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Commercial Real Estate & Business News – November 10, 2017

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The U.S. national retail vacancy rate ticked up 10 basis points for the second consecutive quarter to reach 5.2% in the third quarter of 2017 as retail leasing and net absorption slowed despite continuing improvement in the broader economy and growing consumer spending power, according to CoStar analysts…»
Third quarter commercial real estate data is out from JLL (NYSE: JLL) and Lee & Associates Commercial Real Estate Services. Here are 10 things we learned from those numbers and how Phoenix compares to other big U.S. markets. Commercial real estate not only shows how well Arizona’s always important real estate sector is doing but it also indicates where jobs are landing

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Construction has started on a 23-story upscale apartment tower at Westfield UTC, a one-million-sq.-ft. outdoor center in San Diego, but the project is much more than the redevelopment of an upscale retail center owned by the Sydney, Australia-based Westfield. Combined with a renovation that will be completed this fall, the rebirth of Westfield UTC suggests…»
NEW YORK CITY-A year ago, Donald Trump successfully campaigned for the presidency on promises of sweeping change. A year later, chief economist Mark Zandi of Moody’s Analytics told an Urban Land Institute New York audience that America’s economic and social fabric was better off than he’d predicted in November 2016…»
CHICAGO-Shares of GGP Inc. and other shopping mall REITs were up on Tuesdayand Wednesday following a Bloomberg News report that Brookfield Asset management, GGP’s largest shareholder, was in preliminary discussions about a possible privatization. Citing a source said to be familiar with the matter, the two companies discussed a premium of 10% to 15% above GGP’s share price…»