Commercial Real Estate & Business News – August 8, 2017

CRE lending edged higher between the first quarter of 2017 and the second, and is up 27 percent year-over-year, according to the most recent CBRE Lending Momentum Index, which tracks the velocity of commercial loan closings nationwide. Volume increased in all major lending groups, with capital readily available for real estate deals. CMBS led all other lenders in terms of market share. In the second quarter, CMBS issuance spiked, putting year-to-date issuance at $38.8 billion, which is ahead of 2016’s pace of $30.7 billion…»
There are a lot of cranes operating in Arizona as developers pursue new projects that are creating a more diverse state. Here are six projects that were recently finished or broke ground in Arizona, as seen in the July/August issue of AZRE magazine. If you think Tempe is a college town still, developments like this are telling a different story. Construction is underway for this mixed-use development, The Watermark | Tempe, along the north bank of Tempe Town Lake…»
When it comes to premium office space across the United States and Canada, creative firms are doing what they do best: driving change. JLL’s 2017 Skyline shows that creative’s boomerang to this coveted space and the eighth straight year of occupancy growth are contributing to record rents and a landlord-friendly market. In Phoenix, the 24/7 environment of downtown Phoenix is attracting creative and tech tenants in droves, even from prominent first-tier markets like San Francisco and Chicago…»
Vacancy in the Greater Phoenix multifamily market rose 30 basis points during the second quarter, which is common for the city. The vacancy rate rose to 5.9 percent, which is identical to the rate one year ago. Five submarkets in the city posted vacancy rates below five percent. Some areas are seeing rates rise in response to the addition of new developments. The Central Phoenix/Encanto area reached nine percent during second quarter, as inventory increased more than 15 percent in the past year…»
2017 is shaping up to be one of the best years for home sales in metro Phoenix. Sales aren’t higher than the boom year of 2005 when speculators bought a record number of homes, or the bust year of 2011 when investors snapped up a record number of bargain Phoenix-area foreclosure homes. But those years weren’t normal and definitely weren’t healthy for Phoenix’s housing market…»