Commercial Real Estate & Business News – May 4, 2015

The Homeownership Rate Is Now the Lowest Since 1989, But There?s a Silver Lining

The U.S. homeownership rate continued to decline in 2015, hitting its lowest level since 1989. But economists saw a silver lining in that number. The seasonally adjusted homeownership rate declined to 63.8% in the first quarter of 2015 compared with 65% in the first quarter of 2014, according to estimates published by the Commerce Department on Tuesday… Read more »

Baron Properties Venture Buys Infill Site in Phoenix Planned for 100 + Condos

Baron Properties plans to develop a 104-unit for sale condominium project on a infill parcel in Central Phoenix now occupied by a vacated church. The site is located adjacent to the popular Biltmore and Arcadia neighborhoods on a 2.38-acre parcel at 2242 E. Campbell Avenue. Baron Properties plans to develop the project in a venture with Haselden Investments… Read more »

REI to Open 400KSF Distribution Center on Loop 303

Seattle-based REI, a leading outdoor retailer, has announced it will open a 400,000-square-foot distribution center creating more than 100 new jobs in the West Valley ? becoming the third tenant along the newly-opened Loop 303 in Goodyear… Read more »

Employment Gains Drive Tucson Multifamily Market

The Tucson multifamily market got off to a strong start in 2015. Momentum from the end of last year has carried over into 2015, with vacancy improving, rents ticking higher and healthy levels of net absorption. The vacancy and rent trends are the surest signs of market strengthening. Vacancy is approaching a cyclical low, and with the pace of inventory growth slowing, the rate is forecast to continue to improve. As conditions have tightened and the economy has expanded, operators have begun to implement rent increases. Average asking rents have ticked higher in seven of the past nine quarters, and the rise in the first quarter was the strongest in nearly eight years… Read more »

Downtown Phoenix Businesses Move ?Forward? as More Mega Events Loom

Businesses in downtown Phoenix saw explosive numbers during Super Bowl week. It was just the beginning for the newly crowned sports hub that will host the College Football Playoff National Championship Game in January and the Men?s Final Four in 2017… Read more »