Commercial Real Estate & Business News – October 12, 2021

The Covid-19 pandemic didn’t invent the real estate conversion model. Buildings have been retrofitted into new uses for generations. But it did, apparently, accelerate the popularity of the model, especially conversions into apartments. A recent report by RentCafe and commercial real estate data company Yardi Matrix found more than…»

Bloomberg came out with the latest Goldman Sachs (GS) forecasts for the US economy during the weekend.The report cites watered-down GDP growth forecasts for 2021 to 5.6% versus 5.7% expected prior. Going further, the GS expects the US economy to grow by 4.0% compared to 4.4% previous forecasts, per the news. The declines were…»

National design-build firm Clayco, along with representatives from Hubbard Street Group, Shepley Bulfinch, local politicians and community groups recently grabbed headlines with the groundbreaking of a new 26-story residential tower, Skye on 6th, in Downtown Phoenix’s Roosevelt Row Arts District. Skye on 6th will contain 309 apartments…»

Queen Creek and Peoria, Ariz. — Vestar has unveiled plans to develop three speculative retail projects, totaling 465,000 square feet in Queen Creek and Peoria. With a combined construction cost of nearly $90 million, construction is slated to begin in late 2021 through early 2022. Queen Creek Crossing in Queen Creek is a planned…»

Cloud, technology, and social media companies are driving near-record levels of data center demand around the world, signaling another strong year in 2021 according to JLL’s new Data Center Outlook. That outlook is true for metro Phoenix as well — a market that continues to position prominently among U.S. data center leaders, ranking…»