Low interest rates, rising property values and incomes, and a competitive lending environment are creating a perfect storm for borrowers looking to refinance maturing loans. The robust refinancing activity over the past 12 to 24 months is continuing to take the edge off the looming mountain of loans coming due in 2015, 2016 and 2017. According to the most recent MBA survey, which was done at the end of 2014, the projection for loan maturities among non-bank lenders is $121 billion in 2015. That volume jumps to $223 billion in 2016 and stays relatively high at $208 billion in 2017… Read more »
With development largely restricted to Outlet Centers and Mixed-Use infill projects in CBDs, many retailers left with fewer viable options to expand. With shopping center vacancies continuing to tighten as retailers slowly fill the remaining excess space and developers adding little in the way of new shopping space, retailers are facing a dwindling number of high-quality locations with available space to accommodate expansion or new store openings… Read more »
Valley wide, healthy leasing activity will lead to great absorption the second half of the year. North Phoenix led the market in direct net absorption for second quarter with 153,576 square feet. That market signed some new deals during the quarter, including Travellers Indemnity for approximately 31,000 square feet at Desert Ridge and Navitus for approximately 22,000 square feet at City North. The 44thStreet/East Phoenix submarket also had impressive direct net absorption with 107,149 square feet… Read more »
Construction begins next week on en Hance Park, a 59,000-square-foot condominium project in Downtown Phoenix slated for completion in June 2016. Developed by Sencorp, a Chilean-based developer with housing projects worldwide, en Hance Park is one of the first new condo developments Phoenix has seen in several years. Located at 1130 N. 2nd Street, the complex is a dynamic urban-infill development focused on thoughtful living for the live/work lifestyle of Downtown professionals… Read more »
The problem with the overall market is there is an older stock of office and medical office buildings sitting vacant. Some are smaller buildings that had one or two users and are owned by mom-and-pop or smaller landlords. They face challenges in finding new tenants and the landlords either cannot afford or are unwilling to upgrade, renovate or even tear down their existing empty space… Read more »
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