Commercial Real Estate & Business News – September 26, 2013

Unemployment Rate Doesn’t Tell Full Employment Story

Over the past months, AZBEX has reported on a growing shortage of construction workers, particularly in the specialty trades. The raw month-to-month numbers say otherwise. Construction led the job-shedding with a drop of 1,900 jobs for the month – the fifth time in 10 years the sector cut hiring during August… Read more

Prologis Leverages Foreign Trade for Leasing, Development Success

Global Industrial REIT Secures Federal Foreign Trade Zone Status for Latest New Development in Phoenix — Prologis, one of the largest developers of industrial space worldwide, is a big believer in foreign trade zones (FTZ)… Read more

Scottsdale’s Bell Lexus Brings 95 jobs, Projects $90M in First-Year Sales

A new luxury car dealership on Scottsdale Road south of Loop 101 will open Monday, Sept. 30. Bell Lexus North Scottsdale, a new 103,000 square foot facility at the southeast corner of Scottsdale Road and Mayo Boulevard, is expected to employ 95 people. The dealer is projecting $90 million in sales its first year… Read more

Phoenix May Okay Downtown Tower in October

In a landscape of littered iconic Arizona projects – mostly dusty plans for lavish theme parks – the proposed 420-foot pinwheel tower in Downtown Phoenix is moving forward. Novawest LLC and its Danish architecture firm, Bjark Ingels Group, say that the 39-story tourist attraction could be looking at an October hearing by the city… Read more

Data Centers in the Desert: Why Phoenix is a Hotbed for this Technology-Centered Real Estate

Entering the complex there is a Fort Knox feeling reminiscent of the classic James Bond movie Goldfinger: security access, cameras, closed-circuit monitors, guards, and badges. While there is no Oddjob at this facility, there is definitely a feeling of control, precision, and protection. The structure itself has the look and feel of a thousand other non-descript commercial buildings, however, once inside the premises the uniqueness of its operation is apparent… Read more