Commercial Real Estate & Business News – June 28, 2021

COVID-19 accelerated pre-existing trends in the retail industry, prompting changes in the way cities govern that will last far beyond the pandemic, according to the National League of Cities’ (NLC) new report, The Future of Cities: Reenvisioning Retail. The report’s analysis finds that retail…»

For a second consecutive week, U.S. hotel demand was at 90% or more of 2019 levels thanks to leisure travel, according to the latest Market Recovery Monitor from STR, CoStar Group’s hospitality analytics firm. Room demand for the week of June 13-19 topped 26 million room nights,…»

The cost of renting industrial and logistics properties has been going up nationwide, and few places have seen prices rise as much as the Phoenix metro. The Phoenix market came in at No. 11 in the nation after seeing a 12.1% year-over-year jump in base rents for industrial space, according to…»

Yesterday, the Arizona Legislature passed the largest tax cut in Arizona history and Gov. Doug Ducey is expected to sign it soon. Here’s what it does: BENEFITS ALL TAXPAYERS: The average taxpayer will receive a 13% income tax reduction, saving about $350 a year. IMPLEMENTS THE LOWEST…»

911 operators for Phoenix police could soon have a new home. The city plans to buy the Wells Fargo Plaza located just east of City Hall. The 27-story building at First Avenue and Washington Street is expected to house multiple city departments, including police headquarters. Current headquarters at…»