Commercial Real Estate & Business News – June 12, 2013

Metro Phoenix Median Home-Sales Price Up 60% from Market Low

Metro Phoenix?s median home-sales price climbed to $181,399, an almost 60 percent increase from the real estate crash?s low price in August 2011. Despite the increase in sales prices, Arizona State University real estate analyst Mike Orr doesn?t project another housing bubble in the Phoenix area anytime soon… Read more

Garmin Expanding in Chandler with Nearly 150 New Jobs, $11 Million Investment

Garmin will build a 60,000-square-foot building in the Chandler Corporate Center at Juniper Drive and Galveston St. It bought the land for $2.56 million, according to Phoenix Business Journal research… Read more

High Construction Costs Bring New Opportunity for Developers

With construction costs rising, some high-rise projects are now less costly than their wood-frame counterparts. The swelling construction pipeline has been a long time coming. The lack of new supply during the recession, coupled with a tremendous amount of pent-up demand, has led to an environment where developers are trying to play catch-up, to make up for lost time. But this glut of activity brings other pressing issues, and at the beginning of the year, some industry stakeholders could see problems forming on the horizon… Read more

Glowing Outlook for U.S Commercial Real Estate Investment

The Urban Land Institute conducted a survey that estimated United States real estate transaction volume for the year would top $310 billion. In 2012, the transaction volume was at $290 billion. The change between the two years represents a seven percent increase. In 2014, the number is forecasted to advance to $340 billion. By 2015, it is predicted to jump to $360 billion… Read more

Why Phoenix is NOT Headed for Another Housing Bust

Rumors have been percolating lately that the rapid rebound of the metro Phoenix housing market may soon lead to another bust. The speculation refers to the thousands of metro Phoenix homes that were scooped up by small and large institutional investors during the downturn. Many of those properties have since been flipped into income-generating rentals, largely providing housing for those who lost their homes during that time… Read more