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Commercial Real Estate & Business News January 18, 2019

When it Comes to Apartments, Phoenix Remains One of Best Rent Growth Markets in the U.S.
Phoenix continues to pay dividends for investors who bet on its multifamily market. At the end of 2018, year-over-year rent growth for apartments averaged roughly 7 percent in the Phoenix metropolitan area, second to only Las Vegas among major U.S. markets. The biggest rent gains were seen in the mid-quality Class B apartments, or 3-Star assets, which posted the strongest average rent gains for the second consecutive year. This segment of the market saw rent growth of 7.6 percent, or 600 basis points higher than the average for the Phoenix metropolitan area as a whole…»
Vacant Retail Now Fodder for Self-Storage Supply
Multifamily activity has driven growth in the self-storage market, particularly in dense urban markets. Phoenix, which has seen tremendous multifamily investment and rising demand, is no exception, and vacant retail has become fodder for self-storage development in the market. 1784 Capital Holdings is repurposing a vacant Macaroni Grill into self storage in Scottsdale. The property, which will be rebranded Gold Dust Storage, will be complete in 2019…»
Hines Opens $75 Million Office Complex in Chandler
The Offices at Chandler Viridian opened Tuesday, completing the 25-acre, $250 million master-planned development near Price and Frye roads. The six-story office complex, the city’s tallest multitenant office building, totals nearly 250,000 square feet of space. Stantec, an architecture, engineering and environmental services firm, has already leased space for its Southwest regional office in the development. Workuity, a co-working company, plans to open a location on the first floor of the office development…»
Chandler Ropes in 2,500 Jobs with Allstate Center
Chandler’s job market is still in good hands. Allstate Insurance Company’s plan to lease more space in the city – and possibly build its own corporate center – is creating at least 2,500 jobs in the region. The Chandler City Council signed off on the deal this month after two years of negotiations with the global insurance giant. “We think it’s a pretty prudent deal,” said James Smith, Chandler’s economic development innovation manager. “It’s not many times a Fortune 500 company comes to the door. This is a Fortune 100 company”…»
Here Are Opendoor’s Most Popular Homebuying ZIP Codes in Metro Phoenix
Several ZIP codes in metro Phoenix are trending higher among potential homebuyers, according to a study conducted by Opendoor, a San Francisco-based iBuyer that allows customers to buy and sell homes online…»