Commercial Real Estate & Business News – May 19, 2023

Phoenix One of just Two Places Nationally where Single-Family Rents have Dipped

The Valley was one of only two markets in the nation where monthly rents have declined for single-family homes, according to a new report. The Phoenix and Las Vegas metros both showed a decline in monthly rents of single-family homes, each reporting a March drop of -0.2% on the…»

Rehrig Pacific Breaks Ground on Phoenix-Area Manufacturing Facility

Rehrig Pacific has broken ground on an injection molding manufacturing plant in metro Phoenix. The facility, located in Buckeye, Ariz., is expected to open in late April 2024. A 260,000-square-foot building will be constructed in the project’s first phase. The site has…»

Commercial and Multifamily Borrowing Drops 56% in Q1

Commercial and multifamily mortgage loan originations were 56% lower in the first quarter compared with the same period in 2022, according to the Mortgage Bankers Association (MBA). Originations also decreased 42% from the fourth quarter. For multifamily properties alone, originations…»

Analysis: Overexposed US Regional Banks could Sell Commercial Property Loans

May 17 (Reuters) – Many U.S. regional lenders may have to consider selling off commercial real estate (CRE) loans at a steep discount after breaching key regulatory thresholds for exposure to the troubled sector, according to new data and market sources. Regional banks, the largest…»

Economics, Labor Shortages, Supply Chain Woes keep Construction Execs up at Night

The number of construction cranes rising above downtown Phoenix may have increased shade in the area, but it hasn’t put the top executives of the area’s biggest construction firms at ease. While we assembled the annual Business Journal’s Commercial Building…»