For the last few years, the multifamily asset class has been the top performer of all property types, delivering a per-unit revenue (market rent x occupancy) growth rate of 4.8 percent in 2015. Some markets clearly outperformed others. These included Portland, Ore., San Francisco, Oakland, Calif. and Sacramento, Calif., all of which saw per-unit revenue growth rates above 7.5 percent last year. But there is much concern that developers have been adding too much inventory, flooding some markets with new supply. This will inevitably raise vacancy rates…Read more »
Returns on commercial real estate continued moderating in the first quarter, the National Council of Real Estate Investment Fiduciaries said Monday afternoon. However, Chicago-based NCREIF noted that while returns were weaker in Q1, CRE fundamentals remained solid, while investment sales volume on properties within the NCREIF universe was up by double digits year over year. For Q1, the total return on the NCREIF Property Index was 2.21%, down… Read more »
Intel Corp. has reported 560 worker layoffs at the semiconductor company’s Chandler operations. The job cuts will happen at two Intel campuses in Chandler, according to written notifications from the company. Intel will layoff 248 workers from its Dobson Road location and another 312 from its Chandler Boulevard campus… Read more »
Nearly five months after tourism officials began urging Mesa to pursue a state-of-the-art sports and tournament complex, council members are still split over whether to put the $56 million facility on the November ballot — and time is running out. The proposal for the dual-stadium, indoor-outdoor complex — which would have 24 fields, 8,000 seats and a 110,000-square-foot field house — has attracted regional support since the concept was presented in December… Read more »
It’s pretty safe to say that the restaurant business in the United States is about as healthy as it’s ever been. According to a Bloomberg report, March 2015 marked the first time since data began being collected by the U.S. Commerce Department in 1992 that Americans spent more eating out at bars and restaurants than on purchasing groceries in stores and supermarkets… Read more »