Commercial Real Estate & Business News – May 28, 2021

U.S. retail earnings for the first quarter are proving to be “a perfect storm of strength,” according to Fitch Ratings. Ongoing tailwinds from government stimulus and discretionary budget savings from reduced services spend combined with “budding enthusiasm over vaccines, re-openings…»

Construction firms should stockpile a supply of critical materials like lumber and steel they’ll need for projects in the second half of the year, as experts predict shortages will continue to plague the building industry. Materials shortages have hamstrung builders over the course of the…»

U.S. hotels set a new occupancy record for the pandemic last week just ahead of the Memorial Day weekend start of the traditional summer travel season. Average occupancy rose to 60.3% last week, the highest since March 7, 2020, and up from 59.1% the previous week, according to…»

During the past five years, the industrial real estate sector in Phoenix, encompassing warehouses, distribution centers, flex spaces and other industrial buildings — has experienced steady growth. Today, demand is fueling new industrial development valley-wide, increasing net…»

The first quarter of 2021 brought positive net absorption to the Greater Phoenix retail market, according to a report released today by Colliers in Arizona. Absorption pushed retail vacancy down and rental rates continue showing signs of growth. The city lost significant jobs during the spring of…»