Commercial Real Estate & Business News June 18, 2018

Lazy rivers, tanning beds, rock-climbing walls-resort-style amenities in student housing may be falling out of fashion as the sector faces demographic changes and lingering supply-demand imbalances. Some companies that provide student housing say they have seen a shift away from over-the-top amenities that were popular with off-campus renters a few years back…»
A $100 million sale of a 302,209-square-foot office building is the largest office sale in metro Phoenix so far this year, both in dollar figure and price per square foot. Class A office tower 24th at Camelback was bought by New York Life Real Estate Investors, the real estate arm of the insurance company, from an affiliate of Houston-based Hines…»
Multifamily submarkets that were overlooked by developers early in the cycle, now continue to post the strongest annual rent growth figures. The North Phoenix, East Valley and West Valley submarkets highlight this trend, boasting some of the metro’s tightest fundamentals and outsized year-over-year rent gains in the second quarter of 2018…»
A series of new leases have SkySong, the Arizona State University Scottsdale Innovation Center, nearing full occupancy. Three leases will bring 72 employees to the four-building complex and represent 15,600 square feet of leased space, according to a press release. The leases were finalized over the past few weeks…»
U.S. retail sales were up 0.8 percent in May compared with April, the Census Bureau reported on Thursday, and up 5.9 percent compared with a year ago. Car sales gained 0.5 percent for the month, but did not especially drive overall sales, which were up 0.9 percent for the month without car sales factored in…»