Commercial Real Estate & Business News – June 3, 2015

Why Some Bank Economists Think the Fed Won’t Raise Rates until December

Bank economists and Federal Reserve governors have a lot in common: They?re more cautious about their expectations for the economy after a lousy first quarter, but they still expect growth to pick up in the second half of the year. That?s why the American Bankers Association?s economic advisory committee thinks the Fed won?t start raising interest rates until at least September, and four of the panel?s 15 bank economists think the Fed will wait until December. None of them think the Fed will start raising its federal funds rate at this month?s meeting… Read more »

CMBS Upgrades Now Outpace Downgrades

CMBS has reached a post-2007 milestone: upgrades in 2014 exceeded downgrades. And the trend is expected to continue for the balance of this year, Standard & Poor?s says in a new report. Read more »

Economy Watch: Construction?s Climb

U.S. construction spending, which had been slumping in recent months (even adjusted for the winter), rebounded in April, according to the Census Bureau on Friday. The rise was 2.2 percent in April compared with March, as opposed to a 0.6 percent drop in March compared with February. Not only that, spending for April 2015 increased by 4.8 percent compared with a year earlier. Whatever else these numbers mean, at least it?s true that construction spending isn?t in some kind of downward spiral overall… Read more »

How Will Future Phoenix Look?

All large cities evolve over the course of time, but central Phoenix could look and feel substantially different in the coming years. Infill development within the central corridor is in full swing, particularly multi-family, which experts say will lead to a more diverse and vibrant urban core. From 2012 to 2014, the U.S. Census Bureau recorded 16,773 multi-family permits in Maricopa County, with about 46 percent of those in Phoenix, many in the central basin. Tempe and Scottsdale followed, with about 19 percent… Read more »

Construction Firms, Engineers Betting on Phoenix Light Rail Expansion

Transportation, construction contractors and engineering firms are financially backing a Phoenix ballot measure to expand the Metro light rail system via a $17 billion sales tax. Some of those companies could benefit from construction and operations contracts if Phoenix voters approve the light rail expansion in August. Others already hold light rail contracts… Read more »