Phoenix Market Update: More Deals Occurring, but at Lower Pricing
Phoenix Business Journal reports: Relying on data from Real Capital Analytics and LoopNet, the Phoenix Business Journal recently provided an update on commercial real estate activity in the Phoenix metro. According to the article, “Commercial real estate investment activity in the Phoenix area remains fairly anemic in office and retail, but is booming in the multifamily category, while the industrial market is showing signs of improvement.” Activity in Phoenix’s beleaguered apartment sector has more than doubled year-over-year by volume, while volume fell slightly for both office and retail sales.
Likely reflecting the sheer size of Phoenix’s outstanding distress pool, pricing is down, in some cases sharply, for all property types from one year ago. The article states that prices fell by 19% for the average apartment in Phoenix, by 39% for industrial space, by 16% for office space, and an abysmal 52% for retail space. The comparison periods were September 2010 vs September 2009.
View the full article on Phoenix Business Journal: Phoenix Market Update: More Deals Occurring, but at Lower Pricing
Articles related to this topic:
Multifamily Sector Pulls Ahead of the Pack
Notable Apartment Deals Portray a Sector in Recovery
Rising Activity Reflected in Profit Gains at Commercial Property Firms
Distress Sales Set to Grow, but Continue Weighing Down Broader Pricing
Posted by: Nina Turner