Commercial Real Estate & Business News – August 5, 2020

Medical Office Market in Phoenix Thrives During Pandemic
As cases of coronavirus and hospitalizations rose in Greater Phoenix following Memorial Day weekend, the area’s second quarter of real estate market activity was also surging. The medical office market posted its strongest quarter of net absorption in nearly two years and vacancy in this product…»

Economist, GPEC Chief ‘Cautiously Optimistic’ as AZ Budget Shortfall Smaller Than Expected
Although earlier this year Arizona’s Joint Legislative Budget Committee had projected a combined shortfall of $1.1 billion for fiscal 2020 and fiscal 2021 due to the effects of Covid-19, the latest projections show a much smaller shortfall for 2020 that reduces the longer-term impact. While the committee projected…»

Five Below Closes on 70 Acres for West Valley Project
Five Below, a national discount retailer, has closed on 70 acres of land in Buckeye where it plans to develop its West Valley distribution center. Five Below bought the property for $7.9 million from Indianapolis-based real estate developer and investor…»

Nikola Starts Construction of $600 Million Truck Factory Near Phoenix
Hybrid heavy truck company Nikola Motor Co. has started developing a vehicle manufacturing plant in Pinal County southeast of Phoenix, adding to the area’s increasing stature as a zero-emissions automotive industry hub. Nikola, based in Phoenix, is building…»

New Home Sales Climb Back From COVID-19 Low in Metro Phoenix, Prices Expected to Climb, Too
Forecasts were grim for metro Phoenix’s home building market during the early days of COVID-19. Potential home buyers were expected to stay out of new subdivisions and model homes due to health concerns, and many home builders shut sales offices…»