Commercial Real Estate & Business News – October 15, 2024

Consumer resiliency has helped drive core retail sales to a new record in August, with spending up in real terms even after factoring in core CPI inflation. This strength helped drive tenant demand, and the retail sector entered the second half of 2024 as the only major CRE property type with a…»

The total metro Phoenix office market vacancy rate decreased by 10 basis points during the third quarter to 25.1%. This marks the first decline in local vacancy rates in almost five years. Per the JLL report, vacancy and availability rates in the metro Phoenix office sublease market were…»

Z Modular, a division of steel manufacturer Zekelman Industries, has acquired 20.45 acres of land in Arizona’s San Tan Valley for $14.4 million, or approximately $705,770 per acre. Z Modular is a development company specializing in modular housing construction that plans to self-develop a…»

Chicago-based Belgravia Group Ltd., which made its Phoenix debut with a $100 million condominium community in north Scottsdale, is preparing for its second project right across the street. Its first 112-unit project, called Portico, sold out in March, said Belgravia CEO Jonathan McCulloch. Plans are now in the…»

What happens to CRE cap rates when the 10-year Treasury yield changes? According to a CBRE Econometric Advisors review of data since 1995, there are some relationships over time with variations by property type. On average, for every 100 basis points…»