Commercial Real Estate & Business News – September 5, 2013

Confidence in Multifamily at All-Time High

The apartment and condominium market continued to gain momentum in the second quarter with builders’ and developers’ confidence in the sector soaring to an all-time high, according to the National Association of Home Builders’ multifamily index. The index rose to its highest reading since 2003, which is the year the index began… Read more

Eighty Acres Purchased by Joint Venture, 1M SF Distribution Facility Planned

A venture formed by Wentworth Property Company and Texas-based Crow Holdings closed on 83.15 acres of commercial land at the northwest corner of 59th Avenue & Van Buren Street in Phoenix – just a half-mile South of the I-10. City zoning officials report no site specific plans have been approved but an earlier submittal from 2011, which was resubmitted in 2013, describes a multi-phase distribution project totaling 1.162M SF in three buildings… Read more

74% of Construction Firms Have Trouble Finding Qualified Workers

Nearly three-fourths of construction firms across the country report they are having trouble finding qualified craft workers to fill key spots amid concerns that labor shortages will only get worse, according to the results of an industry-wide survey released today by the Associated General Contractors of America. Association officials called for immigration and education reform measures to help avoid worker shortages… Read more

Redevelopment of Former Beef Eaters Site in Phoenix Proves Challenging

The Newton, a mixed-use reuse project slated for the former Beef Eaters site in Phoenix, will not open until the spring. The opening of the project at Camelback Road and 3rd Avenue has been pushed back until early next year because of several unexpected issues that have cropped up after renovation work began… Read more

State Farm to Hire 800 in Phoenix by Year’s End

State Farm has been ramping up recruiting efforts recently, largely in preparation of the anticipated 2017 grand opening of Marina Heights, a 2 million-square-foot regional headquarters where the insurer will eventually house about 8,000 employees… Read more