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Commercial Real Estate & Business News – October 24, 2017

A recent forecast out of the Urban Land Institute’s (ULI) Center for Capital Markets and Real Estate predicts moderate growth for the commercial real estate industry through 2019. The ULI Real Estate Economic Forecast, a semi-annual projection based on survey responses, anticipates commercial real estate will see $450 billion in transaction volume in 2017 and $427 billion in volume in 2018 and 2019. All are declines from the previous year. On the broader economy, the forecast expects GDP to grow 2.2 percent in 2017 and 2.4 percent in 2018…»

Freddie Mac (OTCQB: FMCC) today released its monthly Outlook for October, which analyzes the effects of the recent hurricanes on the housing market. These effects include a tighter inventory, a short-term increase in house prices, slow rebuilding and an increase in mortgage delinquencies…»

Following continued growth and a month of well-above average job gains in both the private and public sectors, Arizona’s unemployment dropped to 4.7%, its lowest level since January 2008. According to the Arizona Office of Economic Opportunity, during September, Arizona gained 36,400 non-farm jobs, which is over 6,000 more than the September average from the past seven years. The private sector alone added nearly 10,000 more jobs than its September average from 2010-2016…»

The new owners of Park Central Mall in midtown Phoenix plan to spend $57 million to buy most of the mall and give it a long-overdue makeover. Plaza Cos. and Holualoa Cos. announced last month they were buying 337,000 square feet of the once-iconic shopping center built in 1957…»

Maracay Homes, a wholly owned company of the TRI Pointe Group (NYSE: TPH), closed on two land purchases in Phoenix’s East Valley this month, totaling approximately $5.9 million. The parcels, located in Queen Creek and Mesa, will be developed into new, single-family home neighborhoods scheduled to open in late 2018, said Jason Weber, Maracay Homes’ vice president of land acquisitions and development…»