Commercial Real Estate & Business News – October 21, 2016


Housing remains a bright spot for the economy in October. It’s not a statement you expect to hear as we look at the rising home prices and dwindling inventory, but it’s exactly what Freddie Mac stated today in its monthly Outlook for October. Consumer spending will boost a better half in 2016 for gross domestic product leading to an annual growth of 1.6%, according to the report. Growth in 2017 will be slightly better at 1.9%…»

On Thursday, Walls said the state’s seasonally adjusted unemployment rate for September was 5.5 percent, back to where it was in April before the rate spiked. Overall, private sector employment last month increased by just 3,800 workers. But the jobless rate declined at least in part because of 28,900 new government workers, mainly employees of state and local colleges and schools returning after the summer recess…»
The basic economic rule of supply and demand is in full effect as experts agree the Phoenix metropolitan housing market continues its steady pace of home valuation increases, new home builds and rising rents. As the Phoenix area continues to join the ranks of American municipalities seeing a significant influx of multifamily housing – from top-tier development to run-of-the-mill housing stock – Realtors, agents and evaluators agree: no new housing bubble is forming…»
A once-shuttered hotel near Roosevelt Row will reopen next week with arts-focused accommodations that developers say will transform the downtown Phoenix corner where the building has sat since the 1970s…»

A fast-casual teriyaki restaurant chain has inked a new franchise deal to expand in the Phoenix market. Denver-based Teriyaki Madness has plans to add 20 restaurants in the Valley as part of its largest-ever franchise agreement…»