Commercial Real Estate & Business News – July 1, 2015

Office Market Is on a Slow Roll

Increase in office space was strong in second quarter but a relatively modest expansion by historical standards. Employers took on 8.2 million square feet of additional office space in the second quarter, marking one of the stronger periods since the recession but a relatively modest expansion by historical standards, according to real-estate research service Reis Inc… Read more »

Top 6 Cities for Highest Rent Growth

Average multi-family rents nationwide ?continue to flourish at historically robust levels,? a situation highlighted by an increase of 6.3 percent over the past 12 months, according to a report released Monday by Yardi. Based on data from 100 U.S. markets, the June 2015 edition of Yardi?s Matrix Monthly also reported a 1.3 percent month-over-month rent increase in June, the largest increase during the current recovery… Read more »

U.S. Pending Home Sales Hit Nine-Year High

Contracts to buy previously owned U.S. homes rose to their highest level in just over nine years in May, in a further boost to the housing market and the broader economic outlook. The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, increased 0.9 percent to 112.6, the highest level since April… Read more »

Hines Kicks Off Infrastructure Construction and Office Design at Chandler Viridian

Hines, the international real estate firm, has commenced construction on the infrastructure at Chandler Viridian and is moving forward with the design of the Class-A, six-story office building for the mixed-use property?s master plan development. Chandler Viridian, located at the northwest corner of the Loop 101/Loop 202 interchange in the heart of the Price Corridor in Chandler, will include a central plaza with 240,000 square feet of Class-A office space, a luxury multifamily complex, a modern brand hotel, and retail options along with a pedestrian promenade to the Chandler Fashion Center… Read more »

Online Insurer Zenefits Adding 700 Jobs in Tempe

Zenefits, an online health insurance broker, is adding 700 new jobs in a new office in Tempe, a move that would complete a planned three-year expansion of the company in little more than one year, officials said Monday… Read more »