Commercial Real Estate & Business News – November 9, 2016

Banks tightened lending standards on commercial real estate loans in the third quarter, according to the Federal Reserve’s October 2016 Senior Loan Officer Opinion Survey on Bank Lending Practices. It noted that: a moderate net fraction of banks reported tightening standards for loans secured by nonfarm nonresidential properties…»
Just under half of Phoenix apartment renters spend more than 30 percent of their income on rent. That is according to a new analysis by Abodo. a Madison, Wisconsin-based real estate company. Abodo found 49 percent of Phoenix renters spending more than 30 percent of their income on rent. …»

The City of Mesa Falcon Field Airport Terminal Upgrades project has been selected as the Best Project in the Renovation/Restoration category for the 2016 Engineering News-Record (ENR) Regional Best Projects awards competition for the Southwest region. The annual awards program is dedicated to honoring the best construction projects and companies in the U.S.…»

The Greater Phoenix retail market experienced a cooling effect over the summer months of third quarter with net absorption slowing and vacancy rising for the first time since 2014. Net absorption remained positive in the third quarter, but had declined to just 77,000 square feet compared to 320,000 square feet in the second quarter…»
A new craft brewery has opened in Scottsdale. Mesquite River Brewing opened this past weekend at 13610 N Scottsdale Road, off Scottsdale and Thunderbird roads. The space can seat 65, and owners Karl Ivanoff and Fred Misch have produced eight original beers on its 12-beer tap, including pale ale, IPA, stout, amber ale, red ale, and brown ale, according to Mouth by Southwest.…»