Commercial Real Estate & Business News – January 23, 2024

Dozens of new industrial buildings added to metro Phoenix’s inventory in the fourth quarter while also increasing the market’s vacancy rate. Nearly 9 million square feet delivered in the fourth quarter to bump the market’s vacancy rate to 8% — double the rate from the first quarter, according to…»

The Phoenix Office of JLL has released its Q4 2023 Phoenix Office Insight, noting some persistent, positive trends after a challenging 12 months. In the last quarter of the year, negative absorption slowed, asking rents showed signs of stabilizing and construction deliveries remained subdued, reducing…»

Colliers reported positive pre-leasing data on new office properties, with most markets above the average percentage at 46.2% pre-leased and Manhattan coming in first at 83.3% pre-leased. There are 36.4 million square feet of active construction across the top office markets and most projects are…»

The number of apartment spaces being created in office buildings across major cities this year has risen to over 55,000, four times higher than the 12,100 under conversion in 2021, according to a new report. The 55,339 office-to-apartment makeovers scheduled for this year mark a record high,…»

Fannie Mae has a rosy outlook for mortgage rates. The government sponsored enterprise is projecting that rates will drop below 6% by the end of 2024, which in turn will boost refi volumes and help thaw the existing home sales market. Following years of volatility in mortgage rates, the…»