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Commercial Real Estate & Business News – May 9, 2024

Apartment Rent Growth Expected to Accelerate in 2024’s Second Half

U.S. multifamily rent growth is expected to accelerate in the second half of 2024 as new construction completions decelerate and positive net absorption continues, CBRE reported. The first quarter saw average monthly rents grow 0.4% year-over-year to $2,163. Notwithstanding...»

Developer Buys Site for Student Housing Project Near Arizona State University

Multifamily developer LV Collective, along with two partners, have closed on a deal to build a luxury, off-campus student housing complex in Tempe, Arizona, near Arizona State University. The transaction comes as the asset class outperforms its traditional multifamily peers and…»

Multifamily Rents Rise for Second Straight Month

Multifamily performance remained strong in April, with rents rising for the second consecutive month. According to the latest Yardi Matrix National Multifamily Report, the average U.S. asking rent increased $6 to $1,725 last month. The year-over-year growth rate was flat at 0.7%…»

Sternlicht Says Market Waiting On Fed To ‘Relent,’ Warns Of Long-Term Interest Rate Fallout

Starwood Property Trust CEO Barry Sternlicht, long a critic of the Federal Reserve’s tight monetary policy, blasted the central bank and Fed Chairman Jerome Powell again during the company’s first-quarter earnings call on Wednesday, which reported that Starwood beat earnings…»

How Baker Development is Reviving Former Motorola Site

Demolition of what once was a Motorola facility at 52nd Street and McDowell Road has commenced, making way for revitalization of this storied site in Phoenix. Located minutes away from Sky Harbor Airport, Arizona State University, Scottsdale and Downtown Phoenix, Dan Slack…»