Commercial Real Estate & Business News – July 22, 2014

Tourism in Arizona is now back to where it was before the recession — and SB 1070 — hit, but it’s nowhere near where it should be, according to the state’s top tourism official. Figures from a study done for the Arizona Office of Tourism show that 39.1 million people visited the state and spent at least one night here in 2013. That includes 24.2 million from other states and 5.3 million international travelers… Read more »
Much of the economic data continues to show positive movement. One measure, the Leading Indicators index, tells an interesting story. The index consolidates ten individual measures of economic activity. Some of the components are adding positively to the index while others are pulling it down. Combining both positive and negative… Read more »
Another California investor has bought another Phoenix commercial property. California-based LBK Trust III has acquired the Westwood Business Park near Northern Avenue and Interstate 17 for $7.4 million. The seller was Nebraska-based MJA Holdings LLC… Read more »
The Tempe Chamber of Commerce worries proposed building height restrictions near airports could take a big bite out of development plans — and economic activity — at Tempe Town Lake and Arizona State University. The Federal Aviation Administration is considering restrictions on building heights near airports across the U.S., including Phoenix Sky Harbor International Airport… Read more »
A total of 26,889 US residential properties were repossessed by lenders via foreclosure in June, a figure that is down 5% from the previous month and 24% from a year ago, according to a report from RealtyTrac. The current REO rate is at its lowest level since June 2007, which marks a seven-year low… Read more »