Commercial Real Estate & Business News – March 25, 2024

Real Estate Unlikely a Systemic Problem for Banks, PNC CEO Says

Troubled commercial real estate debt could lead to problems for some small lenders, but isn’t likely to be an issue for the broader US banking industry, said William Demchak, chief executive officer of PNC Financial Services Group Inc. Demchak, who leads one of the biggest…»

Report: Americans Are Renting by Choice

As 41% of renters say their “American dream” has nothing to do with homeownership, an increasing number of Americans are placing higher value on renting than owning a home. One in 5 (20%) expect to be lifelong renters, a 33% increase from 2021, according to Entrata’s…»

Biltmore-Area Luxury Apartments Ready for Occupancy; Plus 6 More Valley Deals to Know

Georgia-based Wood Partners has opened the luxury Alta Biltmore multifamily community near Camelback Road and State Route 51 in Phoenix. The 215-unit luxury apartment at 1720 E. Camelback Road is the third project opening in the Valley for Wood Partners, with the Alta…»

Notable New Hotels Being Added in the Western US This Year

In the Western U.S., more new hotels and rooms are expected to open this year than last year. The region includes Montana through New Mexico, Hawaii and Alaska. If all hotels open on time, there will be nearly 200 new hotels, compared to nearly 145 last year, a 37% increase. By…»

Homebuilders Snag Nearly 1,000 More Lots in East Valley, Even More Purchases Planned

Two publicly traded homebuilders have closed on 886 lots in the East Valley, with hundreds more closing soon. Wolfkin Farms LLC, tracing to Penny Wolfswinkel Jenkins, sold 154.02 acres to JEN Partners for $23.7 million, north of the northeast corner of Quail Run Lane and…»