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Commercial Real Estate & Business News May 8, 2018

It is becoming common to see Phoenix rank among the top rent growth markets in the nation for multifamily. In CoStar’s most recent quarterly update, the Valley of the Sun’s 4.6 percent year-over-year gains were sixth-best among major U.S. metros, trailing only Orlando, Las Vegas, Sacramento, Jacksonville and Inland Empire. But Phoenix has the rare distinction of being a metro that can sustain robust rent growth while absorbing an inundation of new supply…»

The amount of speculative office space underway around Phoenix has more than doubled during the past year. We reported this week more than 1.5 million square feet of spec office space is underway, with 2.2 million to be finished this year…»

The Greater Phoenix retail market posted an unusually strong first quarter. The past three months marked the strongest first quarter performance since 2008 as retailers ramped up activity in response to continued economic growth and an accelerating housing industry…»

While some uncertainty and a cautious attitude among respondents remained, the survey found that the type of real estate growth seen over the last few months has the “commercial brokerage community feeling positive.” The Center for Real Estate Theory and Practice at the W. P. Carey School of Business conducted the survey. About 200 commercial real estate brokers responded…»

Phoenix is scheduled to see new supply of about 8,600 units in 2018, 39 percent above the 2017 volume. While recent development has been rapid, it hasn’t yet reached the pace seen in 2002, when deliveries were about 12,000 units. Occupancy is now about 3 points ahead of where it was at that time…»