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Commercial Real Estate & Business News January 23, 2019

This Year’s Winners and Losers In The Multifamily Markets
Supply is one of the themes in Fannie Mae’s Outlook for 2019, which is being released this morning. Namely, the GSE expects the multifamily market to remain positive but it warns that a wary eye must be kept on the amount of supply coming online. This year Fannie Mae expects to see 453,000 apartment units come online, plus another 46,000…»
Block 23 Development Downtown on Track for Year-End Completion
When the Block 23 development opens later this year at First and Jefferson streets, it will mark the culmination of 15 years of work for RED Development in downtown Phoenix. “It’s been quite a ride,” said Mike Ebert, managing partner with RED, the developer behind Block 23 and next-door CityScape, which opened in 2008. Ebert was one of the speakers at…»
Single-Family Rental Investors Make Bigger Bets on Build-to-Rent Homes
Capital pouring into the growing single-family rental (SFR) housing market is bumping up against a tough competitor-the consumer. Heightened competition amid a tight supply of housing inventory in many markets is pushing investors to shift strategies to focus on new development. “What you’re seeing now is the maturation and scale in the sector,…»
Hines Seeds Chandler Mid-Rise Office in Phoenix Area With Coworking, Engineering Companies
When real estate firm Hines opened its 250,000-square-foot Offices at Chandler Viridian this week, it completed the final piece of its $250 million master-planned development in one of the Phoenix area’s hottest emerging office districts, the East Valley. The six-story Class A office building, at 3133 West Frye Road near Price and Frye roads in Chandler,…»
Phoenix to Weigh $230 Million Overhaul of NBA Suns’ Arena
The Phoenix City Council is scheduled to vote next week on a plan to contribute tourism tax funding toward a $230 million renovation of the Phoenix Suns’ aging home to keep the National Basketball Association franchise from opting out of its lease at the downtown arena. Under the plan, Phoenix would pay $150 million from a sports facilities tax on…»