For commercial property owners, 2015 was a very good year. According to early analysis of securitized loan results through February of 2016, the commercial properties backing the loans posted strong net operating income (NOI) growth, increasing 3.8% on average in 2015. Average NOI for commercial property backing CMBS loans showed a big jump in 2015, compared with 2.66% in 2014 and 2.64% in 2013, according to analysis by Wells Fargo Securities… Read more »
Arizona taxable sales topped $100 billion for the first time in 2015, according to new data from the Arizona Department of Revenue. Taxable sales climbed 8 percent year over year as they closed in on $102 billion for 2015. Taxable sales, garnered from the state’s transaction privilege tax filings, show huge gains in accommodations, up 67.5 percent while professional management and administration activities climbed 27.6 percent… Read more »
Mesa and Arizona State University have begun formal talks about creating a satellite campus downtown. Under a memorandum of understanding approved March 17, officials have until June 10 to agree on the campus’ proposed location, scale, degree offerings and financing options. If they don’t meet that deadline, neither party is obligated to proceed. “This is intended only to be an opportunity for discussion,”… Read more »
Land sales volume saw a sharp rise in 2015, with 88.85 acres sold for a total of $94.8 million compared to 37.57 acres for $46.7 million in 2014. A dramatic increase was also reflected in building sales, with total sales volume almost doubling from $169.5 million in 2014 to $324.3 million in 2015. The average price per square foot for building sales rose by 40 percent for office, 9 percent for industrial and 14 percent for retail… Read more »
CMBS defeasance hit a record high in 2015 with $21.2 billion and a total of 1,431 loans that were either defeased or replaced by government securities. That volume was up 11.5 percent over the $19 billion in defeasance that occurred in 2014, according to research firm Trepp. The spike in defeasance activity over the past two years has helped to reduce the wall of looming loan maturities expected to hit the market in 2016 and 2017… Read more »
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