Commercial Real Estate & Business News – May 17, 2017

Apartment borrowers still depend on CMBS financing for the deals that just can’t get done any other way. Other lenders have been chipping into the markets where CMBS lenders once provided financing, including agency lenders, banks and even private equity funds. The interest rates offered by CMBS lenders have fallen a lot in the last year…»
A Florida developer is buying land at the Arizona Center in downtown Phoenix with plans for a 31-story, $100 million apartment tower. West Palm Beach-based North American Development Group is buying a 39,970-square-foot parcel at the downtown development on Fifth and Van Buren streets.…»

With reported increases in cap rates and a slowing investment sales market, the three major commercial property prices indices (CPPIs) are showing at best meagre gains. The all-property CPPI tracked by ratings firm Moody’s and research firm Real Capital Analytics (RCA) registered a 0.5 percent increase in March.…»

The Phoenix office of JLL has completed a new, 38,000-square-foot lease that will relocate FinTech company Upgrade Inc. from San Francisco into two floors at Renaissance Center I in downtown Phoenix. The move is the latest example of a Silicon Valley company expanding its essential business functions in Phoenix instead of taking more space in the Bay Area.…»
If your rent has gone up recently, you’re not alone. According to the market research company Axiometrics, the cost of renting an apartment in the Phoenix area reached an all-time high in April. On average, renters paid an average of $981 a month…»