Commercial Real Estate & Business News – August 19, 2020

Report: Metro Phoenix Will See a 37% Drop in Apartment Construction
Nationwide, multifamily construction is in its second consecutive year of decline after peaking in 2018. This year, an estimated 283,000 new units are expected to hit the market, 12% less than in 2019. Here are the highlights for Phoenix Metro: Phoenix Metro area is set to see a 37% drop in apartment construction…»
Apple Hospitality Buys Tempe Hotel for $65M
Apple Hospitality has acquired a turnkey, dual-branded hotel on Arizona State University’s campus in Tempe, Ariz. Mortenson Construction developed the 105-key Hyatt House and the 154-key Hyatt Place and sold the properties for $64.6 million. Nelson Knight, Apple’s president of real estate and investments…»
Pandemic Fuels Phoenix Medical Office Absorption
The Phoenix medical office market experienced a surge in absorption during the second quarter as coronavirus cases increased in the region. As a result, the asset class has managed to outperform expectations during the pandemic with 192,001 square feet of net absorption led by Maricopa Integrated Health Systems…»
In a Signal That Office Space Still Matters, Amazon Expands Tech Jobs in Phoenix Inc. said Tuesday it will create 500 new technology and corporate jobs in the Phoenix area, expanding its office space in the Valley by more than 90,000 square feet. The move is part of a national expansion to six different cities where the online…»
Millions of Apartment Renters Sit at the Brink of Disaster
Millions of apartment residents have fallen behind on their rent payments, according to data from the U.S. Census-and the damage is likely to spread as the economic crisis caused by the novel coronavirus continues. Federal assistance that helped millions of renters…»