Commercial Real Estate & Business News – October 2, 2017

Macy’s Inc. (NYSE: M) rolled out a new credit card rewards effort yesterday aimed at giving customers more discounts and money back.The effort mirrors some past Macy’s rewards programs and comes as retailers try to avoid the industry purge spurred by e-commerce and Inc. (Nasdaq: AMZN). Real estate brokers and retail industry acknowledge there are often too many shopping centers, too many malls and too many stores in many U.S. markets – including Phoenix. …»
Great Hearts Academies is getting ready to buy nearly 10 acres in Scottsdale to build a $23 million K-5 campus and sports complex in Scottsdale next to its Scottsdale Preparatory Academy. The campus will serve as a new home to Archway Scottsdale and an athletic field and amenities for Scottsdale Preparatory. When completed the campus will span 16 acres. Phase I of the new campus will be open for the 2018-19 school year…»

The first quarter of 2017 was emblematic of the transition facing traditional retailers, which are challenged on the margin by e-commerce. One segment of the retail sector, however, is going strong: grocery stores. In May, Amazon made a bet on the sector in buying Whole Foods, but an enormous amount of movement was already occurring in the field. …»

Approximately 40 percent of all industrial space in the U.S. is multi-tenant industrial space. This is an incredibly significant portion of the industrial sector and demand for this product type is continuing to rise. This rapid increase in demand has resulted in extremely high occupancy rates, and strong rent growth throughout the sector. In fact, more than 60 percent of all new industrial leases this past year were for spaces smaller than 15,000 sq. ft.…»
It’s no wonder that so many renters are buying homes in metro Phoenix. The cost of renting a Valley house or condo is up $150 a month from early 2016. And despite the thousands of units under construction in the Phoenix area, the average rent for apartments is up almost $50 a month from last year. And those increases come after even bigger ones in 2015-16. Real-estate agents often tell me one of the top reasons Millennials are buying now is rising rents.…»