By AZRE
Sales of commercial properties in Greater Phoenix slowed down during first quarter of 2017, according to a report released by Colliers International. Industrial activity ticked higher as other categories decreased in sales velocity.
In most cases, prices of commercial properties declined slightly during the first quarter. This was due in large part to the mix of assets that changed hands. Fewer trophy assets and grocery-anchored shopping centers were sold, which created transactions of lower priced properties.
Cap rates rose in the first quarter. The yield on the 10-year Treasury rose at the end of 2016 but has generally stayed flat in 2017. Across most property sectors, cap rates average in the mid-seven percent to the low-eight percent range.
