October 18, 2016

Banks lenders originated more than a third—38 percent—of all permanent apartment loans in the first half of 2016. That’s not far behind the share of apartment loans made by agency lenders, including Fannie Mae and Freddie Mac, which have been the dominant source of lending on stabilized apartment properties since 2012.

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U.S. commercial real estate prices have reached new highs, but the sector is a much safer place today than it was before the 2008 financial crisis.

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October 17, 2016

The Phoenix area’s apartment boom has been very good for Mark-Taylor Inc., the multifamily housing developer/operator that has been No. 1 on the Phoenix Business Journal’s Commercial Real Estate Developers list since 2012.

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New housing and workplace offerings are in the works as part of the ongoing renovation of Metrocenter Mall in Phoenix. The Walmart Supercenter at Metrocenter Mall is under construction, on its way to a summer 2017 completion, and Carlyle Development Group is already moving forward on the next phase of reinventing Metrocenter Mall into an […]

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Residential rents across the United States are forecasted to rise 1.7% over the next year, the same rate of appreciation as the past 12 months, according to the latest real estate analysis report.

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Rental property owners in Phoenix will find a city where the population has grown by about 7.77 percent from 2010 to 2015. The median home value in Phoenix increased by a solid 10.1 percent. Also key for increasing the number of renters: Employment growth in the city is a solid 3.6 percent.

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Office occupancy and absorption rates both remained high in the third quarter, as job growth continued to improve and companies took more risks on new leases, according to experts.

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October 16, 2016

A joint venture formed by NexPoint Residential Trust Inc. and BH Equities LLC paid $44.6 million ($107,470 per unit) to buy The Colonnade, a 415-unit apartment project at 1930 E. Camelback Road in Phoenix. The sellers were eight tenant-in-common (TIC) investors headed by MCS Capital Partners LLC.

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REIS’s newly released data on apartment vacancy, absorption, consumption, supply and demand, and rent trends show some softening in the rent market in the third quarter of 2016. High construction levels and weak economic conditions in the beginning of the year have predicated this deceleration, according to REIS economist Barbara Denham.

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LaPour Partners Inc. has teamed up with Holualoa Arizona Inc. to develop a $75 million office-hotel project at the southeast corner of 28th Street and Camelback Road in the Biltmore area of central Phoenix.

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Office occupancy and absorption rates both remained high in the third quarter, as job growth continued to improve and companies took more risks on new leases, according to experts.

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Both physical and nonstore retail sales are up for the year, with e-commerce continuing its decade-long pattern of growth. U.S. retail and food services sales for September surged upward for the month by 0.6 percent compared with August, the Census Bureau reported on Friday. Compared with September 2015, sales were up 2.7 percent, and sales for the third quarter of 2016 (July through September) were up 2.4 percent compared with third-quarter 2015.

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October 13, 2016

Last week, Arizona lawmakers were updated on the state budget and economists’ view of the near-term financial landscape. Here are five things to know.

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City and business leaders from across the Valley met with AOL co-founder Steve Case Oct. 7 as he toured the region’s successful startups through his Rise of the Rest bus tour. Phoenix Mayor Greg Stanton met Revolution venture capital firm CEO Case first thing in the morning at Civic Center Park and joined the bus tour for breakfast at the Desert Botanical Gardens, where more than 50 joined him.

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Phoenix’s homeownership rate increased to 63.4% in the second quarter, surpassing the national average from the first time since 2010, according to the Second Quarter 2016 Economic and Single-Family Housing Market Outlook Report for Phoenix released by Ten-X, an online real estate transaction marketplace.

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It’s not the news Valley renters want to hear. Rent prices are expected to go up again. Rent prices have been skyrocketing across the Valley for quite a while with the average rent up seven percent since last year.

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Central bankers seem to be in disagreement about how to proceed with raising the currently ultra-low interest rates, based on The Federal Open Market Committee recently released minutes of its Sept. 20-21 meeting. Some FOMC members believe that waiting might lead to later larger rate increases—and another recession as a result.

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October 12, 2016

A San Diego bowling and sports bar restaurant and entertainment concept called Tavern+Bowl is opening a new location at the Westgate Entertainment District in Glendale. It will be Tavern+Bowl’s first Arizona location and also include a microbrewery.

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The planned Crescent Rio complex will be located on 3.2 acres of land on First Street, just east of Hardy Drive, that is owned by Tempe-based Spagnuolo Investments and currently houses office and industrial buildings.

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The national wave of new apartments and multifamily property sales that has dominated big markets such as Phoenix since the recession could be making its way to Flagstaff. A new report ranks Flagstaff and Northern Arizona University sixth nationally for new apartments designed for college students coming online next year.

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Pollack said that we’re nestled into the fourth-longest expansion since World War II. The problem, he said, is it’s the slowest expansion in U.S. economic history. “We going to see continued subpar growth in 2017,” he said. “We just have to get used to it.”

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Steady, improving employment numbers at both the local and national levels are the highlight of an ongoing, eight-year economic recovery, which saw unemployment as high as 10 percent. With unemployment hovering around 5 percent now, top Valley economists say this is likely “as good as it’s going to get” recovery-wise for the foreseeable future.

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October 11, 2016

Republic Services is expanding into a 400-employee, 72,000-square-foot facility in Chandler. The northeast Phoenix-based waste management company is opening a customer resource center in the East Valley as a way to bring the workplace closer to the workforce.

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Turf Paradise Race Course has an annual economic impact of $91 million during live race meet season from October through early May, according to a new study.

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More than 100 years ago, Phoenix’s Warehouse District was a bustling area where trains would crisscross the streets, bringing wholesale goods and produce in and out of the region. Then the urban flight of the 1950s and 1960s swept the nation, and Phoenix wound up with a severely empty warehouse district. For the many building owners in the area, it became cheaper to own dirt than an empty warehouse, so many of the brick-walled sentinels of the past were torn down and replaced with dirt or parking lots.

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