Commercial Real Estate & Business News October 11, 2018

As some retailers are struggling with increased competition from online stores and some brick-and-mortar businesses are filing for bankruptcy protection and closing stores – including Mattress Firm this past week – there is plenty to worry about in the industry. But in Phoenix, retail vacancy rates keep dropping, rents keep increasing.…»
Scottsdale Fashion Square, part of the Macerich portfolio of one-of-a-kind retail properties in top markets, today announced that Nobu, the international restaurant sensation, will open its first-ever Arizona restaurant at the acclaimed retail destination. The new Nobu Scottsdale will be located just outside Scottsdale Fashion Square’s set-apart luxury wing anchored by Neiman Marcus…»
Office vacancies in the Phoenix area decreased in the third quarter of 2018, but the rate is expected to increase again slightly as more office developments come online before the end of the year. Vacancies across all office classes dropped, reaching 14.2 percent, according to research from Colliers International…»
The Watermark Tempe on Tempe Town Lake has signed its first retail and restaurant tenants. Obon Sushi + Bar + Ramen, V’s Barbershop and Dip Nail Bar have finalized leases at the mixed-use development, which is planned to open in September 2019. The highly anticipated first phase of the Watermark will open in September 2019…»
Real estate fund sponsors are lining up to capture private equity poised to flow into new Opportunity Zones created by the Tax Cut and Jobs Act. The basic premise behind the Opportunity Zones initiative was to offer incentives in the form of deferred and reduced taxes on capital gains to attract private capital for investment in low-income urban, suburban and rural areas…»