Here are the news articles you might find interesting today for commercial real estate and business:
Market Trend: Phoenix’s Retail Vacancy Decreases to 12.1% The Phoenix retail market experienced a slight improvement in market conditions in the fourth quarter 2011. The vacancy rate went from 12.5% in the previous quarter to 12.1% in the current quarter. Net absorption was positive 1,072,778 square feet, and vacant sublease space decreased by 21,801 square feet. View article…
Del Frisco’s Grille coming to old Houston’s space at Phoenix Esplanade It’s been months since Houston’s restaurant departed the Esplanade to become Hillstone across Camelback Road and down the street a bit. Now comes word that Del Frisco’s, which runs some very high-end steakhouses in select markets, is unveiling its new Del Frisco’s Grille concept in Houston’s former Esplanade space that fronts Camelback Road. View article…
Smashburger will open Wednesday in north Peoria Smashburger will open this week at the Lake Pleasant Towne Center in north Peoria. The grand opening on Wednesday will include a ribbon-cutting ceremony and full menu taste tests. The Smashburger will open at 9918 W. Happy Valley Road, the regional chain’s eighth Valley location. View article…
Phoenix MF in 2012: Rents Level Off; Construction, Investments Increase The multifamily sector in 2011 saw increasing occupancies, combined with a continued burn-off of concessions and a rise in rent rates. Experts tell Globest.com that more of the same can be expected in 2012, complete with more commercial real estate deals and groundbreakings on new projects in the multifamily sector. View article…
Regulators Shutter Five Lenders State and federal regulators stepped in to shut down five lenders over the weekend, including one New York-based credit union and four FDIC-insured institutions – two in Tennessee and one each in Florida and Minnesota. View article…
HOUSING
Phoenix home values expected to fall another 10% Home prices will continue to fall in the Phoenix metro area, according to the most recent Fiserve Case-Shiller survey, which uses data collected from the Federal Housing Finance Agency. By the third quarter of 2012, prices are expected to drop another 9.6 percent. By the third quarter of 2013, expect a further decline of 3.4 percent. View article…
Don’t Expect Rise in National Home Prices Until 2013: Fiserv The analysts at Wisconsin-based Fiserv, Inc. are forecasting average U.S. home prices to fall by another 2.7 percent through the third quarter of 2012, before rising 3.8 percent by the third quarter of 2013. View article…
CoreLogic: Phoenix home foreclosures on the decline Foreclosure rates in the Phoenix area are continuing to move lower, according to new data from CoreLogic , a national real estate research firm. Of existing mortgages, 3.07 percent were in foreclosure in November 2011 as compared with 4.8 percent a year earlier. Phoenix remains below the national foreclosure rate of 3.41 percent. View article…
SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – (BACK ON MARKET) Investment, multi-tenant retail center. For a brochure, click here…
5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…
Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…
7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.