Commercial Real Estate & Business News – June 22, 2020

My View: Arizona, Here’s How We Can Build Our Way to an Economic Recovery
Institutions in Arizona are doing an excellent job trying to organize themselves to help businesses during the Covid-19 crisis. They are trying their best, helping by providing short term survival support. However, if we look at history, there are signs…»

Arizona Unemployment Rate Down 4.5 Percentage Points In May
A month after doubling as the state’s economy staggered under the coronavirus pandemic, Arizona’s unemployment dropped by 4.5 percentage points during May. The state Office of Economic Opportunity reported that the seasonally adjusted unemployment…»

Phoenix Hotel Industry Expected to Recover From Pandemic Dip in 2022
The last three months have been the worst on record for Phoenix-area hotels, but a new hospitality industry forecast shows Phoenix tourism businesses making a quicker recovery than other major cities – as long as there is a Covid-19 vaccine sometime next year…»

When Will Building New Units Make Sense Again? Apartment Developers Remain Uncertain
Some lucky multifamily developers will start work on new apartment projects at the perfect time, as the U.S. begins to recover from the economic crisis caused by the COVID pandemic. They will likely pay far below last year’s prices for development sites. They should have an easy…»

A Second PPP Loan for Struggling Small Businesses? New Bill Would Offer Additional Funding
Some small businesses may be able to get a second Paycheck Protection Program loan if legislation introduced Thursday in Congress becomes law. The Prioritized Paycheck Protection Program, or P4, Act would allow some small businesses that have already exhausted their PPP loans…»