Commercial Real Estate & Business News – November 14, 2023

The Phoenix multifamily sector finds itself in a renter’s market as 2023 winds to a close. Phoenix rents have declined by 4.7% year-over-year, according to one recent study by ApartmentList. Rent prices dropped 1% in October, more than the national average of 0.7%. The drop brought…»

A 206-unit apartment complex under construction near the shuttered Metrocenter Mall will be one of the area’s first new housing developments in decades, ahead of the redevelopment that plans to bring thousands of housing units to the site. Scottsdale-based MK Company is developing…»

The Federal Reserve’s Board of Governors have made it clear that while they think the “banking sector remains sound overall,” there are problems, according to the November 2023 Supervision and Regulation Report. One of the troublesome spots they called out was bank lending to commercial…»

Metro Phoenix’s bioscience industry is expanding its physical footprint, improving Arizona’s healthcare capacity and growing the economy along with it. Cushman & Wakefield’s September Life Sciences Update shows that the Phoenix bioscience boom has attracted…»

The 3 Palms Hotel in Scottsdale, Arizona, along with the on-site 5,500-square-foot restaurant occupied by Gecko Grill, sold in October to California private investors for $23 million. The seller was a private individual also based in California. The 3 Palms Hotel was built on 2.9 acres in 1978 and…»