Commercial Real Estate & Business News – July 3, 2020

Have a Happy and Safe 4th of July Weekend!

Value of Phoenix-area Construction Starts Drops in May
Nearly $891 million worth of residential and nonresidential construction projects began in the Phoenix area in May, a 19% drop from May 2019, when the region’s economy was full speed ahead and $1.1 billion worth of construction projects started…»
$60M Aviation Project Breaks Ground in Mesa Opportunity Zone
Nearly 400,000 square feet of hangar and office space has begun construction in the City of Mesa in a push to keep going during a corona-induced economic downturn. The worldwide pandemic has halted many industries, but construction…»
No To Hospitals: Survey Finds Patients Are Seeking Other Health Care Facilities During Pandemic
Patients are wary of seeking health care at hospitals and prefer to travel to off-campus facilities for treatment in light of the COVID-19 pandemic, according to a new report released this week. Health care real estate REIT Physicians Realty Trust…»
Mall Battle: Are Indoor Or Outdoor Shopping Areas Weathering the Pandemic Better?
A sharp decline in consumer traffic for indoor malls, and a slightly less impactful reduction in outdoor mall traffic, hit retailers hard during the pandemic, but it wasn’t enough to knock either medium down for the count, a new study from consumer data analytics company…»
Largest US Banks Face $48 Billion Commercial Real Estate Loan Loss, Fed Says
The nation’s largest banks are facing a possible $47.6 billion loan loss on commercial real estate over the next two years in the worst-case scenario for economic fallout from the coronavirus, according to the latest stress test results from the Federal Reserve…»