Commercial Real Estate & Business News – April 15, 2015

Living in an apartment? Expect your rent to go up again. Renting has gotten increasingly expensive over the last five years. The average U.S. rent has climbed 14 percent to $1,124 since 2010, according to commercial property tracker Reis Inc. That’s four percentage points faster than inflation, and more than double the rise in U.S. home prices over the same period… Read more »
Commercial real estate lending increased for the fifth consecutive year in the U.S., as a strong fourth quarter capped expansion across lenders and property types, according to the latest research from CBRE. Loan closings were boosted by the demand for acquisition financing, which accounted for close to one-half of lending volume in 2014… Read more »
Two Class A office developments are coming to Scottsdale, and one of them will be an Inc. 500 company headquarters. Saxa Inc. and Caliber Cos. will break ground in June on a $7 million office building near Loop 101 and Bell Road. The Bahia 101 project will total 40,000 square feet. Developers say it is the first Class A building to be constructed in the area since 2009. It is slated to deliver next year… Read more »
With a winning bid of $35 million ($1 million per net acre), Camden Property Trust in Houston, Tex. (NYSE:CPT) has taken control of a parcel in northeast Phoenix that is planned for 1,150 apartment units. The 49.6-acre (35.3 net) site, located at the northwest corner of Mayo Boulevard and 68th Street, was sold at public auction by the Arizona State Land Department… Read more »
Seeking to refocus on its core industrial manufacturing business, GE said it will dispose of most GE Capital commercial real estate assets over the next 24 months. The Connecticut-based GE announced sales agreements this morning for most of those assets after its board of directors decided to act due to favorable market conditions for commercial property… Read more »