Commercial Real Estate & Business News – November 6, 2017

President Donald Trump last Thursday nominated Federal Reserve governor Jerome Powell as the central bank’s new chairman. Real estate economists do not expect Powell to force dramatic changes in monetary policy. Powell had seemed the most likely nominee of the candidates Trump was considering, says Alessandro Rebucci, an associate professor of finance, real estate and macroeconomics at Johns Hopkins Carey Business School. Powell also represents continuity for the institution and is unlikely to introduce unexpected proposals…»

As Arizona’s economy has rebounded from last decade’s recession, one industry central to the Arizona economy – construction – has struggled to find the talent needed to sustain its growth. And this is not just an Arizona problem. It is an issue affecting the entire U.S. and will likely be intensified with the recent damage from hurricanes Harvey, Irma and Maria.…»

Interactive sports and entertainment venue Topgolf broke ground on its third Phoenix-area location this week. The company and officials with the city of Glendale teed off construction on the anticipated project by moving dirt at 6101 N. 99th Ave. Topgolf Glendale is expected to open at the end of 2018 and feature an updated design for the Texas-based operator.…»

Investment Property Associates, LLC (IPA), and Ryan Companies US, Inc. announced today IPA’s newest senior living community, Generations at Pinnacle Peak. Located in North Scottsdale, Generations at Pinnacle Peak is a two-story, upscale senior living community with 90 independent/assisted living units and 20 memory care units dedicated solely to high-quality memory care.…»

Renter demand for apartments continued to accelerate in the third quarter of 2017 as the market absorbed more than 70,000 units and the overall national vacancy rate for U.S. apartments continued to trend lower after turning sharply up at the end of last year. “The third quarter (vacancy) numbers are a welcome sign (for owners) after the sharp increase at the end of last year. Overall, it was a strong third quarter, which was a nice surprise,”…»