WAW Property buys unfinished Anthem center WAW Property LLC of Salt Lake City purchased Anthem Corporate Center in Anthem for $3.5 million. View article…
Colony apartments fetch $11.6M The Colony, one of the largest apartment communities in Casa Grande, sold for $11.6 million to Friedman and Freidman Management Co. LLC of Newport Coast, Calif. The seller was Casa Grande Apartments LLC, a Las Vegas company. View article…
Ramada Inn in downtown Phoenix days from demolition Workers have been stripping recyclable items such as doors and wiring from the 175-room Ramada Inn at First and Taylor streets in downtown Phoenix to prepare the site for a parking lot. View article…
AT&T installs 16 cell sites in Phoenix area AT&T continues to upgrade its 3G network in the Phoenix area with 16 new cell sites. View article…
Final arguments in Bashas’ bankruptcy case Monday Lawyers for Arizona grocer Bashas’ Inc. will have a final chance on Monday to convince a bankruptcy court judge to approve the chain’s plan to emerge from bankruptcy protection. View article…
Protesters help boost hotel occupancy in Phoenix The days leading up to Senate Bill 1070 were good for the hotel industry. View article…
Home sale inventory on the rise in Phoenix Zip Realty of San Francisco released data today reflecting another downturn in Phoenix’s residential market. View article…
With new immigration law and Arizona’s slow economy, laborers see work drying up Just a few years ago, when the economy was booming, the area around the Home Depot on Thomas Road and 36th Street in east Phoenix was packed with a couple of hundred men congregating on sidewalks and street corners soliciting work as day laborers. View article…
Phoenix per capita income falls 6.5% since 2007 Income levels dropped 6.5 percent in Phoenix over past two years year, according to new federal data. View article…
Quick snapshot from the ULI Real Estate Barometer:
Vacancy and rental rates across all property types stabilized in the second quarter, continuing a trend seen in the first quarter of 2010. With this leveling off, rents are now between 7 percent and 19 percent below their pre-recession peak – apartment rent is down 7 percent from its peak, office is down 12 percent, retail is down 13 percent, warehouse is down 14 percent, and the hotel rev/par index is down 19 percent. Vacancy rates remain well above historic norms.
Office vacancy rates stood at 19.6 percent in the second quarter of 2010, the same as in the first quarter, and just 110 basis points above the second quarter a year ago, according to Property & Portfolio Research (the source of all data presented in this section). Completions in the second quarter were up as a percentage of inventory, increasing from 0.1 percent in the first quarter to 0.2 percent, although both quarters are substantially below the historical average of 0.7 percent. The absorption of 7.1 million square feet was a significant improvement from the -7.76 million square feet absorbed in the first quarter and the -39.3 million square feet absorbed in the second quarter a year ago. Rents remained stable and are off 4.9 percent from the same quarter a year ago.
Retail vacancy rates stood at 19.2 percent in the second quarter of 2010, down slightly from 19.4 percent in the first quarter and just 170 basis points above the same quarter a year ago. Completions in the second quarter of 2010 as a percent of inventory were 0.1 percent, the same as in the first quarter and below the 0.6 percent historical average. Rents remained stable in the first quarter and are off 5.4 percent from the same quarter a year ago.
Warehouse vacancy rates stood at 13.2 percent in the second quarter of 2010, down slightly from 13.3 percent in the first quarter and 100 basis points above the same quarter a year ago. Completions in the second quarter of 2010 stood at 0.1 percent of inventory, up from virtually no activity in the previous quarter and below the 0.6 percent historical average. Rents stayed about the same and are off 6.8 percent from the same quarter a year ago.
Apartment vacancy rates stood at 8.1 percent in the second quarter of 2010, down slightly from the first quarter and 10 basis points below the same quarter a year ago. Completions in the second quarter of 2010 stood at 0.1 percent of inventory, the same as in the previous quarter and below the 0.4 percent historical average. Rents remained stable in the first quarter and are off 2.5 percent from the same quarter a year ago.
Hotel occupancy rates (a moving 12-month average) stood at 59.8 percent in the second quarter of 2010, as it did in the same quarter a year ago. Completions were down slightly as a percentage of rooms, from 3.1 percent in second-quarter 2009 to 2.6 percent, but remained above the historical average of 2.3 percent. The Index of Revenue per Available Room (RevPar Index) was up 6.4 percent from the same quarter of 2009.
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