Commercial Real Estate & Business News – March 1, 2016

The missing piece from the economic recovery has finally materialized. Median household income, adjusted for inflation, is now higher than it was before the recession that began at the end of 2007, according to new data published by Sentier Research. The typical family earned $57,153 in December, which is 4.3% higher than a year earlier and nearly 1% higher than December 2007. And month-to-month gains during the last several months have been the most rapid in the history of the survey… Read more »
The Greater Phoenix medical office market strengthened in 2015, particularly in the second half of the year. Part of the improvement in the local medical office market is being driven by a strong pace of employment growth in the healthcare sector. More than 9,000 jobs were added in this segment of the local economy in 2015, representing growth of more than 4%. Vacancy ended the year below 17%, the lowest figure since mid-2008… Read more »
Homebuilder Lennar reopened a community in Surprise last month that it had stopped building in during the crash. Fulton Homes reports its metro Phoenix home sales are almost 50 percent ahead of last year’s pace. Eastmark in Mesa ranked No. 1 in the U.S. for the biggest increase in home sales — 181 percent — in 2015, according to national real estate firm RCLCO. Metro Phoenix’s new-home market is definitely rebounding from its seven-year slump. And builders started 2016 strong… Read more »
If Sam Fox and his Phoenix-based company, Fox Restaurant Concepts, did nothing but maintain the restaurants they have now, they would arguably still be the dominant force in the Arizona culinary scene, with eateries like True Food Kitchen, Zinburger and Flower Child — the latter of which was recognized as a “breakout brand” by the Nation’s Restaurant News. But it looks as though the James Beard Award winner and his team have no plans of slowing down… Read more »
When Sears’ CEO took the unusual step last week of pouring out his heart about the problems that the his storied chain faces in competing against a raft of upstarts, he could have been speaking for all old-line retailers. Edward Lampert shared a list of troubles that Sears faces against upstarts like Amazon, which are shaking up the way goods are sold… Read more »