Commercial Real Estate & Business News July 27, 2018

Net absorption of retail space in Greater Phoenix surpassed 500,000 square feet for the second quarter in a row, which signaled continued improvement for the market.  Limited construction of new space and tightening vacancy forced rental rates up during the last three months. “The limited addition of new space means that new and expanding retailers are backfilling vacant space,”…»
Harrison Street Real Estate has acquired Century Hall, a 170-unit student residence hall at Arizona State University – Polytechnic Campus in Mesa, Ariz., for around $27 million. “Arizona State University is one of the strongest public university systems in the country,” Michael Leonczyk, Harrison Street’s vice president, told MHN. “Century Hall has been integral to the growth of ASU’s Polytechnic Campus,”…»
Wages for US workers increased 3.0% over the last year, raising the average wage level by 80 cents to $27.46 an hour, according to the ADP Workforce Vitality Report, released today. This marks an uptick from the 2.3% growth a year ago and is consistent with a tightening labor market, according to the report. “We’re seeing interesting shifts in labor-market dynamics this quarter,”…»
PHOENIX – Home prices in the Phoenix area have been rising faster than the rest of the country, according to a new sales report. That’s good news for Valley sellers and bad news for buyers. The median sale price of a Phoenix metro home was $254,000 for the second quarter of 2018, a 9 percent increase over same period last year, according to research released Thursday by ATTOM Data Solutions…»
Industrial property sales outperformed other major commercial sectors across the country in the second quarter, driven by the popularity of online retailer Amazon and the migration of brick and mortar retailers to consumer-driven, e-commerce strategies. While sales in all four sectors — office, industrial, retail and multifamily — fell from the same quarter of 2017, industrial sales slid just 2 percent…»