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Austin, Charleston, Las Vegas, Memphis, and Raleigh-Durham are catching investors' eyes.
CBRE said fundraising constructions from the tough banking climate a key factor.
The spread between vacancy and availability has "rarely been this wide."
Boston, Philadelphia, Savannah, and Charleston benefit from West Coast union snags.
Preleasing is up by 7.8 percentage points compared to a year ago.
The average asking price for multifamily properties dropped a significant 24.9%.
The Federal Reserve's May 3 meeting is a key date for the CRE industry.
Innovation is the industry's cornerstone, and the failed bank was a main supporter.
The vacancy rate rose for a second consecutive quarter to 3.6%.
Expect the climb to persist if there is a continued crunch on corporate earnings.