Commercial Real Estate & Business News January 3, 2019

Steady Performance, Long-Distance Runners
Most real estate investors, developers and operators will look back on 2018 as a year that exceeded expectations. Despite the longevity of the current cycle, and significant new development of multifamily, self storage and industrial product, fundamentals in those sectors remain strong, and demand for assets is robust. These largely positive trends face some crosswinds, as policy initiatives related to…»
More Companies Moving in to Capitalize on Arizona’s Business-Friendly Environment
Arizona is a hot spot. And it has nothing to do with our scorching summers. The state’s job and economic growth forecasts over the next five years are among the best in the nation. Population growth through 2022 is expected to be the third-fastest in the country and employment growth is expected to be equally strong. “Arizona continues to foster a welcoming pro-business environment for…»
Rents in Phoenix Among the Fastest-Rising in the Country
Rents in Phoenix climbed more than 7 percent in 2018, a growth rate eclipsed by only one other city in the country. In its year-end analysis, RentCafe pegged rent growth in Phoenix at 7.7 percent among large cities in 2018. Only Las Vegas saw rents rise faster than Phoenix among large cities for the year. Sin City rents climbed 7.9 percent. “Cities like Las Vegas, NV and Phoenix, AZ have proven to be…»
Phoenix Sees Second-Biggest Nationwide Gain in Construction Jobs
The Phoenix area added 17,500 new jobs in construction during the 12-month period that ended Nov. 30, the second-biggest gain in jobs nationwide. Phoenix ended the period with 135,300 construction jobs, compared with 117,800 in November 2017, according to a study done by the Associated General Contractors of America. Construction employment grew in 74 percent of…»
Arizona Republic Building Sold by Gannett for $37.65 Million
Media giant Gannett Co., parent of The Arizona Republic and, has sold its 10-story office building and parking garage in the heart of downtown Phoenix for $37.65 million, according to public real estate records. ViaWest Group, a Phoenix-based real estate company, is the buyer. It purchased the building through an LLC called VWP EVB 200 Office.  Republic and offices will remain…»