Commercial Real Estate & Business News – May 10, 2024

CBRE: Multifamily Fundamentals Start to Stabilize

U.S. multifamily growth is expected to accelerate in the second half of the year amid slowing completions and continued positive net absorption, according to new research from CBRE. CBRE research shows that average monthly rents in the first quarter ticked up 0.4% year...»

Build-to-Rent Well-Positioned to Fill Housing Market Gap

With nearly one-fifth of multifamily properties now over 65 years old, it’s time to consider solutions for rejuvenating the rental housing stock in the U.S. With 17.6 percent of multifamily properties built before 1959, many require costly renovations to retain tenants and maintain…»

A Tale of Two Office Markets: Phoenix Medical, Traditional Buildings Differ in Performance

Though challenges across multiple fronts have plagued the Phoenix office market for over four years, one segment of the sector has bucked the trend. Property performance for medical office buildings, or MOBs, has strengthened since the onset of the pandemic, with vacancy declining…»

Trustee Auction for Westin Tempe Hotel Delayed Again

The trustee auction for the 290-room Westin Tempe has been delayed a third time as the owners of the property search for a buyer. After Las Vegas-based CAI Investments LLC, the owner of the Tempe hotel, failed to make its loan payments, Dallas-based Hall Structured Finance…»

Home Prices Grew in 93% of Markets in Q1 2024: NAR

Home prices trended up in almost all U.S. metro areas during the first quarter of 2024. Out of 221 metro markets analyzed, 205 (93%) posted yearly home price gains in Q1 2024, while 30% experienced double-digit price gains during the same period — up from 15% in the fourth…»