Commercial Real Estate & Business News – July 29, 2016

The next FOMC meeting will be in late September, with two U.S. employment reports between now and then, along with other data releases, such as second-quarter GDP. But that might be too soon for a hike; there will also be meetings in November and December, one of which might be more likely to see a rise…»
The U.S. office market continued its steady momentum in the second quarter, recording 39.4 million square feet of net absorption in the first six months of 2016, nearly equaling the 40.2 million square feet absorbed during the record-setting first half of last year. The U.S. office vacancy rate ticked down another 15 basis points to 10.6% in the second quarter of 2016, well below the long-term historical vacancy rate of 11.3%. CoStar analysts expect the office vacancy rate to continue trending lower before bottoming out at around 10.2% in 2018, about the same as lowest point of the last real estate cycle…»
Arizona’s gross domestic product growth smashed expectations in the first quarter 2016 with a 2.6 percent growth rate over the previous period, according to new data from the Bureau of Economic Analysis. That pace placed the state at the top of the Southwest region, which as a whole had a 0.5 percent growth rate. Nationally the state tied for fifth with Michigan in GDP growth…»
Arizona’s multifamily market has been enjoying a ten year high lately, so its no surprise six Arizona cities made WalletHub’s top ten best cities in the U.S. for renters. To help prospective renters get the most bang for their buck, WalletHub’s analysts compared the 150 largest cities based on their rental attractiveness and quality of life. In making such a comparison, we examined each city across 15 key metrics, ranging from historical rental-price changes to cost of living to jobs availability…»
Metro Phoenix was praised for “combining creativity and quality,” as well as how the area “surprises with its range of quirky and delicious options” – though to Phoenicians, it’s not really a surprise. Gogobot specifically gave accolades to some of the biggest names and establishments in the Valley culinary scene: Upward Projects’ Postino WineCafe for its “historical buildings and an approachable wine list;Chris Bianco’s Pizzeria Bianco for its house-made mozzarella and Italy-imported tomatoes; Taco Guild’s location in an old church; and Sam Fox’s True Food Kitchen for its “delicious ‘clean’ eating, from grass-fed bison burgers to kale and avocado dip”…»