Lee & Associates - Arizona | Week in Review | Friday, November 20, 2015
Industrial Facility Sells for $3.6 million, to be Demolished for Office Building A 64,856 SF manufacturing building at 4039 E. Raymond St. in Phoenix recently sold for $3,600,000 ($55.51 per SF) to make way for a 90,000 SF office building. COMMERCIAL EXECUTIVE
Retail Pushes Forward Despite Flat Sales The retail market is continuing to improve, despite relatively flat retail sales, according to a national retail report from Lee & Associates. GLOBE ST.
Multifamily Property Management Firm Takes Entire Floor at Anchor Centre West Avenue5 Residential recently signed a long-term office lease for the entire 2nd floor at Anchor Centre West, 2201 E. Camelback Rd., Phoenix. PR LOG
Brisk job growth drops Arizona unemployment rate Retail employers led brisk job growth in Arizona in October, helping bring down the unemployment rate and move the Phoenix area nearly back to pre-recession workforce levels. AZ CENTRAL
Fiesta District Gains 1,000 Jobs The Fiesta District has become a target destination for major companies, with a captive audience of more than a million people residing within a 10-mile radius of Centrica, the new adaptive reuse project. This, combined with a $25.3 million Southern Avenue streetscape investment by the city, suddenly vaulted the area into a magnet for workers and residents. GLOBE ST.
California group closing in on Arizona Center buy A San Diego real estate firm could soon buy the Arizona Center office and retail development in downtown Phoenix. PHOENIX BUSINESS JOURNAL
Why Forbes projects Arizona to lead U.S. in job growth Forbes Magazine has named Arizona the best state for future job growth, but one local economic expert said the distinction does come with some caveats. AZ CENTRAL
NATIONAL & INTERNATIONAL NEWS
Scarce Labor Drives Construction Costs for Multifamily Developers The good news for the multifamily industry is that the cost of construction materials is very low. The bad news is that skilled construction workers are increasingly expensive and hard to find. NATIONAL RE INVESTOR
CoStar Group: Investors still in love with U.S. commercial real estate Falling unemployment and low interest rates meant good news for the owners of commercial real estate properties in the third quarter of 2015, according to the latest numbers from CoStar Group. RE JOURNALS
New Office Leasing Picks Up in Europe Companies in Europe this year have signed new leases for office space at a faster rate than at any time since the start of the 2008 financial crisis, a sign of improving corporate sentiment that could benefit property investors betting on rising rents across the region. WALL ST. JOURNAL