Commercial Real Estate & Business News – June 21, 2016

For the past three years, new and recovering retailers – and developers willing to take risks on adaptive-reuse projects – have slowly filled some of the Phoenix area’s scores of vacant big-box store buildings. The bad news? Tricky spaces still outnumber willing tenants by far, according to local real-estate firms, and the popularity of online shopping continues to drive physical retailers out of town.…»


A confluence of factors is creating what investment management giant Pimco calls “a blast of volatility for US commercial real estate that we anticipate could lower overall private US CRE prices by as much as 5% over the next 12 months.” Within that volatile atmosphere, though, “attractive investment opportunities” will be created for “nimble investment platforms,”…»
Average rent for a one-bedroom apartment in Phoenix increased 13% this month, topping the national charts. Rent rose from $764/month to $861, a leap that earned Phoenix the No. 1 spot, according to Abodo’s June 2016 National Apartment Report.…»
A United Kingdom-based cosmetics retailer is opening its third Phoenix-area store this week in the West Valley. UK-based Lush Fresh Handmade Cosmetics will open a 1,063-square-foot store at Arrowhead Towne Center in Glendale June 23.…»

Rents and rates matter for apartment construction. But so does supply. It is now a decade since the housing bust began, but new-home construction remains weak. Economists reckon construction figures due Friday from the Commerce Department will show that an annualized 1.15 million homes were started last month,versus 1.17 million in April…»