Commercial Real Estate & Business News – January 30, 2015

With vacancies falling and rents rising in growing numbers of submarkets and slices within the U.S. office sector, demand for office space is expected to remain at post-recession highs for the next two years, according to CoStar Portfolio Strategy analysts recapping the office market’s past year performance. “2014 was a great year for the office market,” said Walter Page, director of office research… Read more »
MetLife, Inc. announced today that it originated, through MetLife Real Estate Investors, approximately $12.1 billion globally in commercial real estate loans in 2014, a five percent increase over the $11.5 billion originated in the previous year. The company also committed to invest approximately $1.7 billion in real estate equity in 2014, either through direct acquisition or as part of joint venture partnerships… Read more »
Retail development in 2014 neared the peak level seen during the last economic expansion, and the frantic pace will continue throughout this year. Last year, developers delivered 23.7 million sq. ft. of new retail space. That total includes grocery-anchored and power centers, along with malls and outlet centers. It doesn’t include urban retail or single-tenant buildings like banks or drug stores… Read more »
Following a disappointing year, it’s a bit of ‘deja vu all over again’ for the U.S. housing market as questions over the direction and timing or interest rates continue to dog the market despite positive economic tailwinds at the end of the year. The positive housing trends include extended low interest rates, which declined to near-historic lows; the Federal Housing Authority’s lowered mortgage insurance premiums; rising home prices that have started to cool; and consumer pocketbooks… Read more »
Residents aren’t the only ones benefiting from a surge of new apartments in Scottsdale. The city brought in nearly $2 million more than expected from building permits during the first part of the current fiscal year, largely thanks to a boom in apartment development. Scottsdale’s coffers grew by about $6.5 million from July through November, a result of revenues from building permits, which are required for new construction… Read more »