Commercial Real Estate & Business News – April 18, 2016

They may have a reputation for wanting the latest in urban living, but not all Millennials fit that mold. In fact, says Sammy Glassman, some of the young homebuyers that she’s worked with lately are bucking that supposed trend and seeking out homes and communities in the suburbs such as north Phoenix, Gilbert and near South Mountain, where prices for resale and new builds are a bit more affordable and they can get more for their dollar…Read more »
Office tenants mindful of uncertainty and turmoil expected in the year ahead exercised caution with expansion plans in the first quarter, resulting in a slight increase in office vacancy as new supply came on-line. Reports by real estate services firms JLL and CBRE show that the national vacancy rate rose to an average of 13.2 percent, a 10 basis point increase from the fourth quarter of 2015. However, even with the increase, the rate remains at the lowest level since 2008… Read more »
The shrinking number of retail bank branches has been a trend for several years now. But according to a newly released Citigroup report, we haven’t seen anything yet. Citigroup, which operates more than 750 bank branches in the U.S., is projecting that one-third of all existing U.S. bank branches could disappear in the next 10 years. The culprit will be the full-blown emergence of new financial technologies, FinTech for short… Read more »
The apartments at Crescent Scottsdale Quarter, completed just a year ago as part of the mixed-use Scottsdale Quarter, rose straight to the top of the 2016 version of Phoenix Business Journal’s Exclusive Apartments list, which was published today. Using information provided by multihousing industry authority Yardi Matrix, the list was ranked by maximum rent for a one-bedroom apartment. Crescent Scottsdale Quarter’s maximum rent for a one-bedroom apartment was $2,297… Read more »
The first quarter was a tepid period for activity in the CMBS market. Domestic, private-label CMBS deals totaled $17.8 billion, a 32 percent drop in volume compared with the $26.3 billion completed during the same period in 2015. There was also a 54 percent drop in the number of individual entities that came forward with bond transactions, according to an analysis from Commercial Real Estate Direct. While the CMBS market lumbered along, it did so without Simon Property Group. The largest retail REIT in the country decided to issue…Read more »