Commercial Real Estate & Business News – March 8, 2023

It’s Raining Multifamily

“It’s Raining Men,” so the 1980s song by the Weather Girls went. More than 40 years later, what’s raining is multifamily units. In a research brief, CBRE forecasts that 716,000 multifamily housing units will hit the market over the next…»

Construction Paused on $2B Paradise Valley Master-Planned Community, Residents Frustrated

Homeowners of luxury estates at The Palmeraie in Paradise Valley are frustrated with the stop-and-go construction pace of their new homes. Construction is again on pause for the $2 billion, 122-acre luxury master-planned community — which includes…»

Phoenix Ranks No. 5 Nationally for Data Center Leasing Activity

Activity from out-of-state technology companies drove unprecedented data center leasing activity in Phoenix during 2022, according to a new report from CBRE. The market’s absorption – a measure of net leasing activity – had…»

Rising Interest Rate Cap Costs Pressure CRE Borrowers

Soaring costs for protections against rising interest rates are further pressuring commercial real estate property owners saddled with floating-rate debt. Property owners who purchased interest rate caps before the Federal Reserve began…»

Hoteliers Say Business Travel Has Permanently Shifted

MEMPHIS, Tennessee — Shifts in business travel demand over the past few years have included trips that increasingly blend in leisure, as remote and hybrid work enable extended stays at hotels. Some hotel executives believe…»