Commercial Real Estate & Business News – October 9, 2014

Calpers Reboots Its Real-Estate Ambitions

As it pulls the plug on hedge funds, the country?s biggest public pension is giving its property portfolio a $7 billion jolt. The California Public Employees? Retirement System plans to increase its $26 billion of commercial real-estate investments by 27%, according to its latest asset-allocation report. The boost would leave Calpers with its largest property holdings since before the financial crisis…. Read more »

ASU Picks Developer For 330-acre Master-Planned Athletic Facilities District

In one of the most innovative programs to fund new and renovated athletic facilities without tapping public money, Arizona State University has picked Catellus Development Corp. to master develop its 330-acre athletic facilities district. The 20-year build out could put approximately 10 million square feet of retail, office, and research and development space along Tempe Town Lake between McClintock Drive and the east side of Marina Heights on both sides of Rio Salado Parkway… Read more »

Office Development Reaches Highest Level Since Great Recession

U.S. office construction has reached its highest level since 2008 as developers break ground on new projects in a growing number of markets where job growth, rising rents and falling vacancies are finally justifying new development. An analysis of CoStar Analytics data shows about 86 million square feet of higher-end office properties larger than 50,000 square feet under construction… Read more »

Investors Snap Up Apts., Office Properties to Fuel Third Quarter Sales Volume

With vast amounts of investor capital allocated to chase after all types of commercial real estate, especially multifamily and office assets, sales of U.S. commercial property are projected to total about $415.1 billion for the four-quarter period ending with the third quarter of 2014. That represents an increase of about 8% over the previous four-quarter period, according to early CoStar COMPs sales transaction data… Read more »

MARKET REPORT: Tucson Market Continues to Show Upward Trend

Even though decreased government spending impacted both momentum and activity in Tucson?s real estate market, employment in the metropolitan area is showing a promising tendency. The 5.8 percent unemployment rate at the year?s midway point was 0.6 percent lower than just six months ago, and real estate market fundamentals looked similarly encouraging… Read more »