Commercial Real Estate & Business News – December 21, 2020

Bridge Lenders Get Ready to Enter the Recovery Fray
Even with vaccines beginning to roll out, 2021 will be an uncertain year in commercial real estate. E-commerce has conventional, brick-and-mortar retail under siege. Many offices and hotels are sitting empty. “In the grand scheme of things, all asset classes are under pressure…»
U.S. Sublease Office Space Soars in Third Quarter, to Near 2009 Peak
Driven by a combination of continued remote working, workforce reduction and economic uncertainty, it’s not surprising that 80 percent of markets tracked by real estate services firm Transwestern have reported an increase in sublet office space in recent months…»
Luxury Online Consignment Retailer The RealReal Signs Big Lease for Phoenix Distribution Center
The San Francisco-based retailer leased a building that was formerly occupied by Tuesday Morning in southwest Phoenix. The company will receive economic incentives from the city for choosing Phoenix as a location for the center, which will employ more…»
Arizona Among States Whose Unemployment Rates are Bouncing Back Least
With the U.S. gaining 245,000 jobs in November and the national unemployment rate at 6.7% compared to the nearly historic high of 14.7% at the peak during the coronavirus pandemic, WalletHub today released updated rankings for the States…»
Knightvest Acquires Shade at Desert Ridge for $87M
Dallas-based Knightvest Management acquired Shade at Desert Ridge from an affiliate of Canada’s The Ergas Group for $87 million. The 342-unit apartment property is located at 21150 N. Tatum Blvd. in Phoenix. The 14-building complex totals 354,642 square feet spread across…»