Commercial Real Estate & Business News – February 16, 2016

Moderate economic growth and ongoing demographic drivers will keep the multifamily market moving forward in 2016, according to Freddie Mac’s Multifamily Outlook released this week. Many market observers were taken by surprise in 2015 when demand for multifamily rental housing saw much higher than expected demand, absorbing much of the increased new supply of units. Apartment vacancy rates remained low through most of the year, for the most part, and rents continued to rise in most markets… Read more »
Multifamily rents started briskly in the new year. The average national rate rose $5 in January to an all-time high of $1,170, according to Matrix Monthly, a compilation of surveys of the 111 markets covered by Yardi Matrix…Read more »
Ask just about anyone living in a metro Phoenix apartment, and they will tell you rents are rising. Almost half of Valley renters saw their monthly payments jump by more than 9 percent in 2015. That’s from a new survey that breaks rents down by ZIP Code in the region. The new data definitely shows some surprises about where Valley rents are climbing the fastest… Read more »
Local authorities have recently given the green light for the development The Ritz-Carlton, Paradise Valley. Scottsdale-based Five Star Development is the project owner, which at this time also includes a luxury townhome component, retail space, and underground parking. Estimated to total about $2 billion, the master-planned community is located on the west side of Scottsdale Road between Lincoln Drive and Indian Bend Road. Now that the Paradise Valley Town Council’s approval is in place, Five Star aims to break ground on the project this spring, with completion slated for 2018… Read more »
Nearly 70 years after the last local Valley streetcar system was shuttered — a victim of fire, automobiles and time — the concept is on the verge of returning to the region, driven in part by the same forces that signaled its demise after World War II. Tempe, in partnership with Valley Metro, the agency that oversees the Valley’s buses and light-rail system, has drawn up plans for a three-mile street car system that would navigate the city’s downtown area around Mill Avenue and Arizona State University and connect with the Valley’s light rail system… Read more »