Commercial Real Estate & Business News – November 9, 2023

Signs That Capital on the Sidelines Maybe Be Reentering the Markets

With transaction volumes down, price discovery largely missing, valuations heavily off, and a challenging interest rate environment, a natural question is when CRE markets would again pick up. Many in the industry have been talking for more than a year about all the capital sitting on the…»

Biggest US Homebuilder Sees Housing Demand Slow With Higher Rates

The biggest U.S. homebuilder by volume is upping the number of homes it plans to sell over the next year despite higher mortgage rates and inflation cutting into its profits during its latest quarter. D.R. Horton expects to close on between 86,000 homes and 89,000 homes in its next fiscal year…»

Phoenix Apartment Rents Decline for Fourth Straight Month

Average asking rents in Phoenix declined 0.8% in October, marking the fourth consecutive month of rent losses and the largest monthly drop since the global financial crisis. After remaining flat through the first half of 2023, rents at Phoenix multifamily properties began falling in late summer…»

WeWork Looks to Terminate Lease in Downtown Phoenix After Being Locked Out

WeWork Inc. has designated a major downtown Phoenix office space as among one of nearly 70 leases in North America that the coworking giant is looking to terminate as part of its Chapter 11 bankruptcy filing. The locations were identified in a Nov. 7 court filing with U.S. Bankruptcy Court…»

Big & Small Banks Head in Opposite Directions on CRE Lending

Concerns about U.S. commercial real estate lending are everywhere. BlackRock thinks that borrowing costs will be 5.5% in the long term. Banks keep tightening lending standards, increasing the difficulty for many to get needed financing. And recently the Financial Stability Oversight Council…»