Lee & Associates - Arizona | Week in Review | Friday, October 16, 2015
Manufacturer Expands Space With $2.76M South Phoenix Industrial Buy A Tempe manufacturing firm closed on the purchase of a 51,986 SF building at 2920 E. Chambers Dr. in Phoenix for $2,760,000 or $53.09 per SF.
High vacancy rates along Valley freeways keep 20 percent of Phoenix offices empty One-fifth of Phoenix’s office space is still vacant, according to third-quarter numbers from Lee & Associates Commercial Real Estate Services. The culprit is vacancy rates between 24 and 33 percent in suburban submarkets along major freeways and places such as midtown and north Phoenix. PHOENIX BUSINESS JOURNAL
Sky Harbor named an airport megahub
Phoenix Sky Harbor International Airport lacks the many international flights and fancy new jumbo jets found at its biggest rivals, but it ranks right up there in another category. AZ CENTRAL
New infill development straddles both sides of Central Avenue in Phoenix
A Beverly Hills developer and Las Vegas architect are working both sides of Central Avenue to redevelop empty properties just south of Camelback Road. PHOENIX BUSINESS JOURNAL
NATIONAL & INTERNATIONAL NEWS
Prologis Closes $820 Million Purchase of Retail/Warehouse Portfolio
San Francisco-Based Industrial Owner and Developer to Flip Retail Assets to Blackstone For $374 Million.
CCIMs report a 94% closing rate on industrial transactions
Members of the CCIM Institute, Commercial Real Estate’s Global Standard for Professional Achievement, indicated strong investor interest in industrial properties, according to the organization’s 3Q15 Quarterly Market Trends report. AZRE