Commercial Real Estate & Business News – August 27, 2020

New Developer Throws Vision for South Phoenix Cultural Plaza into Limbo
The banks of the Salt River were once a dumping ground for trash and abandoned vehicles. Now, they’re blooming with restored riparian habitats and plans for community and recreation spaces. One of these spaces – 83 acres between Seventh and Central avenues owned by CEMEX…»
Developer Ready to Make Waves: East Valley Project Aims to Let Customers ‘Hang Ten’
After relocating to Arizona from Southern California, Cole Cannon and his wife had one requirement for where they would live: It had to be on a body of water. The two now live on a private lake, but Cannon decided he needed to take the experience of the ocean one step further. He set out to create…»
Developer Starts New Phase of Large Warehouse Project Near Phoenix-Mesa Gateway Airport
Developer Marwest Enterprises LLC broke ground on the latest phase of its master-planned industrial project at Phoenix-Mesa Gateway Airport, where an influx of new businesses has caused a demand boom for logistics space. Landing 3 is designed to include seven buildings totaling 525,000…»
Top US Office Markets Tumble From COVID-19 As Tenants Retrench
The Coronavirus and ensuing recession have altered the fortunes of the top 10 US office markets. How they weather the storm will be decided by choice of tenants, local conditions and not the least, whether workers return to the office in the foreseeable future…»
U.S. Commercial-Property Prices Fall With Worst Yet to Come
U.S. commercial real estate prices are falling as the economic toll of the Covid-19 pandemic worsens — and the decline is just getting started. Indexes for office, retail and lodging properties all slipped year-over-year in July, data from industry tracker…»