Commercial Real Estate & Business News June 25, 2019

Market Stat: Strong Absorption Keeps Industrial Fundamentals Steady in Phoenix Strong absorption continues to mitigate supply-driven pressure in Phoenix’s industrial market. Over the past 12 months, more than 6.5 million square feet of industrial space has been absorbed, and about 7.2 million square feet has delivered. Vacancies are hovering near 6.5%, well below the market’s historical benchmark. Amazon accounts for…»
Phoenix Had Fastest-Growing Population in U.S. in 2018, Fueling Record Multifamily Leasing, Construction Levels
Population growth continues to propel the Phoenix commercial real estate market and its economy at large. According to the U.S. Census Bureau, the population of Arizona’s state capital increased by 25,288 people, the largest gain among U.S. cities from 2017 to 2018. U.S. cities with the next largest population increase during that time…»
The Circuit in Tempe Sells for $46M
EverWest Real Estate Investors and CarVal Investors have completed the $46 million sale of The Circuit, a 185,000-square-foot adaptive re-use office project located at the intersection of the Loop 101 and Loop 202 in Tempe, Arizona. EverWest and CarVal were represented by Chris Toci of Cushman & Wakefield. The property buyer is…»
The Monday Morning Quarterback
The biggest economic news last week came from the Fed open market committee which held the Fed Funds rate flat at 2.25%-2.50%. This went against the desires of President Trump who wanted the Fed to lower rates. Based on how markets reacted, the Fed met most people’s expectations. The Fed stated it “will act as appropriate to…»
Statesman Launches 2nd Phase of $145M Desert Ridge Luxury Condos
Thirty-five condominiums will hit the market this week when The Statesman Group releases the second phase of sales at The Luxe, a $145 million luxury condominium community located within the sought-after Desert Ridge neighborhood. Following the success of the nearly sold-out first phase that broke ground just last month, the second phase…»