Commercial Real Estate & Business News – February 3, 2021

Across the country, office was among the hardest hit sectors during the pandemic, and Phoenix was no exception. Office leasing activity in the market fell by 58% in 2020, according to research from Savills. The vacancy rate fell by increase 110 basis points to 22.3%…»
The housing market is looking extremely strong for the Phoenix area in 2021.’s most recent forecast predicts home sales in the Valley will jump 11.4% over last year’s levels, which is more than the national average. The combination of beautiful weather, prestigious restaurants..»
Coworking giant WeWork announced to its members Tuesday that it will be vacating its location in Block 23 in downtown Phoenix on Feb. 26. WeWork began evaluating its entire global portfolio in 2019 — before the Covid-19 pandemic began…»
Hines, the international real estate firm, today announced the structural topping out of Adeline, the new luxury residential high-rise community at the Collier Center in downtown Phoenix. Adeline will feature 75 studio, 179 one-bedroom and 125 two-bedroom…»
The U.S. economy is expected to reach its pre-COVID-19 level by mid-2021, sooner than anticipated, and unemployment is poised to fall more rapidly as a result of a milder downturn and earlier recovery from the pandemic, according to the latest estimates by the Congressional…»