Commercial Real Estate & Business News – October 1, 2020

8 Arizona Cities Among Top 20 for Bouncing Back Most
The employment market continued to recover in August, as the latest jobs report shows that the national unemployment rate has fallen to 8.4%, which is 43% below the peak of 14.7% during the height of the COVID-19 pandemic. To provide more context at the city level, WalletHub today released…»
Prices Explode for Lumber, Sag for Steel, Scrambling Apartment Construction Budgets
Apartment developers suffer headaches that keep getting worse as they try to guess where construction costs might go in the economic chaos caused by the spread of the coronavirus. Overall, prices have risen slightly on average for the materials and commodities that developers need to build new…»
Global Capital Flows to US Multifamily Fall Nearly 50%
Global capital inflows into American apartments dropped precipitously in the first half of the year. As economic turbulence around the COVID crisis weighed on the market, global capital invested in American apartments fell 49.2% year-over-year to $3.1 billion in the first half of the year…»
Phoenix’s Second-Tallest Office Tower Gets Significant Makeover
Developer ScanlanKemperBard and capital partner Black Salmon are nearing completion on an extensive renovation of downtown Phoenix and Arizona’s second tallest office tower. The owners have begun the final phase in a multi-part renovation of the 31-story property known locally as Bank Center…»
Scottsdale Gets 1st Dark Zone Resort
Scottsdale is getting its own Dark Sky Zone resort this fall. Slated to open Oct. 15, the 177-room ADERO Scottsdale not only boasts bragging rights as the region’s only resort in a certified Dark Sky Community but also offers one of the best views in the state, including Four Peaks and the McDowell…»