Commercial Real Estate & Business News November 13, 2018

Time was when Walmart came to town it would buy up a big parcel of land on the edge of town, construct a hulking big-box supercenter with a 6-to-8 acre parking lot and force people into their cars to get there. Now Walmart is “moving” closer to town, it announced at the recent International Council of Shopping Centers conference. On the drawing board are plans to repurpose upwards of twelve of its locations into reimagined Town Centers to become places where people will want to come to experience entertainment, dine, workout and engage in other community activities…»

Construction has finished at a $160 million mixed-use development adjacent to Arizona State University’s Tempe campus. Union Tempe, a joint venture between Opus Development Company LLC and Greystar Real Estate Partners, was developed by Opus and totals 850,000 square feet, including 407 apartments, 31,000 square feet of retail and restaurant space, and 767 parking spaces for both residential and public use…»

Apartment living offers a unique experience for every renter and there are many factors that come into play when deciding on an apartment to call home. For some, it’s luxury amenities; the best clubhouse, coolest pool, and nicest gym. For others, it’s the apartment itself; the size, or things like open concept living, modern kitchens, and walk-in closets. It’s no secret that these are the things that renters consider when choosing a place to live, which is why P.B. Bell creates places that matter…»

Phoenix Sky Harbor International Airport was ranked the best airport in the United States for air travelers for the second time in a row. Sky Harbor did not rank first in any one category, but made strong showings in accessibility and location, affordable parking, short security and wait lines, and low cancellation or delay rates…»

In tracking job growth in the Valley from 1990 through 2017, Maguire points out that, despite the fact the number of jobs increase as our population surges – total nonfarm jobs in the Phoenix-Mesa-Scottsdale metro area reached 2.03 million last year compared to 1.01 million in 1990 – the makeup of the overall economy hasn’t really changed a lot. While we may have 222,000 people employed in leisure and hospitality, double what it was in 1990, it’s still roughly the same percentage of the overall workforce as it was 17 years earlier. Same goes for professional and business service jobs, where the bulk of our recent growth is focused, as well as the government, retail and construction sectors…»