Here are the news articles you might find interesting:
To view this weeks Watch List by Costar, click here. There are a couple great articles. The first one, “Banks’ CRE Exposure Risky but Manageable,” suggest that multifamily lending might have turned the corner whereas commercial is still escalating.
Tenants at Foothills shopping center told to move by spring
Bobby Pinnamaneni thought he was getting a great deal in April when he signed a $900-a-month one-year lease to open his Classic Bike Shop in one of Ahwatukee’s oldest shopping centers.
ASU-RSI: Signs Pointing to Improvement
The ASU Repeat Sales Index (ASU-RSI) continued to decline in June, but the numbers contained positive signals that improvement is the trend in the Phoenix metro real estate market.
The Economic Minute: Phoenix and the Recovery, or Beyond Ground Zero (This is a quick listen. He touches on what is like now but not to forget to look to the future. It is about 8 minutes long.) In this edition of The Economic Minute, economist Dennis Hoffman says that Arizona could be called “ground zero of the worst recession since World War II.” The hard economic fact is that Arizona depends on in migration to keeps its economy vibrant, and the state is not exactly a people magnet right now.
Employers announced 50,000 job cuts in November – and that’s good news
|Two separate labor reports released Wednesday suggest that corporate layoffs are on the decline.|
Arizona ranked 16th for small business
|Arizona ranked 16th for its business climate in a report from the Small Business & Entrepreneurship Council, a lobbying and policy group.|
Phoenix leads US metros in job cuts
|The Phoenix area lost more than 7 percent of its job base during the past year – the largest percentage decline of any major metro in the country.|
Economists: Arizona recovery years out
|Arizona’s housing, commercial real estate and job markets are in dire straits with projections for recovery years in the offing, economists say.|
Electronics soar; clothing, luxury stumble
|Electronics sellers and online merchants thrived in November, particularly on Black Friday, but clothing and luxury merchants struggled, according to estimates released Wednesday.|
REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.