Commercial Real Estate & Business News – August 26, 2021

The emerging Delta variant of COVID-19 and a low vaccination rate have halted September return-to-work plans, prompting companies including Wells Fargo, Google or Amazon to postpone their moves and once again revisit their work strategies. Despite ongoing turbulences, office transaction activity holds strong, with…»

A rise in household formation and the prohibitively high cost of homeownership in many US metros has pushed apartment rents up 11% in the first half of the year, according to a new report from Apartment List. The increase is more than double the rate of inflation and triples the rent growth the firm measured in the…»

Glendale could annex nearly 180 acres of land on two sites for proposed light industrial facilities on the northwest side of Luke Air Force Base. If annexed and rezoned, developers plan to build a 1.6 million-square-foot industrial facility with five buildings and a 1.1-million-square-foot industrial facility on the…»

George Oliver has sold CASA, a class-A office property in Phoenix to Macquarie Asset Management for $56 million or $312 million per square foot. The sales price is a record for the local submarket.George Oliver received strong interest in the property from a wide range of investment capital, including high…»

The July 2021 employment report from the Arizona Office of Economic Opportunity revealed the state’s private sector added more than 16,000 new jobs in July, which is “the only time in the last ten years that Arizona has added jobs in the month of July,” said Patrick Ptak, the senior vice president of…»