Commercial Real Estate & Business News – July 25, 2024

Buckeye Mayor Eric Orsborn recounts a 2015 story that perfectly illustrates how the perception of the West Valley has dramatically evolved in less than a decade. “Then-Phoenix Mayor Greg Stanton was celebrating an investment the City of Phoenix was making in Buckeye,”…»

QTS Realty Trust has acquired a substantial site in the Phoenix metro for another data center campus. Overland Park, Kansas-based QTS, which is owned by private equity firm Blackstone Inc., acquired 206 acres in the West Valley for $246.8 million in an all cash deal in July…»

Multifamily market conditions were mixed, according to the National Multifamily Housing Council’s quarterly survey for July. Two of the four indices that are part of the Quarterly Survey of Apartment Conditions—debt financing and sales volume—were above the breakeven level of 50, indicating more favorable…»

It’s going to be another challenging year for multifamily owners and operators. Many factors will converge and control what owners must do to survive the business. Frequently, that will mean lower rental growth and increased operating expense, leading to narrower margins. Not only will…»

Home price growth in the second quarter was stronger than previously anticipated, but economists at Fannie Mae believe it will likely moderate soon, closing 2024 and 2025 at annualized rates of 6.1% and 3%, respectively. Even with more listings of homes available for sale compared to a year ago, existing-home sales…»