Commercial Real Estate & Business News September 26, 2018

There are no signs pointing toward an imminent recession in the region, but Phoenix, like many U.S. cities, will have to grapple with other looming issues, such as a shortage of workforce housing, during 2019, according to one local economist. In Arizona, more than 88 percent of the job growth in the latest expansion has happened in greater Phoenix, economist Elliott Pollack said at…»
Viking Cruises has signed a 37,386-square-foot lease with plans to hire 350 employees at Hayden Ferry Lakeside in Tempe. The small ship cruise line plans to use the space as its new reservations center. Bryan Taute and Charlie von Arentschildt with CBRE’s Phoenix office represented the landlord, Cousins Properties. Mike Gordon with Cresa and John Sabourin with Tenant Guardian represented Viking.…»
Data center activity is surging across the country, and-like other West Coast markets-Phoenix is benefiting from the growth. The market had 32.5 megawatts of net absorption in the first half of 2018, making it the second market in the country to Northern Virginia for data center activity, according to research from CBRE. This is also a record pace for the year for Phoenix. The activity was…»
The Arizona Diamondbacks reached out to the city of Phoenix to discuss an “opportunity” regarding its ballpark, but scant information is available about what that may be. The potential discussions were uncovered in emails between Diamondbacks’ President Derrick Hall and Phoenix City Manager Ed Zuercher, but city officials declined to release the information saying it belonged to the team…»
Apartment living was once thought of as a time of transition. Young people, fresh out of their teens and just setting off in the world, lived in apartments or rented condominiums during that transition time when they moved out of their parents’ house and pooled resources with a couple friends to find a cheap place to live. For young professionals, apartments were temporary as they moved…»