Commercial Real Estate & Business News – January 27, 2014

Millennials’ Choices Important to Phoenix Housing Market

Millennials will drive the future of the Phoenix housing market. That’s what Mark Stapp, director of the Masters of Real Estate Development program at Arizona State University, told a crowd at the Phoenix Market Explained II event Saturday morning. “The real estate industry was so busy trying to figure out what Baby Boomers want, we weren’t prepared for the even bigger group of Millennials… Read more

Market Trend: Phoenix’s Retail Vacancy Decreases to 10.4%

The Phoenix retail market experienced a slight improvement in market conditions in the fourth quarter 2013. The vacancy rate went from 10.6% in the previous quarter to 10.4% in the current quarter. Net absorption was positive 676,297 square feet, and vacant sublease space decreased by 88,184 square feet. In third quarter 2013, net absorption was positive 1,320,313 square feet… Read more

Us Property Sales Steady At End Of 2013 But Market Sees More Cash Buyers

Residential property sales and prices in the US remained steady at the end of 2013, according to the latest figures from housing data specialist RealtyTrac. Properties, including single family homes, condominiums and town homes, sold at an estimated annual pace of 5,167,255 in December, a less than 1% increase from the previous month and a 10% increase from December 2012… Read more

Hotel Monroe In Downtown Phoenix Set For $40m Makeover; Likely To Be Hilton

After years in limbo, the historic Hotel Monroe in downtown Phoenix is getting a $40 million makeover and is expected to open next year with 165 rooms, likely bearing the Hilton brand. Minneapolis-based CSM Lodging, a division of CSM Corp. that specializes in adaptive reuse, purchased the 13-story vacant tower… Read more

Mesa To Open New Chicago Cubs Stadium To Public On Saturday

The public will be allowed its first look at the new spring training home of the Chicago Cubs in Mesa this weekend. “It’s an opportunity really for the community to come and see what they supported and what an amazing project it is,” said Steve Wright with the city of Mesa. The new Cubs Park cost the city $99 million to build. It’s the largest stadium in the Cactus League with room for more than 15,000 fans… Read more