Commercial Real Estate & Business News – July 10, 2024

Stability Starts to Emerge in Commercial Real Estate

The commercial real estate industry has been trying to sort out, and lobby for, where things are going. Goldman Sachs said office markets, maybe the most rattled part of CRE, have bottomed. Price increases could also indicate the start of a bottom according to a CoStar report. Then again, private CRE ...»

U.S. Apartment Demand Surges in 2nd Quarter

While supply continues to garner the lion’s share of apartment industry-focused headlines, there’s an equally remarkable demand surge brewing across the country. In fact, the impressive demand reading in year-ending 2nd quarter 2024 may be difficult to overstate. Some 390,000 apartment units…»

Construction cost increases in Phoenix come in below national averages

Phoenix has seen a second consecutive quarter with construction cost increases of less than 1%.A report from Phoenix-based Rider Levett Bucknall, a construction advisory, cost and project management firm, found Phoenix came in below national averages for cost increases, experiencing a 0.94% spike…»

Industrial Property Values on the Upswing

Industrial property values have risen steadily over the decade and continue to grow in 2024 despite normalized demand and reduced transaction volumes due to high interest rates, according to the latest CommercialEdge report.The average national sale price of industrial properties reached $142 per square foot as…»

The U.S. is short 4.5 million homes as the housing deficit grows

Despite a pandemic construction boom, the U.S housing shortage grew to 4.5 million homes in 2022, up from 4.3 million the year before, according to a new analysis from Zillow. This deepening housing deficit is the root cause of the housing affordability crisis. In Metro Phoenix, the …»