Commercial Real Estate & Business News – April 29, 2016

Tenant interest in suburban office space is finally ramping up, with many suburban office markets starting to see gains in net absorption, occupancy and rental rates after watching their urban counterparts enjoy steady gains over the past several years. While it may be premature to pronounce a full comeback, suburban markets showed the largest increases in year-over-year demand on both a square-foot and percentage growth basis... Read more »
Four years of planning, developing and building support for an artist community in downtown Mesa is nearing fruition. The planned ArtSpace Mesa, on vacant land on Hibbert Street between First and Second streets, is intended to bring local artists together to live and create in a talented community. ArtSpace Mesa is to include 50 apartments complete with artist studios. One-, two- and three-bedroom apartments are planned and rent will range from $385 to $830 a month... Read more »
A Las Vegas developer wants to build a $64.5 million new apartment complex in Tempe near Arizona State University. Nevada-based Fore Property Co. has plans for a 423-unit multifamily development on 13.2 acres parcel next to the McClintock/Apache Boulevard Metro light rail station... Read more »
Despite federal banking regulators voicing concerns over commercial real estate loan concentrations and market distress over global macro-economic uncertainty and collapsed energy prices, the nation’s banks seem to have continued to step up their CRE lending in the first quarter. Based on interviews and remarks in first quarter earnings conference calls, bank executives reported continued confidence in growing their CRE loan portfolios at more moderate rate... Read more »
The average cap rate for retail properties nationwide moved up by 11 basis points between the fourth quarter of 2015 and the first quarter 2016, to 6.59 percent, according to a recent report from commercial real estate services firm CBRE. Still, the figure represented a 13 basis points decrease year-over-year. Retail properties located in Eastern U.S. experienced the biggest quarter-over-quarter jump in cap rates, by 16 basis points to 6.29 percent...Read more »

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