following nearly two hours of discussion on plan details, much of which focused on street level landscaping, the city’s Development Review Commission on Tuesday unanimously approved a request by Springbrook Development that paves the way for The Pier, a proposed two-tower, 23-story development on Tempe Town Lake. The $80M project will be home to 551 apartments, 17KSF of retail, more than 8KSF of restaurant and nearly 4KSF of outdoor dining space… Read more »
Chandler has adopted the urban core code for the rest of us. Where Phoenix, Tempe and Scottsdale are looking at approvals of mega-million dollar mid- and high-rise developments, Chandler needed a program for the single business wanting to revitalize an empty existing building or infill into a choice development spot… Read more »
Wal-Mart Stores on Friday said it would close 269 stores — 154 of them in the U.S. including all of its 102 Walmart Express small-format stores. The decision to close the stores follows a review of the retailer’s portfolio initiated in October to ensure its stores were aligned with its strategy, Walmart said. In total, the impacted stores represent less than 1% of Walmart’s 11,600 stores worldwide. The closures are expected to impact 16,000 employees, including 10,000 in the US… Read more »
U.S. commercial real estate continued to enjoy a banner year in November as 2015, with market fundamentals reflecting healthy levels of absorption and continued rental gains during the month supported broad price gains, even as construction levels for office, retail and warehouse space have begun to slowly increase… Read more »
Construction material prices fell for the sixth consecutive month in December, losing 1.2 percent on a monthly basis and 4 percent on a yearly basis, according to an analysis of the Bureau of Labor Statistics Producer Price Index released today by Associated Builders and Contractors (ABC). Construction input prices have fallen 7.2 percent since peaking in August 2014, and have fallen in eleven of the previous sixteen months. Nonresidential construction input prices exhibited similar declines, falling 1.1 percent for the month and 4 percent for the year…Read more »