Commercial Real Estate & Business News – January 3, 2024

Last year took many twists and turns, some of which were forecast and many of which were not. Hopefully we are on a more predictable path this year as many of 2024’s expected themes have their seeds in 2023. Following are my top predictions for 2024. 1. The booming industrial…»

Multifamily permitting continues to trend down, according to a recent report from RealPage. New York continues to lead the country in permitting but continues to cool, with a total of 22,288 units permitted in the 12-months-ending November. That is down by almost 15,700 units from…»

A month after voting to continue the project until 2024, Scottsdale’s Development Review Board will once again consider the first phase of Mack Real Estate Group’s major industrial and flex office park. On Dec. 7, the DRB opted for a continuance on the project after a lengthy public…»

After hitting a 40-year high for completed units in 2023, the U.S. multifamily market is expected to see a 25% pullback next year that should help balance out the market. Roughly 590,000 units were completed last year, according to CoStar data, though only 444,000 units are projected…»

The Moxy Phoenix Downtown Hotel announced its opening today in the historic Luhrs Building. PEG Companies [PEG], a vertically integrated commercial real estate investment company focused on opportunistic and value-added opportunities, and Dallas-based A.G. Hill Partners purchased…»