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Commercial Real Estate & Business News July 23, 2019

Phoenix Office Build Leases Before Ground Breaking Lincoln Property Co. has pre-leased space in its class-A office development Union before ground breaking. The developer has signed a lease with WageWorks for 150,000 square feet in the 1.3 million-square-foot project, located in Mesa. The new lease is an expansion for WageWorks, which is currently located in Tempe, and will bring…»
Vacancies for Mid-Tier Properties in Phoenix Fall to New Low, Prompting Outsized Rent Growth
Mid-tier apartments continue to lead rent growth in the Phoenix market despite a modest deceleration in the second quarter.The rising cost of construction due to the increasing price of labor and materials weighed on new development and stimulated renovations of mid-tier properties. While rents have grown considerably in this…»
The Monday Morning Quarterback
The national news continues to paint a picture of a slowing economy with some good news mixed in. In contrast, the Arizona news paints a picture of a rapidly growing economy that is doing extremely well compared to most other states. Nationally, leading indicators fell modestly in June for the first time since last December. Industrial…»
Investors Are Showing Greater Interest in Nursing Home Acquisitions
Investors, especially private equity players, see increasing value in a nursing home portfolios, according to the National Investment Center for Seniors Housing & Care (NIC) research. Nursing homes are increasingly becoming a target for commercial real estate investors, especially if they can achieve economies of scale, according to…»
Metro Phoenix Cities See Average Rent Spike
In true seasonality fashion, June brings rent increases consistent with the end of the second quarter. Nationally, average rent prices reached $1,465 following a 3.2% annual increase and up 0.8% since last month – the highest monthly jump since May 2018.  Metro Phoenix followed suit, with rents increasing – sometimes dramatically…»