Commercial Real Estate & Business News October 5, 2018

Results from the fall ULI Real Estate Economic Forecast show a rise in economic expansion in 2018, with growth tapering in 2019 and 2020. Tax reform is largely credited with the economic bounce that has occurred this year, with gross domestic product (GDP) growth that jumped from 2.2 percent in 2017 to an expected 3 percent this year, according to the survey conducted by the ULI Center…»
A request to allow a high-rise residential and hotel development at the corner of Scottsdale Road and Kierland Boulevard in Phoenix has been denied by the Phoenix City Council. The development, proposed by DMB and Circle Road Cos., would have contained approximately 170 multifamily residential dwelling units, 210 hotel rooms and other commercial uses on 1.93 acres.…»
Though Phoenix remains one of the cheaper places to live in the country, rents in the region continue to outpace national growth. A new study from RentCafe stated rents rose 6.9 percent during the past 12 months, up from $933 to $997 on average per month for all apartment sizes. That’s the third fastest-growing rent prices in the U.S. The Valley’s rent increases outpaced the national increase of…»
The Greater Phoenix industrial market experienced a rise in sales prices as the market cooled in the third quarter. The median price for an industrial building sold in third quarter reached $106 per square foot, up from $97 in second quarter. One of the most noteworthy sales this past quarter was the $98.3 million purchase of an Amazon fulfillment center. Absorption remained positive…»
Liberty Property Trust recently sold an approximately 806,000-square-foot office portfolio in the Phoenix area, pocketing $255 million as part of its capital recycling plan. Commercial real estate services firm CBRE Group marketed the collection of five buildings and represented Liberty in the sale of the assets. “This sale is one of the largest multi-tenant office transactions on record…»