Commercial Market Trends in 5 Areas

Each year, several commercial real estate firms analyze market activity based upon their numbers and reports from the last 6 months as well as project estimates for the coming year. Experts in retail, industrial, multi-family, medical and office markets went through their reports from 2016’s first two quarters in Greater Phoenix; they found that although the general commercial real estate market is progressing at a steady pace, there are no identical or similar levels of activity in any of the sub-divisions.

Retail

Trends – Vacancy Down, Rent Rates Up, Net Absorption Down

Key Stat – Retail Vacancy in the Greater Phoenix Metro is 60 Basis Points Lower than One Year Ago

Outlook – Despite Setbacks, the Market is Trending Upward at a Modest Rate and Looks to Continue This Trend Throughout the Rest of the Year

Industrial

Trends – Vacancy Flat, Rent Rates Up, Net Absorption Down

Key Stat – Net Absorption in Q2 is Down for the First Time in 12 quarters

Outlook – The Market is in Recovery, but Looks to Improve with a Strengthening Housing Market on the Horizon

Multifamily

Trends – Vacancy Up, Rent Rates Up, Transaction Activity Up

Key Stat – Rents Have Risen Over 8% Over the Course of the Last 12 Months

Outlook – More Improvement in the Multifamily Market with Vacancies Tightening and Rents Continuing to Shoot Upward

Medical

Trends – Vacancy Down, Rent Rates Up, Net Absorption Up

Key Stat – Vacancy Has Dropped 180 Basis Points Over the Last Year

Outlook – Expectations for Tenant Demand to Rise to its Highest Since a Decade Ago

Office

Trends – Vacancy Up, Rent Rates Up, Net Absorption Up

Key Stat – Net Absorption Totals Have Surpassed 4.7 Million Square Feet Over the Last 12 Months

Outlook – The Market is Expected to Remain Healthy as Job Growth Continues to Rise

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61 Site Community Sold in Foley, Alabama

Riviera Park, a 61-site manufactured housing community in Foley, Alabama, recently sold for $1.7 million to a local investor. The property is located at 10340 South Juniper Street just southwest of the intersection of US-98 and Foley Beach Express across the street from Tanger Outlet Foley, a shopping-mall chain featuring a variety of brand-name and designer outlet stores.

The 9-acre mobile home park is also located near the Foley Sports Complex, being only 5 miles south of the complex.

Bellator Real Estate & Development’s Frank Malone represented the seller and Sarah Hofferber of Fairhope Realty Group represented the buyer.

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Scottsdale Retail Center Closed | New Owners Plan to Bring Restaurant to Prime Location

Northside Village III, a small retail center in Scottsdale, recently sold for $1.5 million under Orion Investment Real Estate brokers Judi Butterworth and Derek Buescher. The buyer, local group Mohawk Partners LLC, purchased the 8,532 square-foot property for $172.88 per foot with intent to bring a restaurant to the area in the near future! Because it is near other shopping centers close to Loop 101 and Frank Lloyd Wright Boulevard, this center is a high-traffic area, making it a prime Scottsdale location!

Butterworth and Buescher were quoted, “this property is located in North Scottsdale in the prestigious Scottsdale Airpark. This affluent trade area serves approximately 100,000 employees and is enjoying an influx of popular local restaurants.”

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