Commercial Real Estate & Business News – June 7, 2023

U.S. CMBS loan defaults edged lower in 2022 as post-pandemic stabilization of asset performance and property cash flows continued, according to Fitch Ratings. However, the rating agency also reported that the pace of defaults accelerated in…»

Rockefeller Group, the U.S. real estate developer, owner, and operator, announced today that it has acquired two sites for the development of 152 build-to-rent townhomes. The two sites, approximately 1.75 miles apart, total 16.5 acres and are located in Phoenix’s booming…»

Even though Phoenix continues to outpace the nation for construction cost increases, project starts picked up at the end of the first quarter, according to Mortenson’s latest Construction Cost Index report. Nonresidential construction starts rose 19% in March, coinciding…»

Metro Phoenix welcomed an array of exciting new restaurants and bars over the last month, including five new fried chicken restaurants, three new breweries and two bubble tea shops.Satisfy your sweet tooth at Sugar Factory, CookieRush, Fluffy Cakes or the newest…»

As of 2023’s first quarter, the average multifamily rental unit is $699 less than the total median monthly home payment, Newmark said in its Q1 United States Multifamily Capital Markets Report. “Renting has become significantly more economical than…»