Commercial Real Estate & Business News – September 29, 2015

Economy Watch: How Did the U.S. Economy Fare in Q2?

The U.S. economy did better than expected during the second quarter, coming in at an annualized growth rate of 3.9 percent, according to the Bureau of Economic Analysis on Friday. That?s the final estimate that the BEA will make for the quarter, and an improvement on its earlier estimates. It?s also a distinct improvement for growth compared with the weather-stunted first quarter, which came in at an annualized 0.6 percent. Pretty much every economic category did its part in Q2 to add to the growth: personal consumption, exports, state and local government, and the two categories that include various kinds of real estate spending: nonresidential fixed investment and residential fixed investment… Read more »

Interest in Interest Rates Leads Chat

KC Conway, a Counselor of Real Estate with SunTrust Bank in Atlanta, told NAIOP Arizona members there were signs that the Federal Reserve Board was not going to raise interest rates. Conway addressed the audience a day after the Fed cited risks from abroad and downward pressure on US inflation from a high dollar as reasons to stand pat. ?When the Fed is about to do something, it is so telegraphed,? Conway said. ?(Federal Reserve chairman) Janet Yellen didn?t attend a conference in Jackson Hole, WY. They usually get very vocal, but not this time around”… Read more »

Clarion Drops $80 Million to Buy 1.3+ Million-Square-Foot Industrial Portfolio

A limited partnership formed by Clarion Partners LLC paid $80 million ($61.47 per foot) to buy a 1.3 + million square-foot portfolio of industrial properties in the Valley. The seller in a single cash transaction was the Zimmerman Revocable Trust. The group of assets includes nine distribution-warehouse and manufacturing buildings in Phoenix and Gilbert. At closing, on the average the space was 50 + percent occupied… Read more »

Lincoln Property Co. Leases 552,330 SF to Distribution User

Investment, development, leasing and management expert Lincoln Property Company (LPC) has completed a 552,330-square-foot lease that will fully occupy a Phoenix industrial building and bring approximately 200 new jobs to the Southwest Valley. The undisclosed distribution user will move into its new space in October and will fully occupy the project, located 7037 W. Van Buren Street in Phoenix. It will use the building to service a major requirement from a distribution-centric Fortune 50 company. It will also hire approximately 200 employees… Read more »

Monday Morning Quarterback

The state has now regained 80% of the jobs lost in the Great Recession. Greater Phoenix has fared better regaining 92% of the lost jobs. However, Tucson lags regaining only 43% of the jobs lost… Read more »