Commercial Real Estate & Business News – November 7, 2022

Multifamily Cap Rates Still Just Below 4% of 2021 NOI

Apparently while interest rates have managed to move faster than cap rates. Trepp did a recent series of multifamily sales. The implied cap rates “continued to hover at just under 4% of 2021” in September. “Since the run-up in interest rates over the last six months, Trepp analysts have been…»

How the Affordable Housing Crisis Has Hit Downtown Phoenix

Downtown Phoenix is filled with sparkling luxury apartments that are either just finished or under construction. But despite the influx of apartment complexes, Phoenix is in the midst of an affordable housing crisis. Metro Phoenix has an affordable housing deficit of.…»

Two Banks Enter Phoenix Market to Offer Commercial Lending

Two new banks have entered the Phoenix metro by hiring Valley-based executives to run commercial or Small Business Administration lending in the state. Tacoma, Washington-based Columbia Bank has expanded its commercial lending division into…»

Mall Owner Macerich Says It’s on Track for Best Leasing and Sales Since 2015

Mall owner Macerich said it’s on track to achieve its highest leasing in seven years, despite rising interest rates and relatively high inflation, as vacated spaces get filled by national retailers, fitness chains and even the occasional DMV office or veterinary clinic…»

New Luxury Build-for-Rent Community Planned for Southeast Valley Master Plan

Scottsdale-based developer, Empire Group recently closed on a 27-acre parcel in San Tan for approximately $13.8 million. Plans for the land are now underway for a build-for-rent community called Village at Borgata. Village at Borgata will be situated at the…»