Commercial Real Estate & Business News – September 8, 2023

Banks Are Resilient, but FDIC Says Inflation Rates Pose Risks

The banking industry may be resilient, but it is showing signs of stress, according to a report from the Federal Deposit Insurance Corp. on Thursday. Second-quarter earnings at U.S. banks amounted to $70.8 billion, the FDIC said. The tally marks an 11.3% drop from the prior quarter but…»

Construction Spending to Rise in H2 2023

Boosts in federal funding will counterbalance a slowdown in construction starts, according to JLL’s projections. Rising interest rates and tighter lending standards have led to slower construction starts in recent months but the post-pandemic pipeline combined with strong…»

SimonCRE Will Develop Elm Street at Surprise City Center

SimonCRE, a national commercial real estate development and acquisition firm, recently announced it closed on the purchase of the land for the upcoming development of Elm Street at Surprise City Center. The development brings more than 70,000 square feet of mixed-use commercial…»

The First Voodoo Doughnuts Shop in Arizona Opens in Tempe

Doughnut fans in lawn chairs started lining up early at a bright pink building near Apache Boulevard and Rural Road in Tempe. The newest location of Oregon-based Voodoo Doughnuts opened its doors to a line stretching down the street on Thursday morning. The shop is known for its unusual…»

Housing Market “stuck” as Mortgage Rates Remain Above 7%

The 30-year fixed rate declined to 7.12% for the week ending September 7. A slight cooling in mortgage rates wasn’t enough to keep mortgage applications from sinking to a 28-year low. Freddie Mac‘s Primary Mortgage Market Survey, which focuses on  conventional and…»