Commercial Real Estate & Business News – May 27, 2015

Multifamily Developers Favor Downtown, But Suburbia Holds Its Own

In the midst of the Great Recession, vacancy in the multifamily sector hit a cyclical high of 8.0 percent. Over the next several years, the vacancy rate nearly halved, reaching 4.1 percent in early 2014. Vacancy now stands at 4.2 percent as of the end of the first quarter, where it has plateaued for 12 straight months. What these figures don?t reveal is whether a disparity exists between the urban and suburban market segments… Read more »

Midtown Phoenix Apartments Sold For $8.7 Million

A midtown Phoenix apartment complex was sold for $8.7 million by San Diego-based firm Pathfinder Partners, LLC to Denver-based Capital Real Estate, according to a statement released Tuesday. The 96-unit complex, located near Seventh Avenue and Osborn Road, was initially bought in 2012 by Pathfinder Partners and Avenue North for $4.1 million… Read more »

Scottsdale OKs On the Waterfront Project

The planned On the Waterfront project, 4443 N. Scottsdale Road, has moved one step closer to completion with the City of Scottsdale?s Development Review Board (DRB) staff approving plans submitted on behalf of owner CF Waterfront Investments. Located at the northeast corner of Scottsdale Road and Shoeman Lane, the property will be a mixed-use development featuring a restaurant, bar and residential units… Read more »

Modest Growth Expected in Commercial Real Estate Markets

A stronger labor market and increasing household formation should keep commercial real estate demand on a gradual incline, according to the National Association of Realtors quarterly commercial real estate forecast. National office vacancy rates are forecast to slightly decrease 0.1 percent over the coming year as the demand for office space slowly improves. The vacancy rate for industrial space is expected to decline… Read more »

Gilbert Population Passes Glendale For No. 4 In Valley

One year after passing Scottsdale to become the community with the fifth-largest population in the Valley, fast-growing Gilbert has taken another victim, this time overtaking Glendale for the No. 4 spot, according to new U.S. Census Bureau estimates. Gilbert added nearly 9,000 residents between July 2013 and July 2014 to become the 86th most-populous community in the U.S… Read more »