Commercial Real Estate & Business News – March 18, 2021

A year after the Covid-19 pandemic forced many businesses to move employees to working remotely, activity is beginning to pick up in the Phoenix office market, though on a smaller scale. “Tour activity is up substantially,” said Andrew Cheney, principal at Lee & Associates. “January and…»
The pandemic has taken a crushing toll on the largest shopping center in the United States, Minnesota’s Mall of America, and officials say that the effects of that damage could linger for years to come. An official at the 5.6 million-square-foot megamall in Bloomington, Minnesota, a suburb…»
The coronavirus pandemic has shaken the US economy, and its effects will be felt for years to come. Retail, entertainment and hospitality have been hit particularly hard by government-mandated shutdowns, changing consumer behaviors and shifts in spending. For many, the road…»
Arizona lawmakers are again looking for ways to punish bad actors in the vacation rental market. This year, they’re targeting tax licenses for those who repeatedly create neighborhood nuisances. The move has the backing of the industry, including Airbnb and Vrbo owner Expedia Group, but not…»
Phoenix-based Cavco Industries Inc. bought 118,241-square-foot class A industrial building in Glendale from Trammell Crow Co. for $15 million. The sale fetched the highest price per square foot for a vacant shell building, $130, in the history of the Valley’s industrial market, according to data from…»