Daily News for Commercial Real Estate & Business

Here are the news articles you might find interesting today for commercial real estate and business:

First Watch restaurant closes doors in downtown Phoenix First Watch, a downtown breakfast and lunch spot at 1 N. First St., closed its doors last week. The downtown restaurant and three other locations are part of the metro Phoenix First Watch portfolio. View article...

Primebar, one of Scottsdale Quarter's largest bars, closes One of Scottsdale Quarter's largest bars closed on Monday, after less than two years in business. Primebar, an 8,300-square-foot bar and restaurant that wrapped around the Quarter's southern parking garage, opened in May 2010 before many of the shopping district's current tenants were in place. Scottsdale Quarter officials confirmed the closing but had no other information. View article...

Cardinals could sue Glendale over loss of parking The Arizona Cardinals are accusing cash-strapped Glendale of financial mismanagement and could sue the city over the loss of parking for roughly 9,000 of the team's ticket holders at Westgate City Center near University of Phoenix Stadium. Glendale, which has spent heavily to try to keep the Phoenix Coyotes in neighboring Jobing.com Arena, is working with the team on a solution to the dispute, Mayor Elaine Scruggs said. View article...

Phoenix Sky Harbor traffic, cargo up from 2011 Passenger traffic at Phoenix Sky Harbor International Airport is up by 66,200 people this year compared with 2011, but is still not back to pre-recession levels. Cargo numbers at the Phoenix airport, however, are back above pre-recession marks, according to new numbers out today. View article...

First phase of surveying Tempe streetcar line begins The initial phase of survey work needed to design the Valley's first modern streetcar line in Tempe will start this week. Metro light rail will begin to identify underground utilities and investigate soil conditions along the 2.6 miles of the future streetcar line. The streetcar line is proposed to run north on Mill Avenue from Southern Avenue to Rio Salado Parkway, then west to Ash Avenue, south to University Drive, east to Mill and then south on Mill to Southern. View article...

Behind a bank failure Part 2: FNB's downward spiral It was on a February 2007 Canadian family ski trip when Pat Lamb got a phone call that put him on edge. The call was from the bank's trader, who told Pat that London-based HSBC Holdings, the world's third-largest bank at the time, had announced its bad-debt charges would be at least 20 percent higher than forecast. View article...

PwC Survey Shows Unevenness Across Markets PricewaterhouseCoopers LLP's (PwC) first quarter report, "The Pulse of the Commercial Real Estate Industry," reveals that the barometer for commercial real estate is positive overall but the rates of recovery and growth vary between markets. According to Chuck Di Rocco, director of real estate research with PwC's Washington, D.C. office, the outlook for commercial real estate is generally good for 2012, due to the fact that the jobs outlook has improved. View article...

The Early Phase of Real Estate Recovery We consider real estate to be in the early phase of a cyclical recovery. After a hiring slump in mid-2011, the job market has begun to show signs of strength, as the unemployment rate continued declining in the first quarter of 2012. Real estate investment performance continues to display favorable conditions, a result of historically low borrowing rates and a modest inflationary outlook. Very limited new supply and rising demand is buoying real estate fundamentals for most property types. View article...

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