Phoenix mortgage banking firm Gantry reported a year-on-year fall of 50% in Q1 2023 across all assets in the Phoenix metro. Gantry attributed the fall to higher borrowing rates combined with fewer sales transactions. The firm is, however, seeing an uptick in commercial mortgage requests for buying and refinancing land and property as borrowing rates have stabilized. Alternative lenders such as life insurance companies could benefit as banks become more cautious, and there is a “real concern over how much demand exists moving forward” for new projects in the office market.
