Commercial Real Estate & Business News – July 30, 2021

The recovery from pandemic disruption in the commercial real estate market has advanced more rapidly than industry experts expected and is gaining speed even as variants of COVID-19 loom as a potential threat. The amount of property distress is fading much faster than the market saw…»
After a search that lasted more than two years and included over 300 sites in 20 different states, KORE Power Inc. will build its manufacturing facility in Buckeye, where it expects to employ about 3,000 people. Coeur d’Alene, Idaho-based KORE had narrowed its selection to sites in Arizona, Florida and Texas before…»
As was widely expected, the Federal Reserve’s Open Market Committee voted to maintain its current accommodative stance of monetary policy, according to its statement released on Wednesday. The Fed said it plans to keep short-term interest rates near zero and continue its monthly purchases of…»
Hines, the co-developer of the speculative, Class A office development 100 Mill in Tempe, is planning a new, smaller office development down the street, near Tempe Beach Park.The project, called 250 Rio, is the next chapter in the firm’s “Tempe story,” said Brandon Dillingham, managing director of…»
Fueled by fears of a continued rise in inflation, investors are aggressively bidding up apartment prices. Nationally, the average apartment cap rates stand at 5.1%, but that’s for closed transactions, according to John Chang, senior vice president and director of research services at Marcus & Millichap...»