Commercial Real Estate & Business News – July 2, 2013

Phoenix Office Market Likely on Verge of Major Rebound

While the Phoenix commercial real estate market has been recovering this year, the office portion of that recovery has been lackluster at best. Metro Phoenix ranked sixth in the nation last year in terms of office-using job growth and nonfarm job growth, at 3.5 percent and 2.8 percent, respectively. It also had the eighth highest positive net absorption during that period… Read more

KUD International Buying 225 Acres Near Mayo in Phoenix for Biomedical Corridor

New York-based KUD International LLC plans to buy 225 acres of land near Mayo Clinic Hospital in Phoenix to develop the Arizona Biomedical Corridor. Phoenix Mayor Greg Stanton has said he supports the development of a biomedical hub near Mayo, in an effort to continue to build the state’s biomedical research and innovative health treatments… Read more

Construction Spending Level Climbs Modestly In May As Hot Residential Market, Public Spending Rise

Total construction spending climbed modestly in May as growth in residential and public construction offset a drop in private nonresidential activity, according to an analysis of new Census Bureau data by the Associated General Contractors of America… Read more

New Homeowners Confidence Survey For Metro Phoenix Debuts

Sellers are in short supply. Home prices are still low. Neighborhood parks rule. There are countless studies and surveys on Arizona real estate. Very few have the diverse data that can only come from Arizona’s largest locally owned homeowners association property manager, City Property Management; and expert analysis from the Valley’s top economists at Elliott D. Pollack and Company. These two real estate experts have teamed up to publish the Pollack-City Property Management Homeowners Confidence Survey. This first edition contains data for the first two quarters of 2013. Subsequent editions will be published quarterly… Read more

Deco Communities Teams With Property Management Firm To Expand Brand Of Urban Apartments

Deco Communities is turning to prominent property management firm Leonardo Management, Inc. to oversee its renovated apartment communities Cabana Modern Apartment Homes. With the success Scottsdale-based Deco Communities has experienced with its Cabana renovation projects, it has decided to implement Leonardo’s management system to sustain and improve the properties and resident experience. “After 16 years of real estate development in the Southwest, we understand the delicate dynamics that make an attached housing project successful,” said Patricia Watts, Partner for Deco Communities… Read more