Commercial Real Estate & Business News – July 3, 2020
Have a Happy and Safe 4th of July Weekend! Value of Phoenix-area Construction Starts Drops in MayNearly $891 million worth of residential and nonresidential construction projects began in the Phoenix area in May, a 19% drop from May 2019, when the region’s economy was full speed ahead and $1.1 billion worth of construction projects started…» […]
Commercial Real Estate & Business News – July 2, 2020
Fitch Issues Mixed Prognosis For CRE Banks in Midst of PandemicThe financial prognosis for the banking industry during the current COVID-19 pandemic is unsteady, but there are bright spots. That is the word from Christopher Wolfe, managing director and head of North American Banks at Fitch Ratings, one of the country’s top three credit rating […]
Commercial Real Estate & Business News – July 1, 2020
Phoenix Retail Demand Diminishes During Coronavirus PandemicPhoenix retail demand dramatically pulled back since March, when the pandemic rocked the market. Retail was one of the hardest-hit commercial sectors due to an abrupt stop in economic activity and a curtail in consumer spending. Many retailers closed…» Competition Lines Up to Buy Self-Storage PropertiesIn the first week […]
Commercial Real Estate & Business News – June 30, 2020
Lenders Provide “Mixed Bag” of Relief to CRE BorrowersLenders and CMBS special servicers are still scrambling to work through the growing backlog of forbearance and relief requests. Borrowers looking for clues on just how far lenders are willing to bend-and what comes after initial relief expires-are finding…» Apartment Rents in Some Phoenix Areas Have Recovered […]
Commercial Real Estate & Business News – June 29, 2020
Construction Costs Expected to Ease for Apartment DevelopersHeading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put a halt to that, scrambling the projections of economists, developers and contractors…» The Office is Down […]
Commercial Real Estate & Business News – June 26, 2020
Developer Moves Forward with Valley Hotels, Spec OfficeNow that the 238-room, 8-story Hyatt Place hotel is under construction in downtown Phoenix, the developer hopes by the time it is ready for visitors in September 2021, travel will have resumed to normal after the coronavirus pandemic. “We closed on the land and moved financially forward…» Arizona […]