Commercial Real Estate & Business News – July 6, 2016

The occupied apartment count across the nation’s 100 largest metros increased by 127,402 units in the second quarter. This is one of the biggest quarterly demand totals posted in recent years, topping 2015’s second-quarter demand volume by 23%, according to MPF. Apartment demand from April to June well surpassed completions totaling 67,550 units…»

It’s still the best time ever to take out a loan on an apartment property – thank in part to the “Brexit” vote in the U.K.…»
U.S. construction spending during May 2016 came in at an annualized rate of $1,143.3 billion, or 0.8 percent below the bureau’s April estimate…»
Economic news over the past week has been typical of “later in the cycle” data and seems to indicate that the fears over Brexit and its effect on the American economy might have been overblown. While the economy continues to be lethargic and the causes of that lethargy are not changing, incomes are still improving and confidence remains high. And while the manufacturing sector remains weak, it is still improving. Private construction is up and home prices continue to recover at a reasonable rate…»
A Tempe retail center, Countryside Specialty shops, sold for $7,500,000, according to ORION Investment Real Estate. This ±31,723 square foot, vibrant retail strip center sits on the northwest corner of McClintock Drive and Warner Road at a signalized intersection, with high traffic counts…»