Commercial Real Estate & Business News – July 4, 2017

Happy 4th of July!

During the 2017 Independence Day holiday period (June 30 to July 4) a record 44.2 million Americans will travel 50 miles or more away from home, according to a recent AAA forecast. That would be 1.25 million more travelers than last year, making 2017 the most traveled Independence Day holiday weekend on record. Some 37.5 million Americans will drive to their destinations, an increase of 2.9 percent over last year…»
A month has passed since the big ICSC RECon event in Las Vegas, but still wanted to chats with four major retail execs on the future of retail, on consolidation, valuation levels, how retailers are right-sizing and more. Spencer Bomar, principal in Avison Young’s Atlanta office: “Consolidation, right-sizing, and creating an experience that you cannot order from, or replicate at, home.”…»
NEW YORK CITY-The CMBS delinquency rate’s trip through gently rolling hills took a sharp upward turn in June, as Trepp LLC reported Friday that the rate experienced its steepest climb in more than five years. The 28-basis point increase to 5.75% was the biggest rise in the delinquency rate since March 2012. “After months of marginal increases, the ‘wall of maturities’ finally took a meaningful toll on the CMBS delinquency rate,” says Manus Clancy, senior managing director at Trepp…»
Supply shortages that are propping up home prices in many metro areas in the United States but pending property sales fell in May for a third month in a row, the latest index shows. The pending home sales index, a forward looking indicator based on contract signings from the National Association of Realtors, fell by 0.8% and is now 1.7% below a year ago, which marks the second straight annual decline and the most recent since November and December of last year…»
From dine-in movie concepts to bowling, developers are increasingly opting to invest in entertainment destinations in an attempt to keep up with consumer demand, and no market better exemplifies this trend than the East Valley. Several new entertainment projects and plans have popped up in recent months, including an Alamo Drafthouse-anchored complex in Tempe, a bowling concept in Gilbert, and a massive entertainment district near Ahwatukee in the Gila River Indian Community…»