Commercial Real Estate & Business News – January 4, 2017

Landlords of upscale properties across the U.S. are bracing for rough conditions in 2017 that will likely force them to slash rents and offer deep concessions as a glut of supply brings a seven-year luxury-apartment boom to an end. ...»
Erasing all of the gains registered in early 2016, the CMBS delinquency rate climbed 20 basis points last month to 5.23%, the highest level since October 2015, according to Trepp LLC. The late-pay rate has now moved higher in nine of the past 10 months. ...»

Arizona might be emerging as a hot destination for newcomers, according to a new survey that tracks state-to-state migration patterns. The annual report by United Van Lines places Arizona as the 10th-highest state for attracting people moving from other states during 2016. Arizona didn't crack the top 10 in the 2015 survey...»

The Limited will close its Scottsdale Fashion Square location this week. Arizona's only location for The Limited will officially close on Saturday, Jan. 7, according to acting store manager Henry Chase. Chase said the Ohio-based company will be filing for bankruptcy, and is currently offering a going-out-of business sale for all of its merchandise and supplies....»
Rental apartments continue to face little competition from for-sale condominiums, but that can't last, according to market experts. "We expect home ownership to return to favor, likely in the form of entry-level condos that offer the same amenities many urban apartment dwellers prefer,"...»

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