Commercial Real Estate & Business News July 30, 2018

While he was on the campaign trail, President Donald Trump promised to grow the country’s economy by more than 4% per year, a rate not seen since the mid-2000s. On Friday, his prediction came true. The government reported that gross domestic product grew at a 4.1% annual rate in the second quarter, up from 2.2% in the first quarter. By many metrics, the economy is in excellent shape: Unemployment is near an 18-year low, factories are seeing more orders, and exports are surging. But analysts also warn that the exuberance might be short-lived, since the quarter’s big numbers will also reflect a rush to stock up on supplies and move inventory in case a trade war makes them more expensive…»

EverWest Real Estate Investors, in partnership with CenterSquare Investment Management, has completed the sale of The Madison, a Class A office campus located in the heart of Phoenix’s Camelback Corridor. The sale marks a $165 million, 24-month transaction and renovation push within metro Phoenix by the Denver-based real estate investment, management and operating company…»

Land destined for future single-family homes accounted for nearly $107 million of transactions during June, making up the largest portion of the $160 million in total land sales in the Phoenix area that month…»

Half of all homes in the US now have a higher value than they did before the recession as median prices have increased by 8.3% in the last 12 months to $217,300, the latest index shows. In seven of the 35 largest housing markets more than 95% of homes are worth more than their peak value during the housing boom with homes overall 8.4% higher, according to the data from real estate firm Zillow…»

A battle over a new tower in Phoenix’s upscale Kierland neighborhood is currently brewing. As usual, much of the zoning fight is over height. Neighbors of a hotel/condominium/retail high-rise proposed by DMB Development in the popular area don’t want the new building higher than others nearby. Some of the opponents will live in one of four Optima Kierland residential towers under construction and would be close neighbors of the new building at Scottsdale Road and East Kierland Boulevard…»