Commercial Real Estate & Business News – May 10, 2017

Since the financial crisis, the economy has never been called robust, but it may be in the longest expansion on record, with a couple more years to go. Goldman Sachs economists said, in a recent note, that their model shows an increased 31 percent chance for a U.S. recession in the next nine quarters. That number is rising. But it’s a good news, bad news story, and the good news is there is now a two-thirds chance that the recovery will be the longest on record…»

Don’t count out the apartment wave just yet. The Phoenix metro area ranked among the top multifamily markets for net leasing in the U.S. in the first quarter, according to new data from CBRE Group (NYSE: CBG). New York – including Newark and Long Island – saw the most apartment absorption (or net leasing) in the first quarter with 6,400 units rented. Phoenix was fourth with 3,300 units absorbed behind only New York, San Francisco (3,600) and Washington D.C. (3,400)…»

Rental rates are on the rise and have reached $693 per month in the first quarter. This marks a 3.6 percent increase in the past year. Rental rates have risen in each of the past seven quarters. Rental rate gains were recorded across all property classes with Class A buildings posting the healthiest jump in rents at six percent year over year…»

DMB announced today that competitive sales analyses have identified Eastmark as the top selling home community in the East Valley with 275 total sales in the first quarter of 2017. Sales transactions are trending higher than 2016 numbers. Throughout 2016, Eastmark averaged 42 sales per month; in the first part of 2017, the community is averaging 82 sales per month. During the first week of the second quarter, the community totaled 40 sales surpassing the highest sales week since grand opening in 2013…»

Imagine a road trip in 2030 on a super interstate highway that stretches from Arizona’s border with Mexico to the U.S.-Canada border in Montana. And it won’t be just a road on which you drive your car, but an economic investment to the communities through which it passes. “It’s a really important project and I don’t think people will appreciate it in the way that they should,” Ian Dowdy, director of the Sun Corridor program, said…»