Commercial Real Estate & Business News – January 14, 2022

Simple economics popped the lumber bubble last year. Once the price of lumber topped $1,515 per thousand board feet in the spring, do-it-yourselfers en masse stopped buying. At the same time, sawmills trying to cash in on the sky-high prices increased production, contributing to prices plummeting by August to $389 per thousand board feet. Suddenly, lumber buyers, who were…»

In a year when more new apartment units are being built nationwide since the 1980s, Phoenix is setting a scorching pace for new multifamily projects. The Valley is set to add some 22,000 apartment units in 2022, ranking No. 1 in the nation according to a report from Texas-based RealPage, which tracks multifamily leases across the country. With nearly 21,000 units expected to…»

Rental housing industry leader, Greystar, recently broke ground on the first phase of their multifamily housing development at City North in Phoenix, Ariz. This marks City North’s first vertical element in the 100-acre project located just north of Interstate Loop 101 at the intersection of 55th Street and City North Drive in North Phoenix. Crown Realty is the master developer of City North which, upon completion, will also include an…»

Construction began on the PALMtower, a 28-story apartment tower being developed on the former lawn of the Arizona Center in downtown Phoenix. Chicago-based design-build firm Clayco Inc. is the general contractor for the project, which is owned by North American Development Group and…»

More companies are expanding their footprints than contracting, according to new research from CBRE, suggesting tenants may have more long-term confidence in the market than would appear at first glance. Data from the first three quarters of 2021 shows that office tenants in major US markets shifted to more relocations and expansions and…»