Commercial Real Estate & Business News June 28, 2018

The First Quarter 2018 SIOR Commercial Real Estate Index rose to its highest value since its creation in 2005, according to the Society of Industrial and Office Realtors. With a value of 100 on the index indicating a balanced market, the national index closed the first quarter of 2018 at an all-time high of 134, reflecting a positive expectation for the remainder of 2018 among survey respondents…»
Yardi Matrix studied demand and supply trends in the top 30 U.S. metros by population over the next five years to determine which markets might be at risk of oversupply-and conversely which might need new units. The results found: With significant supply expected to be delivered over the next two years, multifamily deliveries may outpace demand in some of the top 30 metros in the U.S. Expect volatility…»
Media giant Gannett Co., parent of The Arizona Republic and, is selling its 10-story office building and parking garage in the heart of downtown Phoenix. ViaWest, a Phoenix-based real estate company, is the buyer, according to an announcement Wednesday by Greg Burton, Republic executive editor. Gannett did not disclose the sale price. Public documents on the sale were not yet available…»
Construction unemployment fell 1.3 percent in Arizona from a year ago, according to the Associated Builders and Contractors. Unemployment in the sector has fluctuated throughout the year. It dropped month over month as well, from 7.7 percent in April to 4.8 percent in May. According to the Arizona Department of Administration, the state gained 2,500 construction jobs in May…»
Mesa, Ariz. – Construction is underway on a new Abrazo Community Health Network microhospital in Mesa, extending the network’s footprint into the East Valley. The facility is expected to open in Spring 2019. When the new Abrazo Mesa microhospital opens, it will include a 12-bed emergency department, an operating room and eight inpatient rooms, along with additional services…»