CRE Pricing Rises Year-Over-Year for 3 of the 4 Major Property Types
Commercial property prices rose in September, with annual gains for all but one of the major property sectors, MSCI Real Assets reported. The RCA CPPI US National All-Property Index increased 2.6% from a year earlier and rose 2.2% from the second quarter, implying a faster annualized pace of growth of 9.0%. The exception among property types was apartments, for which pricing declined 0.8% year-over-year and 3.3% from Q2. Prices in the multifamily sector are now…»
MG Business Park is Glendale’s newest industrial condominium development
PHOENIX — A new real estate venture that developers are calling an industrial condominium development launched on Oct. 20 in Glendale. The 8.5-acre MG Business Park will bring 36 units among five buildings and 84,000 square feet of small-bay industrial space. It is located on the corner of Glendale Avenue and New River Road with immediate access to Loop 101, Interstate 10 and Loop 303. “MG Business Park offers exceptional accessibility and modern…»
New York developer plans $100M apartment tower in downtown Phoenix Warehouse District
New York-based Gallium LLC is working to develop a $100 million luxury apartment tower in the Warehouse District of downtown Phoenix. The seven-story building at 602 E. Grant Street would be built near the new Phoenix Suns headquarters and Phoenix Mercury training facility, across the street from Arizona State University School of Art’s Grant Street Studios. While Gallium has been developing commercial projects in metro Phoenix for years, this will…»
Commercial real estate investors turn bullish: Here’s why
Marcus & Millichap’s latest Investor Insights reveals a shift in sentiment — commercial real estate investors are turning bullish again. The data points to a potential new cycle driven by pricing resets and a stabilizing rate environment. CRE Investors are Increasingly Bullish, Hinting at Start of New Cycle. A quartet of factors provide optimism for the future. Commercial real estate investors have an increasingly positive outlook for the industry, with many citing four…»
Fannie Mae predicts major mortgage rate change
To fully understand the current state of the U.S. housing market, it’s essential to consider several major economic developments over the past few years. In 2022, inflation surged dramatically, prompting the Federal Reserve to raise the federal funds rate in an effort to curb consumer spending by making loans and credit more costly. This assertive monetary strategy aimed to bring inflation down from its peak of 9% toward the Fed’s long-standing target of 2%. By late…»