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Commercial Real Estate & Business News – January 29, 2024

2024 IREM | CCIM ECONOMIC FORECAST RECAP – Key takeaway: Overall, the Arizona real estate market is expected to experience slower growth in 2024 compared to the past 2 years, but will remain largely stable with opportunities and some distress.

 

Real Estate Values Are ‘Bottoming,’ Blackstone Says

Blackstone, the world’s largest commercial property owner, said real estate values are reaching a bottom as inflation has slowed and the Federal Reserve is expected to cut rates this year. The perspective from the private equity giant gives an optimistic sign for the sector that’s been…»

MBA: Multifamily Borrowing Expected to Increase 25% in 2024

After a slowdown for commercial and multifamily borrowing and lending last year, increased activity is expected for 2024. According to an updated baseline forecast from the Mortgage Bankers Association (MBA), borrowing and lending is expected to rise to $576 billion, a 29%…»

Two Tempe Apartment Towers Advance Through City Commission

Two new Tempe apartment projects near Arizona State University took a step forward this week. An amended planned area development overlay for the seven-story Apache Square and a general plan land-use map amendment for the 15-story Verve Tempe projects each were…»

Phoenix Office Fundamentals Showing Signs of Stabilizing

The Phoenix Office of JLL has released its Q4 2023 Phoenix Office Insight, noting some persistent, positive trends after a challenging 12 months. In the last quarter of the year, negative absorption slowed, asking rents showed signs of stabilizing and construction deliveries remained subdued…»

Macerich Files Proposal to Develop Office Tower at Prominent Biltmore Intersection

A prominent intersection in the middle of one of the Valley’s top business districts could be getting a new office tower. Santa Monica, California-based Macerich Co. — the owner of some of the Valley’s top shopping malls — filed a proposal to Phoenix’s Planning Hearing Officer to develop…»