Commercial Real Estate & Business News – January 12, 2018

At the end of 2017, the office sector continued to experience a slowdown. There was a 50 percent year-over-year decline in investment sales volume in November, though there was also a 4.1 percent year-over-year increase in pricing, according to a report from New York City-based research firm Real Capital Analytics (RCA). Some of the decline in activity may have been driven by the rising asset prices being out of sync with expectations...»
Assessing the multifamily market at the start of 2018, Greg Willett, RealPage's chief economist, likes the industry's current position. " 'Stable' is the word we come back to over and over again when we talk about the overall performance," he says. Rents climbed 2.5% in 2017, according to RealPage, while national occupancy remained at 95.1% at the end of the fourth quarter, unchanged from the year before...»
Buying a home is more affordable than renting in 54% of markets in the United States but 64% of the population live in locations where renting is more affordable, new research shows. The least affordable places to rent are areas in Northern California, Washington DC, and Brooklyn while the most affordable rental markets are in Alabama, Illinois, Ohio and Tennessee...»
2017 will go down as one of metro Phoenix's best-ever years for home sales. An early tally shows 93,500 Valley houses changed hands last year. That's 6 percent higher than home sales in 2016. "Only 2004, '05 and 2011 were better years for home sales," said Tina Tamboer, senior housing analyst with the Cromford Report. And in those years, the Valley's housing market was far from normal...»
Research from ATTOM Data Solutions finds it's cheaper to rent than buy in metro Phoenix, but both options require larger chunks of paychecks. ATTOM reports fair market rent for a three-bedroom is $1,574, compared to $1,467 last year. The median home price in the fourth quarter of 2017 was $265,000, compared to $250,000 during the fourth quarter of 2016...»

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