Commercial Real Estate & Business News – October 12, 2016

Prices for apartment buildings continue to rise relative to property incomes-months after the market seemed to have peaked. Investors continue to offer higher and higher prices for apartment properties relative to the income the properties produce. After a slow beginning to the year, cap rates in the apartment sector continued their relentless march downwards…»
In the new century, economic development has become, in the most literal sense of the term, rocket science. Regional leaders see a chance for the East Valley to emerge not just as a place for tech companies to build factories and branch offices, but as a true hotbed of innovation-a sort of Silicon East Valley, if you will…»
More than 100 years ago, Phoenix’s Warehouse District was a bustling area where trains would crisscross the streets, bringing wholesale goods and produce in and out of the region. Then the urban flight of the 1950s and 1960s swept the nation, and Phoenix wound up with a severely empty warehouse district. For the many building owners in the area, it became cheaper to own dirt than an empty warehouse, so many of the brick-walled sentinels of the past were torn down and replaced with dirt or parking lots.…»
Turf Paradise Race Course has an annual economic impact of $91 million during live race meet season from October through early May, according to a new study…»

Republic Services is expanding into a 400-employee, 72,000-square-foot facility in Chandler. The northeast Phoenix-based waste management company is opening a customer resource center in the East Valley as a way to bring the workplace closer to the workforce…»