Commercial Real Estate & Business News May 2, 2018

Rising interest rates and all-time high prices have not curbed the bullish outlook of apartment investors in Phoenix. In what has historically been one of the slowest quarters for investment, this year’s first quarter sales volume was at its highest mark in more than a decade, as more than $1.3 billion in multifamily assets traded in metro Phoenix. The last time volume exceeded $1 billion in the first quarter was 2007…»
Banner Health – which has the distinction of being the state’s largest health system, nonprofit and private employer – has $1.7 billion worth of construction projects on its drawing board this year. The majority of those projects – $1.4 billion – are in Arizona for the company that operates in six states. Of the 386 active projects across its markets, 285 are in Arizona, said Kip Edwards, vice president of facilities services for Banner Health…»
The Greater Phoenix office market kicked off 2018 with stronger momentum in net absorption that experienced in recent years.  Vacancy dropped to 15.5 percent and the pipeline of construction projects in this product category is filling.  This is all noted in a recent first- quarter report released by Colliers International in Greater Phoenix. Office tenants moved into a net of approximately 679,000 square feet during the first three months of the year…»
Two of the founders of Clever Koi are opening an Italian restaurant concept named Fellow in Scottsdale at the Arizona State University SkySong development. Nicholas Campisano and Joshua James, co-owners of Born & Raised Hospitality, expect their new casual Italian eatery, with a craft cocktail bar, to open in September.…»
The economy added 103,000 jobs in March, according to preliminary numbers released by the U.S. Bureau of Labor Statistics’ Economic Situation Report released on Friday, April 6, 2018. “Total nonfarm payroll employment increased by 103,000 jobs in March, following a large gain of 326,000 jobs in February,” said Jay Rollins, owner of, a leading career website specializing in actuary job postings…»