Commercial Real Estate & Business News July 25, 2018

Sales of previously owned US homes fell for the third-straight month in June and prices struck a record high amid a “severe housing shortage”, according to data released on Monday. Existing home sales fell 0.6 per cent in June to an annualised rate of 5.38m units, according to the National Association of Realtors…»
Arizona’s hotels, motels and other lodging venues hosted a record number of visitors, who spent a record amount of money last year, according to new research from the state’s Office of Tourism. A strong economy, moderate gasoline prices, expanded international air routes and an aggressive marketing campaign helped lure visitors to Arizona…»
PHOENIX – Mesa is Arizona’s best big city to live in and No. 15 in the United States, according to a new study. WalletHub ranked livability in the nation’s 62 largest cities, using a population of 300,000 as a cutoff. The rankings were based on data from 52 metrics that were condensed to five categories: affordability, economy, education and health, quality of life and safety…»
A nearly 9-acre mixed-use development containing restaurants, retail and other commercial uses is planned for a vacant parcel along Gilbert and Queen Creek roads in Chandler. Mesa-based Glenwood Development Co. submitted plans to the city of Chandler that include seven buildings, which would include retail shops, restaurants, drive-thrus, an office building and day care facility…»
Despite President Trump’s admonishment of FED chairman Jeremy Powell over modestly rising interest rates, the economy continues to sail along. A combination of nearly 3.0% growth, low unemployment, low interest rates and low inflation has not been seen since the 1950’s. Quite frankly, we are probably late in the game for what is now the second longest cyclical upturn in our history as a nation…»