Commercial Real Estate & Business News – February 9, 2024

Multifamily Starts Exceeded Expectations in 2023

Despite previous forecasts, new multifamily development exceeded expectations in 2023. In part, the performance of this sector was due to a stronger-than-expected first half of 2023. In addition, data now suggests affordable and single-family housing are now significant…»

Phoenix Developer Proposes Mixed-Use Project at Trailer Park Site

Venue Projects, a developer of some of the Valley’s high-profile redevelopment and adaptive reuse projects, now aims to develop a trailer park site in Phoenix. Venue Projects on Feb. 6 presented Wonderview at Highland to the Camelback East Village Planning Committee for…»

Medical Properties in Phoenix, South Florida and Chicago Area Sell for $86 Million

Two big buyers of healthcare properties have invested $86 million in Phoenix, South Florida and the Chicago area, adding to their run of acquisitions in recent months. Remedy Medical Properties and Kayne Anderson Real Estate bought the properties from Flagler Healthcare Investments…»

Metro Phoenix Housing Data Shows More Positive Than Negative Trends

For the first time in months, year-over-year Metro Phoenix housing data for January 2024 showed more positive trends than negative movement, according to Phoenix REALTORS®. “Coming into January, we believed that 2024 was going to be better than 2023,” said…»

Here’s Why Wealthier Tenants May Be Seeing the Most Declines in Rent

Just the other day, an analysis from Apartment List declared a month of negative rent growth along with the other five that had gone before. Median rent is down by 3.5% since the peak during the summer of 2023. “The only period that brought a sharper decline was from September…»