Commercial Real Estate & Business News May 3, 2019

Arizona Ranks 4th in the Nation for GDP Growth According to data released today by the U.S. Bureau of Economic Analysis, Arizona’s real gross domestic product (GDP) increased by four percent in 2018, the fourth fastest growth rate in the nation. Arizona’s GDP growth outpaced that of 46 other states including California (3.5%), Florida (3.5%), and Texas (3.2%). Sectors including manufacturing, real estate and rental leasing, and construction contributed the…»
Microsoft Buys Land in West Valley, Continuing Expansion in Arizona
Microsoft has bought a third chunk of land in metro Phoenix, continuing to leave its footprint in Arizona.The company confirmed to KTAR News 92.3 FM that it intends to “develop world-class datacenter [sic] facilities” on the El Mirage land.More than 150 acres of land was purchased for $20 million.The statement said the purchase was part of plans to “support the growing demand for cloud…»
Phoenix Has Added More Construction Jobs Than all Other Metros
The Phoenix-Mesa-Scottsdale metro area added the most construction jobs of any metro area in the nation during the past twelve months, according to an analysis released by the Associated General Contractors of America today. As local construction firms expand their payrolls, the national association and its local chapters are taking steps to prepare the next generation of construction workers amid…»
Cadence at Gateway, a Master Planned Community in Mesa, Announces it’s 50 Percent Sold in Six Months
“This community is special,” said Tim Brislin, Vice President of Harvard Investments. “From our early planning stages to the final execution, we intended Cadence to be the finest master-planned community in the East Valley. It is gratifying to see the positive response just months after we opened from a variety of individuals and families eager to become part of Cadence. We love seeing new neighbors move in…»
Sales Price Gains Fall Behind Rise of Recent Years
U.S. commercial property sales prices in recent months reflect smaller gains than in previous years, especially for high-value real estate in key markets.CoStar Commercial Repeat Sale Index data show that while prices across regions and property types rose in the first quarter, they did so by a smaller amount than in the previous year. Multifamily and industrial led growth among property types. A maturing real estate…»