Commercial Real Estate & Business News – January 14, 2021

National US Rental Demand Closes Out Year at Strongest Level Since 2000
The United States ended the year with the best fourth quarter for apartment demand in two decades with large Sun Belt cities driving the most traffic, though some high-priced coastal markets hit hard by the coronavirus pandemic initially now appear to be rounding the corner…»
Offices in Phoenix’s Chandler Suburb Sell for $21.7 Million
A Southern California investment group paid $21.7 million for a two-building office property in Chandler, Arizona, one of the highest sums paid last year for an office property in the Phoenix suburb where the pandemic caused deal activity to tumble. Yonezawa-Miller Company, a real estate development…»
How Amazon has Impacted the Arizona Economy
You’re not mistaken if you feel like you’re seeing a new Amazon fulfillment or delivery facility pop up every few months in Arizona — specifically, the Greater Phoenix market. In fact, the company is on pace to average one new facility each month in the market during 2020, with 12 new locations…»
KKR Acquires Phoenix Industrial Asset
KKR has expanded its Phoenix industrial portfolio with the acquisition of a 263,000-square-foot distribution property in Goodyear, Ariz., from developers Provident Real Estate Ventures and Merit Partners. The global investment firm, which made the acquisition through its core-plus real estate strategy…»
Residential Real Estate Mortgage Delinquencies Continue to Rise Nationwide, but Not in Phoenix
While mortgage delinquencies continue to rise nationwide, the rate is falling in metro Phoenix. Borrowers continue to move through the delinquency funnel, with October 2020’s serious delinquency rate reaching over three times that of October 2019 nationwide, according to CoreLogic Inc.’s…»