For both occupancy and effective rent growth, the second quarter was the strongest that the multifamily sector has seen more than 13 years, according to Axiometrics data obtained EXCLUSIVELY by GlobeSt.com. The apartment and data research firm says both metrics exceeded expectations, with occupancy reaching levels not seen since Q1 in 2001 and rent growth posting its best quarterly showing since Q3 2000… Read more
While activity remains spotty in some sectors and regions, nonresidential development pipelines should continue to fill up at least through yearend. New development and construction are shifting into full recovery, with several recent leading indicators pointing to acceleration in commercial and starts and deliveries of new supply through at least the balance of 2014. The Architecture Billings Index jumped sharply by three points in May to 52.6 from the previous month… Read more
In first place: Phoenix-Mesa-Glendale, Ariz., where financial employment has expanded 12.3% since 2008 and a remarkable 7.2% last year. When we think about American finance, the default image is of a pinstriped banker on Wall Street. But increasingly financial services is shifting away from the traditional bastions of money…Read more
Lennar Corp. – one of the largest U.S. home builders – is planning a 360-unit apartment development on a long-vacant parcel at McDowell Road and Central Avenue in Phoenix. The project is at the northwest corner of Central and McDowell on the Metro light rail line just north of downtown Phoenix… Read more
The office vacancy rate improved ever so slightly in Phoenix for the second quarter compared to a year ago. But the Valley has the highest office vacancy rate – 21.9 percent – among the 13 largest office markets in the U.S., according to CBRE Group Inc.’s preliminary Q2 2014 numbers… Read more