Commercial Real Estate & Business News September 5, 2018

Opportunity Zones provide investors a new method to defer or eliminate tax on gains that is more flexible than Section 1031 exchanges. While I.R.C. §1031 like-kind exchanges now only permit delaying capital gains recognition for real estate investments, the 2017 Tax Cuts and Jobs Act created a new program that permits temporary and sometimes permanent…»
Metro Phoenix led the nation for losing the most construction jobs during the housing crash. Now, Valley builders are hiring. But Arizona has one of the biggest shortages of construction workers in the U.S. The shortage in workers could delay new metro Phoenix home sales, which are running at the highest level since the housing crash. At least 82 percent of Arizona…»
Property managers are offering more months of free apartment rent to attract new tenants in markets across the United States. Concessions “are in every market (133) we track,” says Doug Ressler, director of business intelligence with research firm Yardi Matrix. Apartment vacancy rates are creeping above 5.00 percent in many cities and towns as more developers…»
Evergreen Devco Inc. broke ground on a $40 million apartment luxury apartment complex in South Phoenix – a local development hot spot. The 258-unit project, Parc at South Mountain, will be built on 10.88 acres at 3400 E. Southern Ave. Andrew Skipper, co-founder and CEO of the Phoenix-based Evergreen, said he has about $132 million worth of projects on his plate this year…»
Investors may be missing a big opportunity in class-A malls. Top quality malls are outperforming other retail assets and are seeing strong rent growth. CBRE Global Investors sees strong potential in these assets, and recently struck on the opportunity with the acquisition of three-property portfolio totaling 3.7 million square feet located in Atlanta…»