Commercial Real Estate & Business News July 24, 2018

Collectively, baseball fans pumped an estimated $373 million into Arizona’s economy from late February through the end of March, according to the more conservative of two Cactus League impact studies, both released by Arizona State University researchers on Monday. This year’s 233 spring-training games, involving 15 Major League Baseball teams at 10 metro-Phoenix stadiums, attracted 1.79 million fans, an average of roughly7,700 spectators per game. The economic-impact estimate from ASU’s L. William Seidman Research Institute was extrapolated from self-reported spending surveys completed by 3,900 fans – local residents as well as out-of-area tourists – at all 10 ballparks…»

In total, there are 18 office buildings under construction throughout the Valley, with the largest developments, the Grand at Papago Park Center and the Watermark, underway in the Tempe submarket. About 77 percent of the space under construction is speculative, which is a strong indicator of market confidence…»

Vacancy levels in the Phoenix-area industrial market dipped to their lowest point in more than a decade during the second quarter to 7.2 percent, which, along with accelerated net absorption and increased investment activity, sets the stage for a strong second half of the year…»

The luxury 227-unit mid-rise apartments near the historic Willo and Encanto Districts, expected to open November 2018, spreads across 1.57-net acres of land, creates a unique sense of place in an urban living environment positioned at the intersection of convenience, comfort and sophistication. Circa Central Avenue has a hub of vitality for everything in proximity to the residences, from arts and culture to dining and entertainment…»

AZRE magazine features six New to Market projects you need to know about. These projects feature upcoming medical office, mixed-use and senior living projects that are sure to bring new excitement to the communities they’re being built within…»