Commercial Real Estate & Business News – May 4, 2020

Food Consumption Patterns Have Clearly Changed But Are They Permanent?
It is clear that, with consumers hunkered down at home, their food consumption habits have changed drastically since the onset of Covid-19. Restaurants and the fine dining experience are out, while home cooking and takeout and delivery are in. The only question…»
Holualoa Sells Superstition Canyon Apartments Complex for $42M
Holualoa Companies sold the 200-unit Superstition Canyon Apartments in Mesa to KB Investment Development for $42 million, according to commercial real estate tracking website The complex, located at 1247 S. 96th St. in Mesa, near the intersection of Ellsworth…»
Phoenix-area Evictions Dropped with Moratorium. Here’s Why Tenants are Urged Not to Skip Rent
Phoenix-area renter evictions plummeted 66% during April, likely due to state and federal restrictions and financial help during the COVID-19 crisis. The drop in the number of renters losing homes comes as the number of Arizona residents receiving unemployment benefits…»
Arizona’s economy has taken an enormous hit during the past four weeks, and no one knows when it will end. But end it will. This week, Gov. Doug Ducey extended his stay-at-home orders through May 15 as he continued to be measured in his response and follow expert opinions on…»
Office Tenant Demand Has Slowly Returned in Phoenix
Office tenant demand has started to rebound in Phoenix. Lease transactions abruptly stopped in March, with tenants either placing existing negotiations on hold or calling off the search for a new space. While activity has nowhere near rebounded to pre-coronavirus…»