Here are the news stories you might find interesting today regarding commercial real estate and business:
$3.84 MILLION WALGREENS SALE IN N. CENTRAL ARIZ. Marcus & Millichap has brokered the $3.836 million sale of a 13,695-square-foot Walgreens located at 1025 S. Milton Road in Flagstaff. The single-tenant, net-leased property is situated on the border of Northern Arizona University. View article…
Phoenix office move-ins outnumber move-outs in 2Q Tenants moved into Phoenix-area office spaces at a greater rate than they moved out during the second quarter, according to a new Cassidy Turley BRE report. View article…
Vacant Circles store could become Arizona Opera’s home The landmark Circles Discs & Tapes building with its large curved windows at Central Avenue and McKinley Street could become the new home of the Arizona Opera if the city makes a deal. View article…
New shops breathe life into Scottsdale’s Fifth Avenue The sluggish economy and the summer-related slowing of pedestrian traffic are not stopping Kira Klosek from opening a trendy apparel store along downtown Scottsdale’s Fifth Avenue. View article…
Plan looks to remake Papago Park as tourist hub Officials believe they have found a way to make Papago Park into an urban tourist attraction in the mold of San Diego’s Balboa Park. View article…
Retail-lifestyle center in Mesa bucking the recession More than 10 years ago, a Canadian company proposed a “premier” $200 million retail and residential project near Val Vista Drive and U.S. 60. View article…
Phoenix hotel occupancy up, but revenue down Occupancy at Phoenix-area hotels was up 7.3 percent through May from a year earlier, but revenue numbers continue to decline. View article…
Venture capital fundraising drops to lowest level in 7 years Venture capital fundraising in the second quarter dropped to its lowest level since 2003 as ongoing economic uncertainty kept investors sidelined. View article…
Why Retail Valuations Will Not Return to Peak Levels Until After 2016 When will the retail sector recover? The answer depends on how recovery is defined. Property owners consider a drop in vacancies and a reversal from negative to positive rent growth as the first signs of a recovery. Some investors define recovery as the point at which rents return to their previous peak levels. View article…
From the ULI Real Estate Barometer:
Office vacancy rates stood at 19.6 percent in the first quarter of 2010, up slightly from 19.4 percent in the fourth quarter of 2009 and 200 basis points above the same quarter a year ago, according to Property & Portfolio Research (the source of all data presented in this section). Completions in the first quarter were down as a percentage of inventory, decreasing from 0.2 percent in the fourth quarter of 2009 to 0.1 percent, both quarters substantially below the historical average of 0.7 percent. The absorption of 7.5 million square feet was an improvement from the -39.0 million square feet absorbed in the same quarter a year ago. Rents remained stable and are off 7 percent from the same quarter a year ago.
Retail vacancy rates stood at 19.4 percent in the first quarter of 2010, up slightly from 19.2 percent in the fourth quarter and 320 basis points above the same quarter a year ago. Completions in the first quarter of 2010 stood at 0.1 percent of inventory, down from 0.3 percent in the previous quarter and below the 0.6 percent historical average. Rents remained stable in the first quarter and are off 7 percent from the same quarter a year ago.
Warehouse vacancy rates stood at 13.3 percent in the first quarter of 2010, up slightly from 13.1 percent in the fourth quarter and 200 basis points above the same quarter a year ago. Completions in the first quarter of 2010 stood at 0.1 percent of inventory, down from 0.2 percent in the previous quarter and below the 0.6 percent historical average. Rents fell slightly in first-quarter 2010 and are off 8.5 percent from the same quarter a year ago.
Apartment vacancy rates stood at 8.4 percent in the first quarter of 2010, which was unchanged from the fourth quarter and 60 basis points above the same quarter a year ago. Completions in the first quarter of 2010 stood at 0.1 percent of inventory, down from 0.2 percent in the previous quarter and below the 0.4 percent historical average Rents remained stable in the first quarter and are off 5 percent from the same quarter a year ago.
Hotel occupancy rates (a moving 12-month average) stood at 58.5 percent in first quarter of 2010, 340 basis points below the same quarter a year ago. Completions were down slightly as a percentage of rooms, from 3.2 percent in first-quarter 2009 to 3.1 percent, but remained above the historical average of 2.3 percent. The Index of Revenue per Available Room (RevPar Index) was down 5 percent from the same quarter of 2009.
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