Commercial Real Estate & Business News – July 21, 2016

Phoenix’s Midtown office market remains a prime location for corporate tenants to grow and thrive at affordable rents. This is evidenced by a recent 19,380-square-foot lease renewal and expansion completed at the BMO Tower at Central Arts Plaza on behalf of tax accountant and CPA firm Eide Bailly LLP, according to the Phoenix office of JLL. …»
While the bulk of new construction consists of largescale build-to-suit projects for e-commerce giants such as Amazon, developers also increased speculative construction nearly 13.5% in the second quarter, with 36.3% of the new space preleased, more than double the preleasing rate in fourth-quarter 2015, according to JLL Research. …»

A San Diego technology company is opening a new office Scottsdale. Ingenu, which specializes in internet of things and wireless internet technology, has leased space at the new Bahia 101 office development later this year. The Class office building is being developed by Scottsdale-based SAXA.…»

The three largest U.S. public pension funds all reported weaker than expected net annual returns this month laying the blame on volatility in the public equity markets, particularly foreign investments hammered by the potential impact from Britain’s exit from the European Union (Brexit). …»

It’s not easy being West Mesa. The area fell on hard times when Motorola pulled up its roots in 2003 at Broadway and Dobson Roads, and large swaths of the area lay fallow for years. Nearby Costco closed. Target relocated. Even the region’s first indoor mega shopping center – Tri-City Mall – slowly buckled under the strain after a 30-year run.…»