Commercial Real Estate & Business News – July 8, 2013

TopGolf Indoor/Outdoor Entertainment Center to Open Near Talking Stick

TopGolf, an operator of indoor/outdoor golf entertainment centers, will break ground later this month on its first Arizona location in the Salt River Pima-Maricopa Indian Community near Scottsdale. The Dallas-based company will begin construction July 19 just across the street from Talking Stick Resort. TopGolf?s 60,000-square-foot facility will be built on 13 acres and be part of the Riverwalk development, being developed by the Alter Group… Read more

Is High Vacancy the ‘New Normal’ for the Phoenix Office Market?

Earlier this week, I wrote an article about a recent analysis by Cassidy Turley that, despite its sluggish recovery, was all warm and fuzzy over the future of the metro Phoenix office market. The analysis noted that, in true Phoenix real estate fashion, the Valley office sector has a history of getting red-hot just as fast as it turns ice-cold amid a fluctuating economy – and based on recent job growth and a lack of new construction, we’re apparently in the early stages of another heat wave. However, the first second-quarter office report that came across my desk this week, indicates the rebound this time is looking much different than in years past. This time, the heat is cranking up in the Central and Southeast markets while leaving most parts of the Northeast and West to frost bite… Read more

Retailer Takes Over Former Chandler Target Space

Shoppers Ranch & Home Supply, a general retail store, has moved into the anchor space vacated by Target in Ocotillo Plaza on the northwestern corner of Queen Creek and Alma School roads… Read more

Retail Vacancies Lowest in 4 Years

The recovering U.S. economy is helping retail landlords slowly fill empty space and charge a bit more rent. The average vacancy rate at U.S. retail property in the second quarter fell to its lowest level in more than three years to 10.5%, down from 10.6% in the first quarter, according to a report set to be released Wednesday by real-estate research firm Reis Inc. Asking rent increased to $19.19 a square foot from $19.13 in the first quarter… Read more

Construction Unemployment Rate Dips Below 10% for First Time in 5 Years

For the first time in five years, the construction unemployment rate has dropped below 10 percent as every segment of the industry added jobs, according to a statement Friday from the Associated General Contractors of America… Read more