March 12, 2013, 12:51pm MST
Phoenix Business Journal
State Farm may be keeping tight-lipped about its yet-to-be-inked plan to build a massive regional headquarters along Tempe Town Lake, but the insurance giant is open about one thing: it’s hiring in metro Phoenix.
Robert Villegas, a local company spokesman, emailed me today saying State Farm is looking to fill more than 500 customer service-related positions this year and will begin recruiting next week at a career fair in Tempe.
Analysts predicted that the CMBS loan delinquencies would level off this year but that has not been the case. Since February, Trepp reports have showed a increased in delinquencies from 9.52% to 10.34% reported in July. Manus Clancy of Trepp LLC said that they had forecasted that loans made in 2007 would mature this year and cause in inflation in the delinquency numbers. He was correct but misinterpreted how long it would last due to our economy. Now, Clancy feels that it will take a few more months for the rate to plateau and eventually start to decline. This has a lot to do with the unemployment rate staying extremely high. Multi-family, hotels, and industrial properties remain the highest property types for delinquent loans. All three of these major property types have a rate of over 11% as of July. The only property type that has actually seen improvement over the last month is retail, which has dropped to 8.03%. Although these analyses do not show promising numbers, the end of the year is expected to result decreasing rates of delinquencies. All of these numbers are directly affected by our overall economy, and without increased job growth, these numbers will continue to rise.
Read more: http://www.globest.com/news/12_405/newyork/finance/For-the-Fifth-Consecutive-Month-CMBS-Delinquencies-Increase-Again-323839.html
Things are looking up for the Phoenix office market. The second quarter of 2012 saw the vacancy rate decline to 20.3%, a decrease over the first quarter this year. Although the national average dropped to 12.1%, Phoenix had a positive net absorption of 907,843 square feet. This shows a great trend for developers and office property owners in Arizona. Only two office buildings were completed last quarter totaling just less than 50,000 square feet, but developers are seeing an opportunity as the quarter ended with almost 400,000 square feet of office space under construction.
Read More: http://www.costar.com/News/Article/Market-Trend-Phoenixs-Office-Vacancy-Decreases-to-203/139791?ref=/News/Article/Market-Trend-Phoenixs-Office-Vacancy-Decreases-to-203/139791&src=rss
EverBank out of Jacksonville, Florida has announced that it will purchase GE Capital’s Real Estate Lending department for $2.5-billion. Although the deal still has to be approved by regulatory committees, both companies board of directors have approved the acquisition. The department consisted of 108 employees in 14 separate locations, who will now be working for EverBank when the deal is expected to close later this year.
With a current balance of $2.44 billion in performing loans and $3.1 billion in servicing rights on existing loans, EverBank hopes to grow the business further while keeping all of the current employees. Many of the loans are secured by commercial real estate and the portfolio has an average loan size of $2.6 million.
Read More: http://www.globest.com/news/12_384/jacksonville/acquisitions_dispositions/EverBank-Snares-GEs-Business-Property-Lending-Unit-322965.html