Daily News – October 16, 2009

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

Email me if you would like a copy of the pdf of a webinar regarding Green Buildings. There is some great comparisons between Leed/USGBC certified buildings and non-certified properties. More tenants are starting to demand a “green” building. Not necessarily because it is “green” but because of the energy savings.

Also, email me if you would like a copy of the a pdf of another webinar regarding Solar Panels and your retail properties. It is amazing how fast the technology has changed and how more cost effective it is becoming. The biggest advantage as an owner is the cost savings for your tenants. Give me a call if you would like to discuss this information more.

To view this week’s Chain Store Sales Snapshot, click here.

Analyst Predicts Continuing Cap Rate Erosion in 2010

Apartment revenue will stabilize. Cap rates will to rise. Multifamily property sales may accelerate. But there won’t be a big sell off of distressed properties.

Multifamily Economist: The Worst Is Over

After running through 20-plus slides depicting the well-being of the economy in general and the multifamily market in particular, Hessam Nadji got to the nut of it: “It will be 2011 before we see vacancy rates come down, and we see a recovery in construction.”

Cambria Enters Area with 137 Rooms

CHANDLER, AZ-HP Properties and Suenos Hospitality have targeted other sites throughout the Valley for expansion of the Cambria brand

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State jobless rates stays put at 9.1 percent

Arizona’s jobless rate stood at 9.1 percent in September unchanged from August, but up from 6 percent in September 2008.

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Crowds turn out for Barneys opening

Executives, entrepreneurs and fashionistas filled the new wing of Scottsdale Fashion Square as part of the grand opening celebrations Wednesday night and Thursday morning.

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Foreclosure rate ebbs, but still plagues AZ

The latest research from RealtyTrac shows that Arizona is the second-hardest hit state for home foreclosures.

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Arizona foreclosure rate 2nd highest in U.S.

The third quarter proved dismal in terms of foreclosure filings across Arizona despite some improvement in August and September, according to the latest market report from RealtyTrac, an online marketplace for foreclosure properties.

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Office vacancy rates in Valley hit record

At no time in the Phoenix area’s history has so much office space sat empty. Nearly 1 out of every 4 square feet of Valley office space was vacant in the third quarter ending Sept. 30, commercial-real-estate experts said.

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Merchants along Mesa light rail waiting for payday

The popularity of Mesa’s lone light rail station hasn’t turned into an economic bonanza for west Mesa yet, but transit advocates say to give it time. Metro’s Sycamore station, at Main Street and Longmore, is popular with riders, consistently recording the highest monthly ridership along the 20-mile line.

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Mesa to streamline downtown planning process

Mesa is streamlining its development design and planning process, a controversial move expected to save time and money while reducing the workload for the city’s decimated planning staff.

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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.