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Lee & Associates - Arizona | Week in Review | Friday, July 31, 2015

07/31/2015


LOCAL NEWS                          

Historic Heard Building, once home to 'Arizona Republic' and KTAR, getting infill makeover            
The Heard Building near Central Avenue and Adams Street once served as the home to The Arizona Republic and Phoenix Gazette as well as KTAR. It is getting a new glass facade and a more modern and open build-out inside. PHOENIX BUSINESS JOURNAL 
           
First New Scottsdale Airpark Class A Office Building to be Built in Over 5 Years; SAXA & Caliber Companies Break Ground on Bahia 101            
Scottsdale-based developer, SAXA, Inc. and Caliber Companies announced groundbreaking ceremonies were held today for the new Bahia 101 Class-A Building. This event marks the development of North Scottsdale’s first commercial Class-A building in over five years. COMMERCIAL EXECUTIVE                          

UA Expands in Downtown Phoenix            
The University of Arizona has a large and expanding health and science presence worth nearly $1B per year on prime property in downtown Phoenix. AZBEX            

Phoenix home prices up, but trail Denver, San Francisco, Los Angeles other Western cities
            
Home prices continue to rise in Phoenix but at a slower rate than other major Western real estate markets, according to new data out Tuesday morning. PHOENIX BUSINESS JOURNAL            

NATIONAL & INTERNATIONAL NEWS
            
No Threat: Greek Crisis Won’t Hurt U.S. CRE      
Reflecting on the situation in Greece naturally leads people in our industry to this question: What will it mean for the U.S. economy and commercial real estate markets? Answer: Probably not very much. NATIONAL RE INVESTOR     
       
U.S. Homeownership Rate Falls to the Lowest Level Since the 1960s            
The U.S. homeownership rate was 63.4 percent in the second quarter, down from 63.7 percent in the previous three months, the Census Bureau reported Tuesday. It was lowest reading since 1967. BLOOMBERG BUSINESS   
         
Tucson commercial Real Estate Market Continues Sluggish Recovery            
Commercial real estate in Tucson is maintaining its slow growth pattern. Vacancy rates in offices, retail shops, and industrial buildings all went down slightly last quarter, according to commercial real estate broker CBRE. ARIZONA PUBLIC MEDIA    
       
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07/31/2015 - 09:00

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