Market Trend: Phoenix Office Vacancy Decreases to 16.9%
The Phoenix Office market ended the fourth quarter 2014 with a vacancy rate of 16.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,199,018 square feet in the fourth quarter. That compares to positive 638,959 square feet in the third quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 664,578 square feet… Read more »
Landlords, Retailers Plan To Capitalize On Record Super Bowl Spending
Super Bowl XLIX is just around the corner, and retailers and landlords are thinking of ways to capitalize on the resulting shopping activity. About 184 million television viewers are expected to tune in to see the Seattle Seahwaks face off against the New England Patriots at the University of Phoenix Stadium. According to a National Retail survey of 6,375 consumers, average viewer spending will reach a record high of $77.88, up from $68.27 last year… Read more »
ORION Sells Class-A Retail in Tucson for Over $17 Million
ORION Investment Real Estate is pleased to announce the successful sale of Paloma Village Center in Tucson, Ariz. located at one of the most desirable intersections in the market. The 37,739 square foot center sold for $17,200,000 to HRA Paloma LP, a commercial real estate entity affiliated with Hannay Realty Advisors based in Phoenix.The national tenants occupying Paloma Village Center include Fleming?s, CVS Pharmacy, Starbucks and Verizon Wireless… Read more »
A Structural Shift in the Retail Market?
Improvements in the retail sector in the fourth quarter were once again tepid. The national vacancy rate for neighborhood and community centers declined by just 10 basis points, to 10.2 percent, a slight improvement from the third quarter when vacancy remained unchanged. For full-year 2014, vacancy declined by just 20 basis points. National vacancy is now down 90 basis points from its historical peak… Read more »
Sky-High Prices? Investors Don?t Seem To Mind
As we look to 2015 and beyond, the commercial real estate market is enjoying much positive press and continues to be a favored asset class relative to stocks, bonds, and cash. After the most recent commercial real estate downward cycle in third quarter 2008, followed by a rebound in 1Q10, we are at a new crossroads where prices are clearly outpacing valuations… Read more »