Commercial Real Estate & Business News September 18, 2018

Retail rent growth is slowing nationwide this year, but it is accelerating throughout Arizona’s Valley of the Sun. As the third quarter draws to a close, the average retail rent in Phoenix has grown by more than 4 percent year-over-year. The market’s resurgence has led to a tightening of vacancy rates.  Fueled by one of the nation’s heaviest in-migration trends, the local population is growing…»
The national average U.S. multifamily rent rose by $2, to $1,412, in August 2018, up 3.1% year over year (YOY) and 10 basis points from July 2018’s rent growth, according to the Matrix Monthly report by Yardi Matrix. August marks the seventh-straight month of record-high national average rent growth, according to Yardi. The year-over-year rate of rent growth has remained steady…»
Urban-style living is coming to secondary markets, thanks to migration from urban core markets to more affordable markets. The perfect example: Aviva, a $63 million apartment development in Phoenix from Housing Trust Group. The developer has delivered the property to tremendous success, breaking leasing records and surpassing pro forma rents…»
For years now, Surprise officials have been mulling over how to spur new development and refresh old neighborhoods in its Original Town Site, where the city’s first residents planted roots decades ago. Dilapidated and vacant properties, aging community service buildings, and a lack of public and private investment have long plagued the area, between Greenway and Bell roads…»
Industrial vacancies in Phoenix are at the record low of 6.7 percent and demand is on track to outpace new supply for the fifth consecutive year. It has been almost 20 years since the market was this tight in the Valley.  Any questions about overbuilding have turned into ‘are we building enough?’ As of mid-September, about 2.9 million square feet of industrial space has delivered in 2018…»