Multifamily rents are likely to keep rising in 2016—just not as fast as before, according to forecasts for the coming year. “Rising vacancy rates will take the wind out of landlords’ sails and remove some of their ability to keep pushing rent growth at such a febrile pace,” says Ryan Severino, senior economist and director of research with New York City-based firm Reis Inc. Developers will deliver more new apartments in 2016 than the 188,000 new units they opened in 2015, pushing the vacancy rate up from 4.4 percent in the fourth quarter… Read more »
Independent businesses experienced healthy sales growth in 2015, buoyed by strong community ties and growing public awareness of the benefits of locally owned businesses, according to a large national survey. The Independent Business Survey, which is conducted by the Institute for Local Self-Reliance in partnership with the Advocates for Independent Business and is now in its 9th year, gathered data from over 3,200 independent businesses… Read more »
The Greater Phoenix industrial market closed 2015 on an upswing, with net absorption spiking and vacancy dropping. This activity at the end of 2015 creates some additional optimism about the 2016 outlook, but a deeper dive into the data illustrates some of the inconsistencies present in the market… Read more »
ORION Investment Real Estate is proud to announce the sale of the NNN Investment property leased to BMO Harris Bank for $2,436,000. This 6,001 square foot freestanding building is situated at the intersection of Scottsdale Road and Deer Valley Road. It is fully leased to a long-term tenant, BMO Harris Bank. The tenant entered into an absolute NNN lease with annual increases, making the property very attractive for a long-term investment… Read more »
The swooning stock market helped push mortgage rates down again this week, with the cost of a 30-year, fixed-rate home loan falling to 3.65 percent from 3.72 percent. Rates on home loans are at their lowest since last April, according to Freddie Mac, and chances are good they’ll fall again before we get out of this mess. The bad news is rates are falling because investors are looking for safe havens as global stock markets and oil prices nosedive. Money is pouring into Treasury bonds and other safe investments, which helps drive down mortgage rates…Read more »