Commercial Real Estate & Business News – January 24, 2017

For the consecutive second quarter, apartment conditions as measured by the National Multifamily Housing Council’s quarterly survey showed signs of ebbing. All four indexes in the survey remained below the break-even level of 50, and two of those indexes retreated considerably from the previous quarter. …»
The Greater Phoenix office real estate market finished 2016 with positive momentum, despite year-end reports of slowing job growth. The market vacancy rate dropped to 16 percent, the lowest figure seen since 2008.…»

Reeling from a shaky holiday season and slowing mall traffic, U.S. retailers are facing increasing pressure to close stores as more of their business migrates to the internet. More than 10 percent of U.S. retail space, or nearly 1 billion square feet, may need to be closed, converted to other uses or renegotiated for lower rent in coming years…»

A stalled luxury condominium development on one of central Scottsdale’s prime corners is being revived with a plan for 500 homes. Meritage Homes is partnering with iStar Inc. to develop the Artesia project on the northeast corner of Scottsdale and Indian Bend roads, the site of the former Radisson Resort…»
Arizona’s unemployment rate ended 2016 at 4.8 percent. That is the lowest since the recession. But the state created a less than robust 33,100 private sector jobs between December 2015 and December 2016, according to state economists at the Arizona Department of Administration.…»