Commercial Real Estate & Business News – March 9, 2023

Multifamily Keeps Benefiting From Hurting Housing Supply

In the 2022 US housing report from the National Association of Realtors and, which operates for the NAR, the big news is more of the same. The market is now, by their count, 6.5 million new single-family homes short of…»

Valley Investment Group Buys North Scottsdale Parcel at Land Auction

The paperwork took longer than the bidding process. Michael Lieb’s firm, Legacy 76 LLC, won 20.5 acres of north Scottsdale land on Wednesday at the Arizona Land Department building. The minimum bid was $28.07 million, which is…»

CBRE Raises its Forecast for Metro Phoenix Hotel Performance

CBRE is raising its forecast for hotel performance in the Phoenix metro and nationally on the heels of industry gains in Q4 2022 and the expectation of slightly positive GDP growth in 2023. DEEPER DIVE: Here are the finalists for the 2023 RED Awards …»

Minnesota Developer Lands Financing for Planned Affordable Housing Complex Near Phoenix

Real estate development firm Roers Cos. received $90 million in financing to build a 200-unit affordable housing project in Buckeye, a fast-growing suburb west of Phoenix. Roers, based near Minneapolis, secured…»

Class A Office is No Longer a Safe Haven

CRE has been an industry soaked in uncertainty. Interest rate jumps, worries about a potential recession, significantly reduced transactions that makes price discovery difficult. For those in the office sector…»