Commercial Real Estate & Business News – September 22, 2017

At midyear, Phoenix’s office inventory totaled 108 million square feet. Transaction volume for the 12 months ending in July totaled $1.2 billion, corresponding to the more than 11 million square feet that changed ownership. All in all, the Valley of the Sun’s office market has lately been a shining success. More than 17 million square feet of office space was leased in the metro as of July…»
IKEA, the world’s leading home furnishings retailer, today announced it is submitting plans to the City of Glendale, Arizona for a store that would increase the Swedish company’s U.S. presence with its second store in the state (and in the Phoenix area). Pending approvals, construction of IKEA Glendale could begin in Fall 2018 with an opening in Spring 2020. Until then, customers can shop at the East Valley’s IKEA…»
The OdySea in the Desert is continuing its massive, seemingly nonstop expansion with a new dinosaur exhibit. Pangaea Land of the Dinosaurs is set to open on Black Friday, Nov. 24, offering more than 50 life-sized animatronic dinosaurs that roam through exhibits, interactive activities, fossil excavations, face painting, sluicing activities, balloon art and more…»
Green living has quickly gone from a recommendation to a requirement in most multifamily communities. With residents becoming more aware of the lasting benefits of sustainability, many renters are searching for green apartments and communities that incorporate environmentally conscious elements. AMLI’s Sustainable Living Index shows that 84 percent of 2,800 residents surveyed say living in a sustainable or green home is important…»
Home sales are expected to increase slightly in 2018 as new home sales take over the market, according to Freddie Mac’s monthly Outlook for September. Freddie Mac expects housing starts to increase to 1.33 million in 2018, up from 1.22 million in 2017. In fact, the GSE predicted that new home sales will continue to increase and become the primary driver of home sales next year…»