Multifamily market stays hot in Phoenix, and tech firms choose Detroit over San Francisco
Sep 12, 2014
Here are the news stories you might have missed this week:
The Wall Street Journal: Phoenix landlords are enjoying the market’s heat
The Phoenix area continues to thrive thanks to serious economic recovery occurring in the region. A strong job market has encourages more than 59,000 people to move to the area in the last year alone, and now the commercial real estate market’s reaping the benefits. Vacancy rates dropped and rent rates soared due to the population influx. Developers continue to add more multifamily housing to Phoenix to keep up with demand, but some skeptics worry that new construction might outstrip demand. To read more, visit WSJ.com.
Baltimore Business Journal: Pratt Street office tower goes up for sale, could set post-recession record
One of Baltimore’s largest office buildings is slapping up the for-sale signs and planting itself on the market. The office tower is slated to set post-recession records once sold, marking the largest office building to enter the market since the recession. Expect the tower to go for a steep price, as its occupancy is at its highest level in a decade and it houses a number of long-term leases, such as Pandora Jewelry’s U.S. headquarters. Learn more about this history-making sale at BizJournals.com.
Commercial Property Executive: ASB Real Estate purchases LA residential tower
Downtown Los Angeles has transformed into the new hot place to live in Southern California since the turn of the century, with its population tripling since 2000. Young adults continue to move into the area in search of a sophisticated downtown vibe. To capitalize on this trend, ASB Real Estate Investments recently acquired the Watermarke Tower, a 35-story residential building, and the group predicts continued multifamily demand in the region. Find out the whole story at CPExecutive.com
CoStar: High-Tech demand spilling into office suburbs, smaller markets
Though tech industry giants love to call San Francisco, New York, and Seattle home, many smaller tech companies are looking to settle down in other cities across the U.S., as demand for office space continues to outpace supply in the traditional tech markets. Tech firms have set up shop in less-traditional metropolises in Florida, North Carolina, and throughout the Rust Belt. These regions might not be known as innovation hubs, but they offer lower rent rates and more office space for burgeoning companies. Learn more about this trend at CoStar.com.