CRE Remains Bright Spot In Flat September for U.S. Construction
Spending on office, hotel, retail and other commercial real estate projects provided a strong lift during an otherwise flat September for U.S. construction spending, according to the latest government figures. Overall nonresidential construction spending slipped a seasonally adjusted 1% to a preliminary $596 billion in September from the previous month, but still managed to increase 4.2% on a year-over-year basis… Read more »
American Realty Capital Pays $110 Million For Freeport-Mcmoran Center
In a transaction that is the highest price per foot ever paid for class A office space in the Valley, industry sources say American Realty Capital Properties Inc. in New York City, N.Y. (NASDAQ:ARCP) has paid $110 million ($441.47 per foot) to acquire the Freeport McMoRan Center office project in downtown Phoenix. The 249,000 sq. ft. of office space comprises the top eight floors of a 26-story hotel-office building located at the northeast corner of Central Avenue and Van Buren Street… Read more »
Sales of Newly Built Apartments Hint at Speed of Cycle Maturity
Developers looking for a supply-cycle indicator should take a peek at sales of newly developed buildings. At the beginning of the supply cycle, developers typically find ready buyers eager to bid up prices in expectation of strong returns. As the cycle matures, prices gradually decelerate, even as sales of newly developed buildings continue to grow… Read more »
Seeing Similarities to 2007, CRE Industry Debates Whether We?re Midway or Late in This Upcycle
The year 2007 still casts a long shadow over today?s commercial real estate market. Nearly every discussion among commercial real estate pros involving cap rates, investment sales volume, price/square foot, loan underwriting, vacancy, etc. ties today?s values back to the previous market peak, just before it all collapsed after the bubble in housing values burst. As we enter the final quarter of 2014, it?s inevitable that… Read more »
Experts: Multifamily Financing Will Be Ample Next Year
It?s pretty nice to have Kevin Finkel?s job right now. As executive vice president at Philadelphia-based Resource Real Estate, as well as chief operating officer for the company?s Opportunity REIT funds, there are a lot of people trying to get his attention. And almost all of them have fistfuls of cash. ?There?s more money than you could ever imagine looking for real estate assets right now,?… Read more »
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