Commercial Real Estate & Business News – October 29, 2014

US Consumer Confidence Hits 7-Year High in October

U.S. consumer confidence rebounded strongly in October, hitting a seven-year high as solid job gains raised expectations for economic growth. The Conference Board said Tuesday that its confidence index climbed to 94.5, the strongest reading since October 2007 and the start of the Great Recession a few months later. This month’s gains reversed a revised decline to 89 in September from 93.4 in August. Job gains and falling gasoline prices have helped to improve sentiment, despite muted economic growth in Europe and China that has fueled volatility in financial markets… Read more »

CRE Transaction Rise 16% in First Half of 2014

You don?t have look far or very hard for an indicator that the commercial real estate industry is thriving. CMBS is on track for $100 billion in issuance this year; multifamily continues its momentum; crowdfunding is reaching levels unexpected by even its most ardent fans. But one indicator ? transaction activity ? inarguably trumps them all. Here, too, though, it is clear that CRE is trending high… Read more »

Reports Offer Contrasting View on Economic Recovery

Two new reports Tuesday show some bumps in the state’s recovery from the recession. One finds that Arizona consumers are spending more, at least in certain areas, but not a lot. The other shows that, for the first time in three years, Arizona is not among the Top 10 states in job growth… Read more »

Wood Partners Buys Land for 278-Unit Apartment Community in Northeast Phoenix

A venture formed by Wood Partners plans to develop 278 luxury apartments on a 5.75-acre parcel located south of the southwest corner of Mayo Boulevard and 68th Street in Phoenix. The community, being called Alta Paradise Ridge, is being developed by a limited partnership formed by Wood Partners and Phoenix Capital Partners… Read more »

DriveTime Corporate HQ Heads to Tempe

The new corporate headquarters for DriveTime Automotive Group will be the third of five Class A office buildings in Liberty Center at Rio Salado. The deal for a build-to-suit 96,000-square-foot office means construction will start before the end of the year. When completed next November, DriveTime plans to hire 300 new employees, bringing its headquarters Arizona workforce to more than 550. Christopher Piper, marketing communications manager at DriveTime says the company has around 1,550 employees in Arizona… Read more »