Commercial Real Estate & Business News May 18, 2018

A stronger economy, wage growth and an improving job market are expected to march home sales and prices higher in 2018, but low supply and weakening affordability will tamper the rate of increases, according to speakers at a residential real estate forum during the 2018 REALTORS Legislative Meetings & Trade Expo. Lawrence Yun, chief economist of the National Association of Realtors, presented his 2018 midyear forecast and said despite headwinds a moderate and multiyear increase in home sales is likely ahead…»
There are 964 condominiums in the development pipeline roughly valued at $500 million in the Phoenix area, according to a new report by Polaris Pacific. Of those, 379 are new condos under construction, while the remaining 585 are entitled, which means they have city approval to begin construction, said Mike Akerly, vice president and regional manager for Polaris Pacific. Of the condos under construction in metro Phoenix, 111 are in the Biltmore area, 110 are in the Encanto area, 97 are in north Scottsdale…»
Soon the community of south Tempe will have an entertainment hub on the northeast corner of Baseline and Rural. The Collective, a $15 million project, is a mixed-use property bringing shopping, dining, entertainment and fitness options to the area. Designed and constructed by LGE Design Build, in collaboration with developer DBM Ventures, the 47,300 square-foot project is a redevelopment of the Lake Country Village shopping center…»
San Francisco workplace messaging app Slack Technologies has plans to open a second headquarters, and Phoenix is on the short list. Spokeswomen with both the Arizona Commerce Authority and the Greater Phoenix Economic Council said they couldn’t comment on any possible deal with Slack. The Denver Business Journal is reporting Phoenix, Denver, Austin and Portland are being considered for the company’s second headquarters…»
SunCap Property Group has begun construction on Gilbert Spectrum Building One, a speculative industrial building in Gilbert, Ariz. The property is part of its larger 63-acre Gilbert Spectrum development. Situated at the corner of Elliot and McQueen Roads, the asset will comprise 134,358 square feet, with divisibility to 15,000 square feet. SDHQ Off Road, a supplier of off-road vehicles, has preleased 21 percent of the building…»