Commercial Real Estate & Business News – October 7, 2022

U.S. apartment sales during the past nine months have outpaced last year but some analysts say it could fall short in the fourth quarter of reaching 2021’s record level. Apartment sales volume totaled $174.4 billion through the end of September, led by a record second quarter of nearly…»

Global athletic retailer Nike Inc. (NYSE: NKE) is linked to a space under construction at Tempe Marketplace. The city of Tempe issued two building permits titled “Nike @ Tempe Marketplace” on Sept. 2. The permits are both for commercial addition/alteration work at…»

A local multifamily investment firm that typically buys and renovates older apartments just scooped up a 128-unit property in a gentrifying South Phoenix neighborhood. Gudi Real Estate Investments, based in Phoenix, paid $22.3 million, or $175,600 per unit, to buy the…»

Slowing migration patterns in some markets is among the factors Yardi Matrix found that led multifamily absorption rates to “return to pre-pandemic norms” as of August. Absorption measured at 223,000 units through the first eight months of 2022. Absorption has flattened or…»

Arizona’s state income tax rate beginning January 1, 2023 will be a flat 2.5%, one year earlier than originally anticipated. Gov. Doug Ducey announced the news in a statement last Thursday. “It’s time to deliver lasting tax relief to Arizona families and small businesses so they can…»