Commercial Real Estate & Business News October 16, 2018

With the middle-class squeezed by the rising cost of living, particularly housing costs, many average-earners find it an onerous endeavor to create a decent life for themselves and their families. Living in a big metro like New York or Los Angeles may come with a high income and more opportunities, but the cost of housing in these expensive areas can place a middle-class lifestyle too far…»
One of the central blocks in downtown Phoenix could be transformed into a mixed-use development with two high-rise towers. The city of Phoenix selected a proposal submitted by Electric Red Ventures LLC, a company owned by Houston-based Medistar Corp., for redevelopment of the Central Station transit depot. The 2.6-acre site is bounded by First Avenue to the west,…»
Office rent growth has slowed across most major U.S. markets in 2018, and Phoenix has not been an exception. At the end of the third quarter of 2018, the average year-over-year rent growth for the Phoenix office market was about 3 percent. At the same point last year, year-over-year gains were around 4.6 percent, or 160 basis points higher.…»
Five Arizona Sears stores, including three in the Phoenix area, will be closing as part of the troubled retailer’s Chapter 11 bankruptcy filing. Another seven mainline stores owned by parent Sears Holdings will remain open, while various other stores operating under the Sears nameplate – and owned by independent operators – are unaffected by the announcement.…»
Phoenix’s Millennials are straying from the norm as they redefine life’s priorities, according to the latest Bank of America Homebuyer Insights Report. Seventy-four percent of local millennials say owning a home is a top priority, tied with being able to retire (74 percent) and far outranking getting married (48 percent) and having children (51 percent).…»