Commercial Real Estate & Business News – October 28, 2014

Survey: Multifamily, Downtown Development to Drive Commercial Real Estate in 2015

A survey of commercial real estate professionals says that downtown urban core development, millennials continued love of apartment living, and the potential for technology to disrupt industry norms are themes that could emerge in real estate in 2015. The PricewaterhouseCoopers LLP and Urban Land Institute?s 36th annual emerging trends in real estate report compiles the opinions of close to 400 industry professionals, from investors to lenders, to gauge opinions about what will happen in 2015… Read more »

Arizona in Top 10 U.S. States That Sell to Chinese Investors

Chinese investors who want global real-estate portfolios typically look for trophy projects in cities like New York, Los Angeles and London. Just this month, Hilton Worldwide agreed to sell its flagship Waldorf Astoria hotel in New York City to a Chinese insurance company for $1.95 billion?the steepest price tag ever for a U.S. hotel, brokers say, although it isn?t the highest on a per-room basis… Read more »

The Monday Morning Quarterback

With the exception of single family housing, the economic news continues to be good. As we’ve discussed before, there are several reasons for Arizona?s weak housing market… Read more »

Lennar Buying Site in Chandler for 283-Unit Apartment Complex

After announcing in May 2013 that the company planned to build apartments in the Phoenix area, Lennar Mutifamily Communities already has 1,374 units targeted for four Valley locations. The company has closed on land acquisitions in Tempe and Phoenix to build 678 units in two projects and the subsidiary of Lennar Corp. has deals pending to buy sites in Chandler and Tempe to develop another 696 apartments in two more multi-family communities… Read more »

Market Trend: Phoenix Retail Vacancy Decreases to 10.1%

The vacancy rate went from 10.4% in the previous quarter to 10.1% in the current quarter. Net absorption was positive 745,818 square feet, and vacant sublease space decreased by 1,601 square feet. In second quarter 2014, net absorption was positive 395,191 square feet… Read more »