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Commercial Real Estate & Business News – June 22, 2021

Americans are moving from population centers like New York, California, and Illinois in record numbers. And one of the hottest plans — both literally and figuratively? A move to Arizona. According to research from North American Moving Services, those moving…»
Multifamily rents rose by 2.5% year over year in May, according to the latest Yardi Matrix Multifamily National Report—almost exactly matching the rent growth rate in March 2020, when the COVID-19 pandemic took hold. This is the first time since March 2020…»
The nation’s estimated shortage of at least 5.5 million affordable housing units, particularly apartments, is projected by the largest real estate group to take two decades to close without action from developers and policymakers focused on
Nearly $130 billion in CMBS debt reaches maturity before the end of 2022.CMBS maturities looming in 2021 and 2022 could prove to be a tipping point for some assets. Given the distress still rippling through the retail and hotel sectors, some borrowers will…»
“We are back!”- That is how Phoenix Mayor Kate Gallego kicked off a June 17 ceremony ahead of the first convention held at the city-owned Phoenix Convention Center since the Covid-19 pandemic. Having a full-blown convention with hundreds of people…»