Commercial Real Estate & Business News – July 21, 2017

Successful projects like The Grove in Los Angeles or Scottsdale Quarter in Scottsdale can do as much as $800 or $900 in average sales per sq. ft. The Hanover Mall in Massachusetts represents a Boston retail market enjoying a surge of economic growth. Its owner, PECO Retail Partners, is planning to redevelop a 200,000-sq.-ft. outdoor portion of the mall and turn it into a lifestyle center. If all goes well with the plan, which calls for tax concessions from the town…»
Investors continued to buy less commercial real estate in both the second quarter and the first half of 2017 compared to the same periods a year ago, a trend that started in 2016 as steady fundamentals that have resulted in generally robust occupancies and rental rate gains have boosted valuations across most property types. However, CRE investment sales are still running about 10% above the historical sales volume average over the past 10 years, according to preliminary U.S. investment sales data…»
Rising home prices are pushing more people to rent that at any time in more than 50 years, according to a new report. A new analysis of Census Bureau data by the Pew Research Center found that more US households are headed by renters than at any time since at least 1965, according to a MarketWatch report…»
“Winter is coming” indicates a certain meaning for the characters of the popular HBO show “Game of Thrones,” but for a large number of Canadian tourists the proverb can indicate the beginning of an extended stay in Arizona. Long-term residential tourists from Canada settle in Arizona during the winter months for about four to six months and are providing a major boost to the Arizona economy…»
As development accelerates, the last few undeveloped properties in the community come into sharper focus. Called “infill” by those in the business, such stragglers represent the last few bites at the apple for development companies and commercial real estate firms looking to seize on opportunities in a nearly saturated market. Some patches of dirt sit unturned next to dense residential neighborhoods built decades ago…»