Here are the news stories you might find interesting today regarding commercial real estate and business:
To view this week’s Costar Watch List, click here. The CMBS Delinquency Report is a pretty good snapshot of the overall economy. If you want to know the Top 25 Apartment Buyers & Sellers year to date, you can find that in the pdf file as well.
ASU SkySong to host University & Global Technology Showcase
| Several premier research universities, hospitals, venture capitalists and global startups will visit ASU SkySong next month for a one-day conference filled with opportunities and informational exchanges. |
Survey: Consumers ready to resume travels
| A new nationwide survey from Deloitte LLP shows signs that the recession-battered travel sector may be stabilizing. |
Urban Land Institute study: Phoenix kept its population despite recession
| The purported economic demise of the Phoenix metro area is greatly exaggerated, as are claims that the population has dropped by hundreds of thousands of people. |
Phoenix population growth rate flat since ’07
Metropolitan Phoenix’s population has remained basically flat since 2007. That calculation will generate its own set of questions in an area with an economy based on growth. At the same time, it may be the first accurate estimate of population growth here in years.
Mountain States Employers Council acquires Arizona counterpart
| The Mountain States Employers Council has acquired the Arizona Employers Council, creating one of the largest employer associations in the country with more than 3,500 members that employ nearly 800,000 people. |
AIA: October projects at highest point since August ’08
| A key construction and architectural index last month hit its highest mark since August 2008, just before credit issues began to plague the economy. |
Study shows Hispanic impact on state economy
| Hispanics in Arizona account for $31.1 billion, or 16 percent of the state’s total buying power, according to an annual study by Arizona State University. |
State settles with cases with Vonage, apartment landlords
| The state has reached a $150,000 settlement with apartment landlords over their treatment of a disabled tenant and also is part of a $3 million, multistate settlement with Internet phone service provider Vonage over consumer cancellations. |
ADOT lays off 90 workers to deal with budget crunch
| The Arizona Department of Transportation laid off 90 employees this week due to the ongoing state budget deficits. In a statement released Wednesday, ADOT said most of the layoffs are customer service personnel in the Motor Vehicle Division. |
Ennabe Enters PHX With La Mesa Buy
| MESA, AZ-The Los Angeles investor pays $5 million for the 256-unit La Mesa Village Apartments from foreclosure. |
Phoenix has lost 25% of its information jobs
| NEW YORK – The New York City comptroller’s office says the city has lost nearly 60,000 communications jobs since 2000, including in publishing and broadcasting. |
Ex-Motorola site attracting tenants
| The former Motorola semiconductor plant site at Broadway and Dobson roads in Mesa continues to attract tenants despite prolonged sluggishness in the local commercial real estate market. |
ICE Gallery Buys Former Dial HQ in Scottsdale
| ICE Gallery, a worldwide travel and leisure organization, acquired the former Dial Inc. headquarters building in Scottsdale, AZ, from Crown Realty & Development for $14.5 million, or about $112 per square foot. The 129,689-square-foot office complex… |
U.S. Life Insurers Can Endure CMBS Delinquencies, Fitch Reports
Although delinquency rates for property types underwritten by commercial mortgage-backed securities rose to 3.96% at the end of October, the life insurance sector should be able to manage its near-term exposure to losses related to commercial real estate, Fitch Ratings reports.
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.