Commercial Real Estate & Business News – September 9, 2015

This past quarter commercial real estate bank lending reached a happy milestone: the default rate for both multifamily and commercial loans fell below 1% for the first time since 2007, according to a quarterly report by Chandan Economics that will be released this week. Specifically, the combined multifamily and commercial default rate declined to 0.9% in Q2 2015. Broken out, that translates into a multifamily default rate of 0.3%, lower than the pre-crisis peak in 2006 and 2007... Read more »
Phoenix’s economy is in good shape heading into 2016 — just not as good as it was in previous years, according to presenters at the Greater Phoenix Chamber of Commerce’s Economic Outlook for 2016. “We’re in one of those horrible periods in American history where people have to live within their means,” said Elliott Pollack, CEO of Elliot Pollack and Company. “It’s very difficult, but we’ll get over it.”... Read more »
In less than a month, Chandler has scored a second specialty pharmaceutical company. DaVita Rx, a full-service, specialty pharmacy for patients with complex conditions told the Phoenix Business Journal today that it plans to open a new 76,000-square-foot, 550-employee facility in Stellar Business Center, north of the Stellar Airport on Chandler Boulevard west of Loop 101 on the edge of Price Corridor... Read more »
The average employee isn’t getting a big raise this year—but apartment rents are growing more quickly than ever. “Across most markets, renters are paying a higher percentage of their incomes in rent,” says Luis Mejia, director of U.S. multifamily research with the portfolio strategy division of research firm CoStar. That’s not stopping apartment rents from going up. That’s partly because the average income is surprisingly high for households living in rental housing with unrestricted rents... Read more »
Infill developer Wetta Ventures has bought the Maple House Furniture building at the southeast corner of Indian School Road and 28th Street in Phoenix and plans to redevelop the property to house two new restaurants. Scottsdale-based Wetta is the developer behind the Old School O7 project at Osborn Road and Seventh Street and is redoing another building at Camelback Road and 20th Street... Read more »

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