Commercial Real Estate & Business News – June 20, 2024

Multifamily Investment Market Shows Improvement

Conditions in the multifamily investment market have improved, driven by a steep contraction in property prices and growth in net operating income (NOI) that together offset the effect of higher mortgage rates. The effect was to boost Freddie Mac’s Multifamily Apartment…»

CaliberCos brings rebooted Mercado mixed-use project to Scottsdale for review

A mixed-use project in the middle of a busy commercial area of Scottsdale is set for consideration by the city. CaliberCos Inc. (Nasdaq: CWD), a Scottsdale-based real estate investment and development company, is bringing a rezoning case that will be examined on June 20 by the city’s development review board that...»

Minimal Rent Growth Expected in 2024, Analysis Shows

According to the new report, advertised multifamily rents are up 1.1 percent year-to-date, with year-over-year increases maintaining each month at around 0.6 percent. Analysts expect that advertised rent growth will be around 1.7 percent for the calendar year, far below the 24 percent gain recorded in 2021 and 2022…»

Phoenix Office Sublease Availabilities Remain at Multidecade High

The amount of space available for sublease has risen quickly in the Phoenix office market since the onset of the pandemic as lower space-per-employee needs and tepid office-using job growth have weakened underlying tenant demand. This has caused many users to reevaluate their footprints and…»

Here’s Where Large Multifamily and Hospitality Deals Are Pricing

To understand where commercial real estate is pricing this year, start by looking back to early 2022 when the Federal Reserve’s interest rate hikes triggered a sharp decline in institutionally sized property deals. Pricing plummeted, directly tied to the rising rates, and the market’s…»