Commercial Real Estate & Business News – March 18, 2020

Despite Pandemic Uncertainty, Rents Remain Strong in February
The national average rent was $1,468 in February 2020-up 3.2%, or $46, from February 2019, according to data compiled in RENTCafe’s monthly rent report. February’s year-over-year rent growth matches the pace set in January, but falls just below last year’s 3.5% YOY growth rate. Out of the nation’s…»
Foreign Investment in Multifamily Lower In 2019
A recent report by CBRE documents the level of foreign investment in U.S. multifamily properties and reveals a 27.3% drop in portfolio deals in 2019. Last year clocked in with a total of over $10 billion as compared with 2018, which was over $14 billion…»
Amazon’s Coronavirus Plan: Hire 100,000 Displaced Workers, Raise Pay Inc. has its own economic stimulus plan for the global pandemic that has ground the economy to a near halt: Give laid-off and furloughed hospitality workers jobs delivering Prime packages. The e-commerce company will hire an additional 100,000 workers in the United States…»
Gilbert Uses Forward-thinking Boldness to Cultivate Big-city Economic Growth
The Phoenix market retained its spot as the national leader for multifamily rent growth for a second consecutive year, and the city holds the title for home price appreciation as well. Multifamily rents climbed 6.8% annually in 2019, more than double the national index…»
Refinance Applications Surge To Decade High As Coronavirus Fears Push Mortgage Rates To Record Lows
The sudden rate cut by the Fed last week in response to the coronavirus outbreak led to a swift and sudden rise in homeowners refinancing their loans. Coronavirus has already impacted how real estate agents are (or aren’t) showing homes and lenders are feeling the pressure…»