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Commercial Real Estate & Business News October 18, 2019

U.S. Retail Construction Levels Remain Well Below Pre-Recession Levels With the continued barrage of retail bankruptcies, stores closures, repositionings and rightsizings of store fleets-and the fact that many experts say the U.S. is over-retailed-it probably comes as no surprise that retail construction levels remain well below pre-recession levels. “Another factor is with some of these larger shopping centers, the development is focused more on building…»
Phoenix Office Report – Summer 2019
Phoenix’s office market is in good shape. Employment growth in the office sector is strong, driven by corporate relocation and expansion plans. At the same time, affordability has made Phoenix one of the U.S.’s fastest-growing metros as people continue to in-migrate, drawn by a burgeoning tech scene and stable employment opportunities in most sectors. The vast…»
Phoenix Office Absorption Hits 14-Year Record
Renters aren’t the only people moving to Phoenix for a better deal. Companies are also flocking to the pro-business city and driving significant growth in the office market. According to a recent report from JLL, the office market is heading toward a 14-year absorption record in Phoenix. This year, office absorption is 3.07 million square feet, surpassing the city’s…»
Griffin Opportunities Sells Desert Gateway for $24 Million
Pacific Palisades, California-based Griffin Opportunities has sold Desert Gateway in Phoenix to Greenwood & McKenzie Real Estate Investments for $24 .02 million, or about $139 per square foot. The two warehouses at 909 W. Pinnacle Peak Parkway and 1000 W. Vista Bonita Drive total 172,803 square feet. Developed by Griffin in 2017, the multi-tenant, 95% leased…»
Eastmark Area Seeing More Major Development
After sitting on a patch of empty land in east Mesa for almost a decade, Rick Richmond decided it was time to start building. So this month he broke ground for the second phase of Crismon Gateway Village on 25.5 acres of land on Crismon Road between Baseline Road and the US 60. The development is set to include retail and office space, in addition to 128 units of…»