REBusinessOnline

Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. [caption …

Demand, Product Coming to Phoenix’s Multifamily Market

With record-low cap rates dipping as far as 2.9 percent, the nation’s top multifamily markets have become expensive. In response, investors have turned to secondary markets like Phoenix, where upside potential is still strong, pricing is manageable and cap rates are hovering in the high 4 percent to mid-5 percent range. Although multifamily sales have maintained their accelerated pace nationwide, that pace is being driven by secondary markets — particularly in the West. [caption …

DiamondRock Acquires L’Auberge, Orchards Inn Resorts in Arizona for $97M

SEDONA, ARIZ. — DiamondRock Hospitality Co. (NYSE: DRH) has purchased the 88-room L'Auberge de Sedona and the adjacent 70-room Orchards Inn Sedona for a total of $97 million. The resorts are situated in the Red Rock region of Sedona on the banks of Oak Creek, just south of Flagstaff. DiamondRock plans to reposition the resorts through a $5 million capital investment plan, which will enhance the luxury cottages at L'Auberge, among other improvements. The renovations will be completed …

Tech Takes Hold in Phoenix

One of the newest trends in Phoenix office leasing is the spur in technology and creative space requirements, especially for tenants moving in from Northern and Southern California. These companies are searching for a more favorable market — one with lower labor costs and rental rates, more affordable housing, an educated workforce from which to draw, less traffic and an overall higher quality of life — and the Phoenix area fares well comparatively. I expect this trend to continue, …

Retail Occupancy Rises in Phoenix

As we approach the fourth quarter of 2016, the Phoenix retail market is experiencing its lowest vacancy rates since 2008. Vacancy has dropped to just under 9 percent, a slight improvement from the start of 2015, while rental rates have climbed 0.8 percent to $14.53 per square foot. Positive economic indicators such as population growth, a favorable job market, and new-home construction are all contributing toward a healthy retail market in Phoenix. [caption id="attachment_184070" …

Industrial Owners Delight in Phoenix’s Thriving Market

The Phoenix industrial market is thriving, despite more than 5.6 million square feet of new construction set to deliver this year. There is enough demand in this market to keep the average vacancy rate at a near eight-year low of 9.7 percent, while absorption is on pace to exceed 6 million square feet for the third year in a row. [caption id="attachment_184066" align="alignright" width="100"] Steve Larsen, JLL[/caption] Tenants have more choices than ever thanks to all this new inventory. …

Renter, Investor Demand on the Rise in Phoenix’s Multifamily Market

The Greater Phoenix multifamily market continues to thrive in a high-demand environment, driven by strong tenant volume and investor interest. As the local economy expands, employers are adding workers at a steady pace while demand for housing is on the rise. Apartments remain the preferred choice for many, pushing multifamily vacancy rates low even as new units are added to inventory. We fully anticipate these conditions to continue in the year ahead. [caption id="attachment_184062" …

Phoenix’s Industrial Market Offers Opportunity

[caption id="attachment_138377" align="alignright" width="150"] Anthony Lydon, JLL[/caption] Owners, investors and developers are bullish about the Phoenix industrial market – and for good reason. We occupy one of the most strategic supply chain locations in the West – a sweet spot between West Coast ports, manufacturing in Mexico, and alongside truck and rail routes leading product into the heart of the nation. Add to this Governor Ducey’s mandate to grow Arizona’s trade volume …

Phoenix’s Office Market Encounters Slow, Steady Recovery

[caption id="attachment_136936" align="alignright" width="150"] Tyson Breinholt, Commercial Properties Inc./CORFAC International [/caption] After muddling through the post-recession with office vacancy rates stuck around 20 percent for the overall Phoenix office market, the office sector has begun to show elements of stabilization in the Valley of the Sun. The unemployment rate in Phoenix plummeted to 5 percent in April this year, down from more than 11 percent near the end of 2009. The …

Digital Marketing Agency Launches Senior Living Division

SCOTTSDALE, ARIZ. — Arizona-based marketing agency Leavitt Digital has launched its Senior Living Division and hired Kim Tranmer, a 25-year industry veteran, as managing director. Leavitt Digital's new division focuses on increasing the online presence, search engine optimization (SEO), review monitoring, and press releases distribution in the seniors housing industry. Tranmer’s career in seniors housing includes sales, marketing, consulting and management prior to joining Leavitt …

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