Commercial Real Estate & Business News – July 18, 2014

The Phoenix is a mythical bird that burns to ashes, only to be reborn again and again. The city that bears its name consistently does the exact same thing. However, unlike the mysticism and magic implied in the bird rising from its own ashes, the city’s recurrent rebirth is rooted in simple math and the basic laws of supply and demand. Starting with the most critical component of the supply side of the equation… Read more »
The Phoenix Office market ended the second quarter 2014 with a vacancy rate of 17.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 285,140 square feet in the second quarter. That compares to positive 792,884 square feet in the first quarter 2014. Vacant sublease space decreased in the quarter… Read more »
Arizona’s unemployment rate was up a bit in June to 6.9 percent, but down from 8.1 percent a year ago, according to the Arizona Department of Administration Office of Employment and Population Statistics. The state’s seasonally adjusted unemployment rate was 6.8 percent in May, which meant that Arizona lost 39,500 non-farm jobs in June… Read more »
Gilbert’s vision for an enormous employment center along the Santan Freeway is gaining steam with the announcement of a corporate headquarters and about 400 jobs in a relocation of health-product company Isagenix International from Chandler. Isagenix, a network-marketing company with a presence in 11 countries, will be the first major tenant in the Rivulon mixed-use center near… Read more »
After picking up the pieces and deciding to complete two broken multi-family projects in the Valley, iStar Residential hopes to do the same with the Artesia community in Scottsdale. In fact, the division of iStar Financial is so confident in the potential for the project, that the company wants to add another 204 units to the community. If successful in its zoning request, the 480 residences… Read more »