Commercial Real Estate & Business News – March 30, 2017

While owners of shopping malls have been grappling with department store closings for several years, the pace of closings has recently accelerated, marking a turning point in the speed of the fundamental changes reshaping the traditional mall sector. Chains such as Sears, Macy’s and JCPenney are no longer closing a handful of underperforming stores at a time. Over the last three months, they have all embarked on a new round of aggressive store closures involving a hundred or more locations each. …»
Phoenix has been a hot spot for industrial commercial real estate development, and industry leaders said they don’t expect it to slow down. Development in the industrial segment of the commercial real estate market is still gaining momentum, said Keith Earnest of VanTrust Real Estate. “We see a very bright future for the Arizona…»

Phoenix plans to dramatically shrink its portfolio of city-owned real estate after an internal review found the city doesn’t need at least 656 pieces of land that it owns. That number includes hundreds more excess properties than officials previously acknowledged, and comes after an Arizona Republic investigation revealing widespread concerns about Phoenix’s land-management practices. …»

The shrinking mountain of CMBS loan maturities is good news for a real estate industry that has been waiting to see how capital markets would bear up under the heavy demand for fresh financing. Yet it is not all smooth sailing. Problem CMBS loans still stuck in the pipeline are pushing delinquencies higher. Most of the stable legacy loans securitized circa 2007 have already been refinanced…»
Buying a home is one of the most pivotal moments of a person’s life. Most dream of owning their own home to gain equity in an asset that usually grows in value. Still others prefer the flexibility of renting a home that eases the risk should the housing market crash or a neighborhood lose value. The truth is most people do not get to choose when they can buy a home. …»