Commercial Real Estate & Business News – September 17, 2013

Over the past few years, renter household formation has outpaced owner household growth, as many young homeowners are being sidelined by unemployment and student debt. However, recent statistics show that the majority of new renters might not be searching for… Read more
The Bank of America high-rise in midtown Phoenix has sold for $14.8 million to a Beverly Hills, Calif. real estate firm and will soon get a $2 million facelift. Omninet Capital paid $78.30 per square foot for the 189,000-square-foot tower, located next to Park Central Mall… Read more
A reduction in the amount of uncertainty among businesses and households has been a key factor in the nation’s economic recovery. “Human nature in the face of uncertainty is to hold back and wait for more clarity before making a decision,”… Read more
A stubborn office market vacancy rate still hovers around 17.0 percent nationally in second quarter 2013, only marginally below its 17.6 percent peak in 2010. Commercial real estate professionals who lease office space around the country report several factors that contribute to the slow office leasing market:… Read more
Our long national foreclosure nightmare may be over. The number of new foreclosure filings in August hit its lowest level in nearly eight years, according to RealtyTrac, an online marketer of foreclosed properties. Soaring home prices and a big decline in underwater borrowers… Read more