Commercial Real Estate & Business News April 25, 2018
Chandler and Tempe are Most Active Phoenix Submarkets for Office Construction Tempe and Chandler have consistently been the busiest submarkets for office construction over the past several years. Financial and tech companies are driving demand for modern office space as they position themselves near a young and growing workforce. About 1.1 million square feet of […]
Commercial Real Estate & Business News April 24, 2018
Iconic Arizona Biltmore Resort in Phoenix Sold for $403 Million The Arizona Biltmore, the historic Phoenix resort that had hosted every U.S. president since Herbert Hoover until Barack Obama broke the streak, has been sold for $403.4 million. The 740-room resort near 24th Street and Missouri Avenue was sold to New York-based Blackstone Real Estate […]
Commercial Real Estate & Business News April 23, 2018
Main Insights from ULI’s Semi-Annual CRE Forecast ULI’s survey respondents predict that this year U.S. GDP growth will reach 2.8 percent, up from the 2.3 percent growth seen last year. Real estate economists and analysts see strength in the U.S. economy over the next few years, which should translate into strong-albeit moderating-results for the commercial […]
Commercial Real Estate & Business News April 20, 2018
Largest Banks Casting Wary Eye on Heated Commercial Real Estate Lending Market Despite record liquidity, demand for commercial real estate loans softened in recent months, leaving eager lenders chasing fewer borrowers. As a result, competition among lenders has ratcheted up noticeably with loan prices compressing. n fact, deal pricing and structures have gotten so competitive, […]
Commercial Real Estate & Business News April 19, 2018
New $100 Million Apt. Tower Coming to Downtown Phoenix North American Development Group will break ground later this year on a new 30-story luxury multifamily tower that, upon, completion, will stand as the second tallest residential building in downtown Phoenix. The Markham, Ontario-based firm acquired a .9-acre tract within the Arizona Center for the site […]
Commercial Real Estate & Business News April 18, 2018
Competition Intensifies for Value-Add Assets For the past several years, investors have turned to the value-add strategy when seeking out-performance in a competitive commercial real estate landscape. And it appears the interest in these type of deals has only intensified lately, with competition becoming increasingly stiff as the industry faces the likely end of the […]