Commercial Real Estate & Business News – April 22, 2016

The U.S. office market appears to be at the stage in the real estate cycle that analysts often describe as a turning point or tipping point. Overall, the U.S. office market continued to post solid fundamentals during the first quarter, including very strong net absorption, while traces of a slowdown in demand appeared in some markets. “We are seeing mixed signals in the marketplace, although our expectation is the office market will continue to do fairly well for the next few years,”… Read more »
Plans for a proposed apartment complex in downtown Tempe that divided the community has been withdrawn by the developer, reports The Arizona Republic. The move came following a number of proposed revisions to the project and attempts to appease concerns of nearby neighbors and members of the Tempe City Council. Urban Development Partners had proposed a 13-story apartment complex on less than 2 acres of city-owned land at the corner of University Drive and Farmer Avenue… Read more »
The apartment market is showing signs of moderation, as the latest quarterly survey of market conditions from the National Multifamily Housing Council shows two of the survey’s four indexes landing below the breakeven level of 50. With readings of 43 and 45, respectively, the Market Tightness and Equity Financing indexes have declined for two quarters in a row. Conversely, Sales Volume at 53 and Debt Financing at 50 indicated conditions improving and holding steady, respectively, in those indexes… Read more »
Apartments have been a preferred property buy of late, thanks in no small part to a recent surge in value-add deals. Last year, sales of multifamily properties topped all other property types according to CoStar Group data. A total of $159 billion in U.S. multifamily property sales closed in 2015, just eclipsing the $156 billion for sales of office properties. This marks the first time this century that office building sales did not top the list… Read more »
A derelict Scottsdale restaurant recently highlighted among the worst East Valley’s eyesores may be razed to make room for a mixed use retail/residential project, if a developer’s plans are approved by the city. Once home to savory paellas and the raucous clack of flamenco dancers, Pepin restaurant has been closed since early last year. Since then, it has fallen into disrepair, leaving a blight on the western edge of the Scottsdale Civic Park in between the popular AZ88 and Jewel of the Crown… Read more »