Commercial Real Estate & Business News – October 9, 2015

Tempe Mayor Mark Mitchell and Tempe city council members joined representatives of owner Parkway Properties, Inc. (NYSE:PKY), developer Ryan Companies, architect DAVIS, and other community leaders to celebrate the grand opening of Hayden Ferry Lakeside III (HFL III) on the northeast corner of Mill Avenue and Rio Salado Parkway. HFL III, a Class A, 265,000 square foot, 10-story office tower, is the last of three office towers at the Hayden Ferry Lakeside Development on Tempe Town Lake… Read more »
Phoenix-area retailers could be splitting an extra $181 million in sales as early as next year if a proposal being pushed by Maricopa Association of Governments and other business and economic organizations moves through the Homeland Security bureaucracy. “We want to help build retail sales, and the associated boost in the economy, by expanding the border zone with Mexico,”… Read more »
That’s the direction rental rates for retail properties have been going for the past several years. In fact, rates in some core and urban markets have even surpassed the previous cycle’s peak. So now the question is: can landlords continue to increase rents without tenants pushing back? “It has been a landlord’s market with rents increasing, and I think there’s still steam in the engine,”… Read more »
At the Lodging Conference in Phoenix, Bernard Baumohl, the chief economist at the Economic Outlook Group, gave an economic update that got right to the point, immediately addressing the most talked about issue in the global economy: China. “Are we going to see a drag in global economic growth and will it affect the US economy,” he asked. The answer to the former, “Yes, how could it not,” he said, noting that China contributed 25% to global GDP growth last year… Read more »
A vacant parcel of land that once held the promise of a high-rise condo on Central Avenue in Phoenix has sold for $3 million. Phoenix-based Ironline Partners LLC bought just under 2 acres at the northeast corner of Central and Columbus avenues. The seller was MidFirst Bank. Back in 2006, some Los Angeles developers proposed two 37-story condo towers on the same property. The never-built Sky Phoenix was to total 515 condos… Read more »