Commercial Real Estate & Business News – January 22, 2024

“Affordable housing” is becoming almost an oxymoron for many American households, whether they seek to rent or buy. The cost of renting or buying a three-bedroom home gobbles up more than one-third of wages in most county-level housing markets, and in some cases much more…»

Headlines heralding the office sector’s doom have been common over the past several months. “The Next Crisis Will Start With Empty Office Buildings,” proclaimed a June article in The Atlantic. “We Definitely Think the Office Sector is Crashing,” a Fortune article noted. Also in…»

In a whirlwind 2023, Phoenix Business Journal staffers covered dozens of impactful deals across the Valley. Those deals were scrutinized by real estate and economic development reporters Ron Davis and Audrey Jensen, along with managing editor Paul Thompson. Trying to chisel down…»

Despite national declines, Phoenix stands at the forefront of industrial space occupancy and demand, with a 3% increase in occupied space and the delivery of 16.5 million square feet of industrial product in Q3 2023, as highlighted in LGE Design Build’s newly released Q4/Q1 Construction…»

Mortgage rates continued their descent this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines for rates to drop. The 30-year fixed-rate mortgage averaged 6.6% as of Jan. 11, a decrease from last week’s 6.66%, according…»