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Commercial Real Estate & Business News – January 26, 2018

NEW YORK CITY-US commercial property sales declined 7% year over year in dollar volume to $463.9 billion in 2017, says Real Capital Analytics. However, in contrast to a decade ago, the decline in volume was accompanied by an almost equal Y-O-Y rise in pricing, to 7.1%. As the year ended, values across commercial real estate were up 23% from their pre-crisis peak a decade ago…»
Irwin G. Pasternack AIA + Associates PC and Pasternack Properties has broken ground on the 1.1 million-square-foot industrial building off 83rd Avenue near Interstate 10 and the Loop 101 in west Phoenix. The TEN Distribution Center 1 is the first phase of a larger 3.6 million-square-foot, $300 million industrial park on one of the large commercial real estate parcels in the region…»
Recent estimates suggest that convenience stores will achieve total sales of about $73 billion in 2018-on the lower end of the spectrum for this sub-sector-and total sales growth of just 5.5 percent, according to the “Retail, Apparel and Restaurants-U.S., 2018 Outlook,” from Moody’s Investors Service. Convenience stores are staple assets in the portfolios of net lease and 1031-exchange investors…»
The U.S. office market continued to benefit from strong fundamentals going into 2018, despite continued deceleration in net absorption, occupancy and rental rate growth. With robust corporate profits and continued office-using job growth, that trend is expected to hold through the year as the recently approved tax cuts and expected gradual increases in interest rates…»
The Greater Phoenix industrial real estate market posted a strong fourth quarter finish to 2017, which was one of the city’s historically best years. Net absorption was the strongest in a decade, absorbing robust construction completions and pushing the vacancy rate to a 10-year low. Net absorption of industrial space topped 2.1 million square feet in the fourth quarter…»