Commercial Real Estate & Business News September 19, 2019

Phoenix Among US Cities Adding the Most Million-Dollar Businesses Phoenix is seeing its share of million-dollar companies grow, according to a recent report from LendingTree. From 2014 to 2016, the Valley saw its percentage of companies with revenue of at least $1 million climb 6.2%. That represents the addition of 1,211 businesses with revenue in seven figures, according to…»
Fed Slices Interest Rates for Second Time Since 2008 Recession
The Federal Reserve cut its benchmark lending rate by one-quarter of a point on Wednesday, the second time this year it has reduced rates in the face of a weakening global economy. The central bank’s new interest rate is now 1.75 percent to 2 percent, according to a statement issued after a two-day monetary policy meeting by the Federal Open Market Committee, the voting arm of the…»
Apartment Construction Cooled During First Half of 2019
After a brief uptick in demand due to for-sale housing affordability challenges, apartment construction cooled off during the first half of 2019. Multifamily construction of apartments in five-plus-unit properties was down 0.2% for the first six months of 2019 compared with the start of 2018. Multifamily permit issuance for these developments was down 1%. These changes are consistent with…»
Mortenson Celebrates Construction Progress With First “Topping Out” Ceremony in Novus Innovation Corridor
Mortenson took a significant step in the construction process for the Hyatt Place / Hyatt House Tempe Downtown hotel as they celebrated the topping out of the building earlier this month. Construction of the dual-branded hotel is on schedule and is the first building in the Novus Innovation Corridor to reach this noteworthy milestone. The urban hotel’s concrete roof deck was set…»
Here are 11 of the Coolest Offices in the Valley
The coolest offices of today are the product of decades of trial and error in how the spaces are decorated and designed. We’ve seen trends come and go, but one constant remains: Functionality. Modern employees spend more time than ever at their workplace, and these offices reflect that trend. The spaces are more inviting, more comfortable and more flexible. Modern office spaces allow…»