Commercial Real Estate & Business News – September 21, 2016

The Phoenix metropolitan area showed strong economic growth in 2015 with a 4.2 percent economic gain over the previous year, according to the U.S. Bureau of Economic Analysis…»
“Returns from property appreciation over the past five years were virtually tied between suburbs and downtown areas,” according to an analysis of investment returns among privately-owned, institutional-grade real estate across the top 50 U.S. apartment markets by MPF Research, the market intelligence division of RealPage Inc…»
The buzz around the Scottsdale Seville Shopping Center is that the shopping center on Scottsdale and Indian Bend Roads may soon have new owners. In fact, some tenants have signed or been presented with new tenant estoppel certificates which would transition their lease agreements. The new paperwork indicates that the future landlord could be Whitestone REIT, an integrated real estate investment trust that owns, operates and redevelops neighborhood, community and lifestyle retail centers…»
Ryan Companies and Sunbelt Holdings, co-developers of Marina Heights, have announced new retail, public open space and art amenities at the 20-acre development on Tempe Town Lake. Home to State Farm’s regional hub, the 2 million square foot development has been under construction since August 2013…»
Arizona’s unemployment rate dropped 0.2 percentage points in August, putting it at 5.8 percent. Statewide joblessness had been on the rise since March. The rise in jobs around the state is due to the public sector, where schools are rehiring staff for the academic year. Drops in education and industries that are affected by warm weather often mean summer employment reports are not strong…»