Commercial Real Estate & Business News – September 24, 2013

Deloitte: U.S. Holiday Sales to Rise 4% to 4.5%

Holiday sales are expected to climb to between $963 and $967 billion, representing a 4% to 4.5% increase in November through January holiday sales (excluding motor vehicles and gasoline) this year from last year’s season, according to the new Deloitte holiday sales forecast. The growth rate is on par with last year’s 4.5% gain… Read more

No Bubble In Multifamily Values, According to Freddie Mac

Renter household formation has outpaced owner household growth during the past few years, spurring a huge increase in multifamily property sales and new construction. Despite the boom in multifamily sales and development, Freddie Mac’s latest Economic and Housing Market Outlook found that residential property values “remain consistent with fundamental economic forces in the housing market,” and that the rate of appreciation for multifamily property values moderated over the past year… Read more

Report: Gateway Airport’s economic impact on EV region tabbed at $1.3 billion

A report conducted by Arizona State University’s W.P. Carey School of Business indicates the combined direct and indirect impacts from Phoenix-Mesa Gateway Airport brought in more than $1 billion to the regional economy in fiscal year 2013. That’s 79 percent more than what was reported in the last study, three years ago… Read more

Expanded Loop 303 Leaves Surprise Ripe for Growth

The expanded Loop 303will not be finished for another year, but the section in Surprise is days from completion. When work crews lay down the final stretch of rubberized asphalt on Loop 303’s new northbound lanes between Peoria and Grand avenues this weekend, the project will mark a major milestone. It will not be until fall 2014 when new development is expected to begin to get rolling along that corridor in Surprise… Read more

Orr: Housing Sluggish, Due to Lack of Supply

Though the metro area is moving up from the bottom of the financial meltdown’s ground zero, the housing market continues somewhat sluggish. Recent figures released from the Center for Real Estate Theory and Practice at Arizona State University’s WP Carey School of Business noted that single family home sales during June 2013 were 7% lower than in June 2012. Furthermore, townhouse/condo sales were down by 6%… Read more