Commercial Real Estate & Business News – December 22, 2017

Arizona added more than 107,600 net new residents over the past year, topping the 7 million population mark for the first time, according to the latest government estimate. Arizona also tied for the fifth-fastest growing state, gaining population at a rate of 1.6 percent. The total resident count grew to 7.02 million residents in 2017 from 6.91 million in 2016…»
Developers are increasingly bullish on the outlook of Phoenix’s apartment market. The metro has had a steady stream of supply since 2014, and 2018-2019 are expected to be the peak years for deliveries so far this cycle. Nearly 18,000 units are currently under construction, and inventory is projected to grow by more than three percent in each of the next two years…»
In a first major legislative victory for the Republican Party since President Trump took office, the House and Senate have passed the Tax Cuts and Jobs Act. The $1.5 trillion bill marks the first major overhaul of the U.S. tax code since 1986 and is expected to be a great boon for commercial property owners. Industry analysts predict the new tax code will strengthen demand in the multifamily sector and spur corporations to put more money into real estate assets and new development…»
Existing home sales in the United States surged for a third month in a row in November and reached their strongest pace in almost 11 years, the latest national index shows. The median price for all housing types in November was $248,000, up 5.8% from November 2016 and prices have now increased year on year for 69 months in a row…»
Demand for design services at architecture firms remains strong, according to the American Institute of Architects latest report. In November, its Architecture Billings Index came in at 55.0, up from a score of 51.7 in the previous month. That score reflects an increase in design services provided by U.S. architecture firms. The new projects inquiry index was 61.1…»