Commercial Real Estate & Business News January 30, 2019

Bankruptcy Court Ruling Opens Land Near Desert Ridge for Development
Crown Realty & Development has closed on 96.5 acres of land near Desert Ridge Marketplace and acquired master developer rights to 5,700 acres, opening land that had been tied up in bankruptcy and litigation to development. The land previously was valued at $121 million. Irvine, California-based Crown purchased the land with a winning bid of…»
Where Homebuilders Plan to Build Next Around the Valley
Housing hot spots – those areas where land is being gobbled up for future rooftops – have been identified in the far West Valley, northwest Valley and far southeast Valley, and even go down as far south as Casa Grande. RL Brown, publisher of Phoenix Housing Market Reports, identified these areas in his 2019-21 forecast issued this week. While single-family…»
Report: Phoenix Topped Apartment Rent Growth in 2018
After a big bump late in the year, Phoenix joined Las Vegas as the nation’s leader for apartment rent growth in 2018, according to RealPage, Inc. In the last 12 months, apartment rents have climbed 7.4% in Phoenix, matching the increase in Las Vegas. By comparison, apartment rents rose an average of 3.3% across the nation in 2018. Despite the fast-rising…»
Reis: Vacancies Rise to 4.9% in Q4 2018
The national vacancy rate for multifamily properties was 4.9% at the end of last year, up 10 basis points (bps) from the third quarter and 30 bps year over year, according to Reis’s Apartment First Glance report for the fourth quarter of 2018. Vacancies have been rising steadily since their most recent low of 4.1%, in the third quarter of 2016, but remain…»
Valley Office Vacancy Rate Continues to Drop – As Rents Rise
As metro Phoenix’s employment rate continued to grow in 2018, office vacancies in the Valley dropped to their lowest level since 2007. The Phoenix area ended the year with a 15.6 percent vacancy rate, its lowest point since the rate reached 14.3 percent in 2007 just prior to the Great Recession, according to Cushman & Wakefield research. The firm anticipates…»