Although an increase in CMBS delinquencies likely is in the offing, for the moment they’re continuing to improve. Trepp LLC said Monday that the delinquency rate fell 17 basis points in September for the largest single-month improvement in 12 months. September’s rate of CMBS late-pays dipped to 5.28%, while the rate of seriously delinquent loans—those 60-plus days delinquent, in foreclosure, REO or non-performing balloon—declined by 13 bps to 5.15%… Read more »
With a glittering mix of shops, salons, boutique gyms and restaurants on an impeccably landscaped 66 acres, the Mesa sales-tax darling that is Dana Park Village Square isn’t exactly hurting for patrons. But Houston-based developer Whitestone REIT — which bought the high-end “lifestyle center” in 2012 and has since boosted occupancy to 93 percent — believes a handful of improvements will attract more customers and persuade them to stick around longer… Read more »
Phoenix is in a building boom. Cranes dot the downtown skyline as construction crews transform lots on nearly every major street. Housing projects run the gamut from apartments to townhouses, from the central city to the suburbs. Some already are underway. Others will need more planning and approval before they break ground…Read more »
Old Town and south Scottsdale have edged past Tempe and now have the lowest office vacancy rates in the Phoenix market. The Scottsdale areas also have the second-most expensive asking rents in the region at $27.69 per square foot. The Biltmore/Camelback area has the most expensive Phoenix office rents — $29.38 per foot. The south and Old Town Scottsdale areas have a 9.3 percent vacancy rate. That is the only Phoenix submarket below 10 percent… Read more »
Demand for stabilized medical office buildings (MOBs) and new development is on an upswing, according to market experts, with cap rates matching pre-recession record levels. The average cap rate for performing MOBs declined to 6.5 percent in the first half of 2015, almost reaching the record low of 6.2 percent achieved in the third quarter of 2007… Read more »