Commercial Real Estate & Business News July 9, 2019

Apartment Rental Demand Soars as More Millennials Believe it’s Cheaper than Owning a Home In the D.C. suburb of Chevy Chase, Maryland, a massive apartment rental and condominium complex is going up, and apparently it can’t happen fast enough. Demand for rental apartments in and near cities across America is soaring, just when most thought it wouldn’t be. The expectation was that rental demand would fall as millennials aged into their homebuying years.…»
Low Industrial Vacancy Spurs Spec Development in Phoenix
The low industrial rate, trend of positive absorption and rising rents in Phoenix is spurring speculative development in the market. Trammell Crow Co. has broken ground on the SM202 Commerce Park, a 700,000-square-foot speculative industrial facility in Metro Phoenix in the Gila River Indian Community.…»
Planning Commission to Review Parking Space Rules
Following complaints by gallery owners in Scottsdale’s Arts District, the City Planning Commission will review parking requirements for new multifamily developments downtown.The existing parking code in downtown Scottsdale requires new apartment and condo developments to provide one parking space for every one-bedroom unit…»
Domestic Private Investors Become the Fastest-Growing Buyer Pool for Multi-Tenant Retail Centers
Over the last five years, private property buyers have consistently taken market share away from REITs in the retail sector.Private investors have become the fastest growing buyer pool for retail centers due to low interest rates and an increase in 1031 and 1033 exchange activity,…»
The Monday Morning Quarterback
Hope you all had a fun 4th of July holiday. It has always been one of my favorite holidays of the year not only because of the patriotic connotations but the sunshine, family and friends, shorts and tee shirts, barbecues (which means hot dogs and hamburgers) baseball, a generally lighthearted atmosphere and because it’s downright fun.…»