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Commercial Real Estate & Business News – July 27, 2020

Construction Work Underway at Papago Plaza Redevelopment in Scottsdale
Construction work has begun at Papago Plaza, a redevelopment project near McDowell and Scottsdale roads in south Scottsdale. Final grading is being done onsite for installation of electrical and water lines. Pivot Development, which is developing the hotel, restaurant and retail…»

How to Value CRE Rents After the Pandemic
Commercial real estate tenants are expecting and waiting for rents to drop. The industry is notoriously slow in responding to new market conditions, and most active players in the market, and either side of the table, are expecting pricing to come down over the next six to 12 months…»

Apartment Rents Drop as Residents Flee Gateway Cities
The rent is too high. Anyone living in a major US would most likely agree. Seems the pandemic and its related fallout have spurred action on that front, both in rental costs and where those rents are being paid. US mutifamily rents decreased by $2 in June, down to $1,457…»

Landlords are Encouraged to Think Creatively as 28 Million Americans Face Eviction
Sen. Kamala Harris joined the movement to address the housing crisis in America. The California Democrat introduced the Relief Act, which would ban evictions and foreclosures for a year for tenants and homeowners. This comes on the heels of a May survey by the American…»

Meritage CEO Flying High on Bullish Outlook for Scottsdale Homebuilder
Steve Hilton is flying high. Not only did the share price of Meritage Homes Corp. (NYSE: MTH) briefly reach its all-time high on Thursday, but the Scottsdale homebuilder’s chairman and CEO can’t build houses fast enough to meet demand for potential buyers armed with record…»