Commercial Real Estate & Business News October 15, 2019

Reis: Vacancy Rate Unchanged at 4.7% in Q3 2019 The national apartment vacancy rate was 4.7% in the third quarter of 2019, unchanged from the last quarter and flat year over year from Q3 2018, according to the Reis Q3 Preliminary Trends report. Overall, vacancy has shifted 0.3% in the last two years for the markets covered by Reis. Both the national asking rent and effective rent rose by 0.8% in the…»
There are 23% More Gyms in Retail Centers Than There Were in 2010
Traditional tenants in retail centers once scoffed at having gyms in their midst for all the parking spaces they took up. No more. JLL’s research team examined 6,000-plus fitness center move-ins dating back to 2013 and learned that 111,055 fitness centers currently reside in retail centers, an increase of 23.5% since 2010. It predicted continued growth of this…»
Here’s Why the West Valley is Booming
Locals know the Phoenix Metro area is divided into several overarching sub-sectors including the East Valley, West Valley and Central Phoenix. As a member of WeMAR (West Maricopa Association of REALTORS), the West Valley is not only where I call home, but the predominant area in which I work. For context, the West Valley is generally considered…»
Wave of Speculative Development Signals Confidence in Phoenix Industrial Market
Industrial developers in Phoenix can’t build fast enough, even after new supply reached a decade-high last year. Developers have broken ground on nearly 4.4 million square feet of industrial space since July. Robust demand, fueled by strong employment and population growth, has tightened vacancies to under 7%, far below the market’s long-term average. While Phoenix…»
Data Firms Flocking to Mesa’s Tech Corridor
Mesa’s Elliot Road Technology Corridor, once an isolated swath of open desert on the city’s eastern fringe, is now booming as proposed data centers multiply and years of planning pay off. Five companies bought land and several are pursuing construction plans. Raging Wire won planning and zoning approvals from Mesa in the past two weeks – a green light for…»