Commercial Real Estate & Business News – July 28, 2017

By all accounts, economic growth was slow nationally during the first quarter at only 0.7 percent. That’s a big drop from the 2.1 percent growth experienced by in the last quarter of 2016 – and way off from President Donald Trump’s promise of 3 percent growth during his time in office. But it hasn’t all been…»

Suburban Phoenix is the place to be for renters, according to a new report by WalletHub that ranks 150 major U.S. rental markets from the point of view of renters. Scottsdale tops the list, with Peoria, Gilbert and Chandler next in line. Tempe is at No. 7 and Glendale, Mesa and Phoenix itself at No. 10, 11 and 12, respectively. The list is dominated by the Phoenix suburbs…»

Amid big box stores announcing store closures and some malls across the country looking to fill vacant space, Scottsdale Fashion Square, a hub for premium retail, will undergo extensive renovations. In December, Santa Monica-based Macerich, the company that manages Fashion Square, announced it would be making renovations to the mall…»
Marriott International, Inc. recently announced the grand opening of downtown Phoenix’s newest landmark, a combined 200-suite Residence Inn hotel and 120-room Courtyard hotel in the heart of the city’s sports and entertainment district. Soaring over the NW corner of Central and Madison Avenues (132 S. Central Ave.), the Residence Inn/Courtyard Phoenix Downtown share an all-new $70M, 20-story tower featuring an indoor swimming pool, a fitness center and 5,733 square feet of meeting space to accommodate functions of up to 270 people…»

The laws of supply and demand continue to swing the economic pendulum to those looking to sell both single-family and multifamily residential dwellings throughout the Phoenix metropolitan housing market. Data shows the Phoenix housing market is on good footing with all economic indicators – inventory levels, foreclose rates and both median sale prices and listings – illustrating a healthy housing market dominated by single-digit appreciation levels and fewer and fewer distressed homes…»