Commercial Real Estate & Business News May 16, 2019

Where does Phoenix Rank for Lease Renewal Rent Growth? Apartment resident retention is at an all-time high, and renters in some markets are paying a premium to stay put.In 1st quarter 2019, 53.1% of U.S. apartment renters with expiring leases chose to renew rather than move out. Nationally, the average rent increase in the renewed lease was 4.6%. But several individual markets are seeing increases above 5%.…»
Modular Construction Use Is ‘Booming’ in Commercial Building
Commercial real estate experts forecast increasing demand for modular construction in the healthcare, industrial, education and multifamily sectors.”If modular goes mainstream, more manufacturing facilities will be needed to meet the demand for modular buildings,” says Mark Skender, CEO of Skender, a Chicago-based design and construction firm. “So, theoretically, yes, the more modular companies ramp up production…»
Among the World’s 20 Fastest Growing Retailers, Amazon Just Ranks at No. 4
Many retailers are struggling and quite a few are even closing up shop – but that is not because Americans don’t like to shop. In fact, overall consumer spending is up. Americans just like to shop in a comfortable format, any time of day.And some retailers seem to have discovered the key to attracting their customers. These brick-and-mortar retailers and online e-commerce platforms have been consistently reporting growing sales.…»
Industrial Real Estate Firm Making Big Moves in Key Phoenix Submarkets
Since moving to its new office in the Camelback Corridor at the beginning of 2019, Prologis Inc. has been busy growing its Phoenix portfolio of industrial properties.The California-based industrial real estate company closed on 114 acres in Goodyear on Bullard Avenue between Van Buren Street and Yuma Road where it plans to develop 2.3 million square feet of industrial build…»
Chicago Developer to Start Work on High-Profile Apartment Project in Downtown Phoenix
Property Markets Group Inc. is set to begin work this week on a 19-story apartment tower in downtown Phoenix that will include retail and office space.Plans include an 8,000-square-foot gym, 4,500-square-foot coworking space and 50,000-square-foot outdoor pool deck. In addition, a 30-foot indoor/outdoor amphitheater space will be built for public art performances and concerts. The project is located…»