Commercial Real Estate & Business News – August 30, 2024

The U.S. economy grew faster in the second quarter of 2024 than first reported, suggesting there was little sign of a slowdown through the first six months of the year. The latest reading of the gross domestic product (GDP) published by the Commerce Department…»

The 2024 Mid-Year Commercial Real Estate Report from Integra Realty Resources (IRR) highlights the sector’s resilience and the stabilization in property prices amid significant economic shifts. The newly issued update complements IRR’s flagship Viewpoint annual report issued in January…»

The housing market in metro Phoenix has achieved balance — something that hasn’t happened since 2014. While there are several cities within the metro that are still considered seller’s markets, four cities in the West Valley remain a buyer’s market: Surprise, Goodyear, Buckeye and Litchfield Park…»

A West Phoenix project that will include 334 affordable apartment units, restaurants and shopping could begin construction next year if the Phoenix City Council approves it. “This is a true affordable, mixed-use retail development,” said Walter Crutchfield, partner at Vintage Partners, one of the project’s developers…»

As remote and hybrid work become the norm, converting vacant offices into housing has gained attention from owners and policymakers. While this is still a niche market, a new tool from CommercialEdge, the Conversion Feasibility Index, highlights a larger-than-expected pool of candidates for conversion…»