Commercial Real Estate & Business News – September 23, 2016

The Federal Reserve voted 7-3 to keep interest rates at their current level at its September meeting, citing a steady unemployment rate and inflation that is still running below the 2.0 percent mark it has predicted. Fed Chair Janet Yellen told reporters during her press conference that the economy has a bit more running room, but “we don’t want the economy to overheat and significantly overshoot our 2.0 percent inflation objective. That’s one risk that we need to address”…»

Decelerating rent growth and a jump in new rental units are coming this fall, says Yardi Matrix in its newest edition of U.S. Multifamily Outlook. Despite two quarters of weak GDP, strong nationwide employment growth and low inflation rates have offset earlier economic concerns, the report notes. Yardi predicts gains in consumer spending and wage growth in the wake of the employment spike. “Worries that the recovery is on its last legs appear to have subsided,” the report says…»

Brent Herrington knows as much about as suburban real estate development and sprawl as anyone. He’s the president and CEO of Scottsdale-based DMB Associates. The real estate firm has developed big suburban subdivisons in Scottsdale, Mesa and Buckeye such as DC Ranch, Silverleaf and Verrado. DMB also has plans for a big commercial and residential development at Scottsdale Road and the Loop 101…»
MainSpring Capital, developer of the 232-acre mixed-use Pima Center, has announced plans for its new retail development, The Block at Pima Center…»
Mountain Shadows, the highly anticipated $100 million new boutique resort coming to Paradise Valley, is scheduled to debut in early 2017. Set in the shadow of Camelback Mountain, the property will feature a modern take on its iconic 1950’s namesake…»