Commercial Real Estate & Business News – July 23, 2024

While rents fell across all unit sizes in June, especially large declines were seen in the South, according to the Realtor.com Rental Report. Marking the 11th straight month of declines, median asking rents for zero to two-bedroom units fell to $1,743 or -0.4% ($7) from June 2023. The median rent for…»

Across the 50 metro areas surveyed, housing inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May’s year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Housing Inventory compared to last June’s 1.4 months…»

The “Topgolf of Pickleball” is slated to open in south Tempe later this year, just a few miles from the recently shuttered Picklemall. The big picture: The Electric Pickle — a bar, restaurant and pickleball combo — broke ground more than a year ago, and construction …»

After years of record amounts of available space weighing on the national office market, a lack of new construction could portend a shortage of high-quality options. Elevated borrowing costs and extended work-from-home policies have resulted in a dwindling amount of office space moving through the development…»

Harvard Investments closed on land sales to a homebuilder and multifamily developer who plan to construct single-family residences and build-to-rent units, respectively, in the growing, unincorporated community of San Tan Valley, Arizona. The two sales fetched $15.4 million. Harvard Investments, a real…»