Daily News – September 10, 2009

Here are the news stories you might find interesting today:

New marina grand opening sees big turnout

Rider Levett Bucknall Challenging Approaches to Green Building’ Concepts

PRESS RELEASE Sept. 9, 2009 PHOENIX, Ariz. – Global property and construction consultant Rider Levett Bucknall is challenging owners and builders to rethink their approach to green building practices. While sustainable design standards such as LEED, BREEAM and Green Star are a welcome step in the right direction, they only deal with part of what is a […]

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Fed survey shows U.S. recession may be over

WASHINGTON — Economic activity is stabilizing or improving in the vast majority of the country, according to a new government survey, adding to evidence that the worst recession since the 1930s is over.

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Graham Packaging Inks 100,000-SF Deal

Graham Packaging Co. leased 100,000 square feet of warehouse space at Mack Tolleson Three for two years. The Pennsylvania-based plastic container manufacturer has a nearby location and needed to expand. The 279,131-square-foot manufacturing facility…

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Former Opus West Executives Form RSG

Former Opus West executives Jamie Godwin and Craig Zupancic have combined to form the Richard Solomon Group (RSG). Based in Phoenix, RSG’s services include process development, operational management, design and engineering management and project and…

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Real estate interests find mixed bag in budget

Home builders and developers got some of what they wanted with Gov. Jan Brewer’s approval of elements of the state budget last week.

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Arizona foreclosure activity down in August

After peaking in July, foreclosure activity decreased last month in Arizona, while the number of properties receiving foreclosure notices remained more than twice the national average.

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Dine 4 AZ ready for launch

Arizona officials and tourism leaders are launching an effort Thursday designed to encourage local residents to dine out more often.

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Debt Markets are Open for Business

Battle fatigue. That’s what borrowers and lenders are feeling these days as a deep recession and persistent credit crunch maintain their stranglehold on the economy. Once awash in debt capital, the commercial real estate community is increasingly in search of it. With real estate fundamentals declining, lenders’ purse strings will likely become even tighter in the months ahead.

Commercial and multifamily mortgage originations fell 70% in the first quarter compared with the same period a year ago, reports the Mortgage Bankers Association (MBA). The overall drop in originations included an 88% decrease in loans for hotel properties, followed by retail (76%), office (66%), multifamily (61%) and industrial (50%).

Study: Commercial mortgage defaults to hit new high
Commercial mortgage defaults of loans on shopping centers, office buildings, hotels and other commercial properties are expected to peak in 2011, found a study by Real Estate Econometrics. Lending institutions expect fewer loans to be paid in full as the economy continues to take a toll on landlords.

Foreclosures Continue to Taint Phoenix Real Estate Market
Foreclosed homes accounted for 37 percent of the total activity in the Phoenix metro real estate market in July — down from February when foreclosures represented 51 percent of the sales. But despite the drop, foreclosures continue to play a major role, signaling that the market has a ways to go before it is healthy again, says Jay Q. Butler, Associate Professor of Real Estate in the Department of Finance at the W. P. Carey School of Business.

Each day I sort through various industry publications and local news sources and narrow down the top local articles that matter to commercial real estate owners and business owners.

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

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