In the News—Week of August 24, 2026
National
South Carolina top state for CRE, St. George leading metro market
A new index from the National Association of Realtors finds South Carolina leads all U.S. states in projected future demand for commercial real estate, CNBC reports. The index is based on an analysis of over 300 metro markets across the office, industrial, retail and multifamily sectors. St. George, Utah, emerged as the strongest individual metro market because of office-sector job growth alongside solid population gains and industrial activity. NAR economist Nadia Evangelou notes that smaller and mid-sized markets — including Fayetteville, Arkansas; Huntsville, Alabama; and Spartanburg, South Carolina — may offer some of the most promising opportunities, often outperforming larger coastal cities like New York and San Francisco.
National
Commercial real estate sales surge in Los Angeles County in July
Commercial real estate sales in Los Angeles County surged in July, with nearly 7.3 million square feet of property changing hands for a total of $2.1 billion, The Real Deal reports. Figures from NAI Capital and CoStar show a 22% jump in the amount of square footage sold and a 28.5% increase in dollar volume compared to July 2025. This continues a broader trend that has seen sales volume climb 75% since July 2024. Multifamily properties drove the bulk of the activity, accounting for 58% of all investment with more than 3.4 million square feet sold for over $1.2 billion — a 55% year-over-year increase and average pricing up nearly 29% to $376 per square foot. Retail investment also strengthened, with 1.2 million square feet trading for $402 million, a 40% annual gain.
National
What a joke! Satirical website about pied-à-terre tax draws real applicants
A satirical website created as a joke about New York’s new pied-à-terre tax has unexpectedly attracted thousands of real applicants, the New York Post reports. Comedian and former software developer Madison Walser built Aura Investments after a Threads joke about housing artists in the empty apartments of wealthy second-home owners to help them dodge Mayor Zohran Mamdani’s tax on luxury properties — only to find the concept had struck a nerve, drawing nearly 4,000 artist applications and roughly two dozen inquiries from actual property owners. Walser is now weighing whether to turn the bit into a legitimate business, exploring legal safeguards like background checks and formal leases, along with two possible funding models involving either a placement fee from owners or utility payments from artist tenants. The effort faces a major obstacle, however, since city officials have already cautioned that leases created solely to sidestep the tax won’t hold up legally — a warning Walser suspects was aimed directly at her project.
National
Banks regain appetite for financing commercial real estate, data show
Banks are once again eager to finance commercial real estate, the Scotsman Guide reports. Figures from the Mortgage Bankers Association show commercial and multifamily mortgage originations jumped 52% in the first quarter of 2026 compared to a year earlier. The MBA’s Reggie Booker says a seasonal dip from a blockbuster fourth quarter of 2025 shouldn’t obscure the broader trend, pointing to full-year 2025 borrowing of $706 billion — up 40% from 2024 — as evidence lenders are returning to the sector in force. The Wall Street Journal reports that major banks including Bank of America, U.S. Bancorp, Truist and PNC have all posted double-digit growth in commercial real estate loan balances, with the buildout of large data centers helping draw institutions back after years of caution following pandemic-era office losses.
Arizona
McCarthy Building starts overhaul of the former Fiesta Inn in Tempe
McCarthy Building Companies has broken ground on a major renovation of the former Fiesta Inn in Tempe, AZ Big Media reports. McCarthy is transforming the 12-acre campus into a combined training center, hotel and conference facility for the firm’s workforce. Slated to open in early 2028, the McCarthy Anchor Campus will serve as a national hub for professional development and leadership training for the company’s more than 8,000 employees. The project, designed by SmithGroup, will preserve the property’s Frank Lloyd Wright-influenced architecture while adding modern classrooms, lodging, wellness spaces and outdoor gathering areas.
Arizona
Construction begins on three-building industrial campus near Interstate 10
Construction has started on Avondale Tech Center, a three-building Class-A industrial campus totaling roughly 700,000 square feet across 38 acres in the West Valley, AZ Big Media reports. Located at the northwest corner of 117th Avenue and Corporate Drive along Interstate 10, the campus offers direct access to Loops 303, 101 and 202 within a key West Valley manufacturing corridor. The three buildings, ranging from about 212,000 to 254,000 square feet, are built for demanding industrial users, featuring 36-foot clear heights, heavy-duty three-phase power expandable to 6000A, EV charging stations and enhanced fire-protection systems. Developed by Creation and Crow Holdings Capital, the project breaks from typical industrial-park design with amenities such as outdoor gathering spaces, a walking path and pickleball courts.
