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Commercial Real Estate & Business News – June 28, 2024

Charting Luxury Retail’s Course in the New Economy

The global luxury goods market soared to $1.6 trillion in 2023, with global consultancy firm Bain & Co. forecasting even greater growth in 2024, primarily driven by cars, hospitality and personal goods. In this fiercely competitive sector, staying ahead of the curve is paramount, particularly for…»

U.S. Office Vacancies Could Hit 24% by 2026

The troubles facing the commercial real estate sector might stick around for a little longer. U.S. office vacancy rates could reach a peak of 24% in 2026, as remote-work trends continue to challenge whether office space is a strict need for many companies, according to a Moody’s report published…»

Florida Developer Wins State Land Auction as Sole Bidder; Plus 9 More Valley Deals to know

Orlando, Florida-based ZOM Living was the winning bidder at a Arizona State Land Department auction on June 26. The only bidder at the auction, ZOM Living scooped up more than 54 acres at the northwest corner of 56th Street and Loop 101. Nicholas Rahman, senior development manager of…»

Build-to-Rent Project Breaks Ground in Phoenix Suburb as Mortgage Prices Surge

A joint venture between Trilogy Investment Co. and Mexico-based Cimbra Partners has begun site work on a build-to-rent development in a Phoenix suburb as for-sale home prices in the area steadily rise, pricing many would-be first-time buyers out of the mortgage market. The project, dubbed Rêve at…»

Why Bankers Are More Optimistic About Soft Landing for Economy

Bank economists are expressing increased optimism about the outlook for business credit and the prospect of a soft landing for the U.S. economy over the next six months, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest summary of…»