Daily News – October 15, 2009

Here are the news stories you might find interesting today regarding commercial real estate and business:

To view this week Costar Watch List Report, click here. One of the articles discusses Global Investors and their interest in the USA Commercial Markets.

If you would like a copy of the pdf of the Costar Webinar, “State of the Office Market” 3rd Quarter 2009 that I listened too, send me an email. There is a lot of information that they covered in the 1 hour presentation. Some of the slides I found most interesting were titled, “What Equity?”; “The Funding Gap Cometh!” and “Vacancy Rates – 20 Largest Markets.” Some quick interesting facts: direct vacancy for Phoenix is 21% and climbing; New York is currently adding another 14 million square feet which is equal to adding another downtown Phoenix! Give me a call if you would like to discuss this information.

BestIT Buys Phoenix Office for $1.8M

BestIT purchased the office building at 3724 N. 3rd St. in Phoenix, AZ, from Security Mortgage Corp. for $1.8 million, or $93 per square foot. The two-story, 19,259-square-foot office building was built in 1982 in the Downtown North submarket. BestIt…

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Home building increases in Gilbert

Gilbert finalized more than 100 single-family home construction permits in September, the first time it’s done so this year.

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Direct Alliance hiring 300 in Tempe

Direct Alliance is adding 300 inside sales and account management positions through the end of the year at its Tempe outsourcing business. (TTEC)

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U.S. retail sales fell in September

The U.S. Department of Commerce said Wednesday that retail sales fell 1.5 percent in September, compared to a 2.2 percent gain in August.

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Barneys preps for opening in new Fashion Square wing

A new wing of Scottsdale Fashion Square will open to the public Thursday morning, including Barneys New York, with a range of events and day-long celebrations.

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Business Investment Is Critical to Reversing Tide of Job Losses, Says Leading Georgia Economist

Job growth nationally will be “non-existent” until the second half of 2010, followed by a gradual but weak recovery, predicts Georgia State University economist Dr. Rajeev Dhawan, who adds that a lack of business investment is at the root of the employment crisis.

Meanwhile, the fallout from the meltdown of the financial system last September punctuated by the collapse of Lehman Brothers is not over, warns Dhawan. The $64,000 question is how the toxic, or underperforming, assets on the balance sheets of banks are going to be cleaned up. “That is the key. Everything else is a supporting character, a supporting cast. The solution is not easy.”

VA to open Surprise clinic

The U.S. Department of Veterans Affairs is planning to open a medical clinic in Surprise next year.

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Howl at the Moon piano bar comes to Scottsdale

Howl at the Moon, the nation’s original dueling-piano bar chain, is finally coming to Arizona.

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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.