Commercial Real Estate & Business News February 5, 2019

Jobs, Demand Drive US Office Development
Strong demand for space-underpinned by healthy growth among office-using industries-keeps the U.S. office market’s performance steady, according to a survey of 115 markets conducted by Yardi Matrix. In 2018, business professional and technical services led expansion with the addition of 286,000 jobs, followed by strong growth in…»
New Apartments Expected to Hit Peak
An estimated 453,000 apartment units are expected to be delivered in 2019, a hefty 19% increase from last year. “It appears that this is the year we’re going to have peak deliveries of multifamily apartments,” says Kim Betancourt, director of economics and multifamily research at Fannie Mae. However, most of those units are going to be…»
Fannie Mae Doubles Multifamily Small Loan Limit
Fannie Mae is doubling its loan limit for small multifamily mortgages in an effort to ensure an increased affordable housing supply. Effective immediately, the government-sponsored enterprise’s small loan limit is now $6 million, doubling the previous limit of $3 million or less nationwide and increasing the limit for certain high-cost areas by…»
Phoenix Home Prices Surging at Staggering Rate, Market Data Shows
When it comes to rising home prices, only one other market in the country is outpacing the Valley, and there’s no indication that trend will slow down any time soon. In the latest data from the S&P CoreLogic Case-Shiller Index, Phoenix overtook Seattle in home price appreciation to reach No. 2 nationwide, and isn’t far behind No. 1…»
Competition Heats Up as More Builders Shift to Affordable Homes in Valley
Competition is going to get hot and heavy in 2019 among homebuilders in the Valley, as they duke it out for a piece of the affordable housing market. More homebuilders are making a concerted effort to build for first-time homebuyers, shifting away from move-up homes. In a Jan. 31 fourth quarter 2018 earnings conference call,…»