Commercial Real Estate & Business News – April 5, 2023

Construction Set for New West Valley Casino

Desert Diamond Casinos, the enterprise arm of the Tohono O’odham Nation, is set to begin construction this week on a new casino in the “far West Valley.” The tribe announced Monday it would be holding a private groundbreaking event on April 5th…»

Are Offices Truly Worth as Little as REITs Imply?

(Bloomberg Opinion)—The US office market faces a tough road ahead. Corporate tenants are considering scaling back, higher interest rates are hurting valuations and many property owners face looming debt maturities that they may struggle to…»

Movie Theater Attendance Still Lags, Home Prices Drop, Office Attendance Ticks Up

Entertainment-related foot traffic at U.S. commercial centers continues to rebound from levels seen in the early days of the pandemic, though movie theater attendance remains down 34% from pre-pandemic levels. A new report…»

Net Lease Cap Rates at Highest Levels in Nearly Three Years

Cap rates in Q1 2023 represented the highest levels since Q3 2020 for both the single-tenant retail and office sectors, according to a new report from The Boulder Group. Decreasing transaction volume for the greater real estate market continues to…»

JLL CEO Sees a Recent ‘Uptick’ in Office Use

JLL CEO Christian Ulbrich sees that sentiment – and investors’ heads – are turning for the better when it comes to the US office market, he said last week, appearing on CNBC’s “Squawk on the Street.”…»