Commercial Real Estate & Business News – July 13, 2020

5 New Developments Coming to the West Valley
The West Valley leads the way in land sales in the Phoenix Metro area. With an ever-growing entertainment district, high-performing schools, private utility companies and an expanding infrastructure, the West Valley is an attractive territory for homebuilders and developers and new…»
Fairfield Residential Buys Apartment Complex in Tempe, Arizona
Apartment giant Fairfield Residential paid $73 million to buy Norte Town Lake, a 244-unit luxury apartment property in Tempe, Arizona, one of greater Phoenix’s most coveted multifamily investment markets. Fairfield Residential, which owns or has developed 42,300 units in 33…»
Phoenix Office Space Market Remained Positive in Second Quarter
The Greater Phoenix office market remained relatively healthy during second quarter, despite business interruptions caused by Stay-at-Home orders and impact of coronavirus. The office sector posted its 33rd consecutive quarter of positive net absorption and office vacancy remains below…»
Coronavirus Surge: Next Bailout Could Cost $1.5 Trillion, Moody’s Says
The surge in coronavirus cases across many U.S. states will come with a big price tag. The next bailout package will need to be at least $1.5 trillion, compared with an estimate of $1 trillion before the rise in COVID-19 cases, according to Moody’s Analytics chief economist Mark Zandi. “A few weeks ago…»
Senior Housing Occupancy Slips to All-Time Low
Occupancy rates at senior housing properties across the U.S. experienced the largest quarterly decline since reporting began 14 years ago, according to a new report from the National Investment Center for Seniors Housing & Care. Nationwide, occupancy fell 2.8 percentage points in the second…»