Commercial Real Estate & Business News – October 29, 2020

4 Arizona Cities Among Top 20 with Employment Bouncing Back Most
The employment market continued to recover in September, as the latest jobs report shows that the national unemployment rate has fallen to 7.9%, which is 46% 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…»

Increased Construction Activity in Downtown Phoenix Could Lead to Shortage of Developable Land
Construction projects that were planned and funded before the Covid-19 pandemic have led to the largest concentration of tower cranes ever in downtown Phoenix. “Phoenix has seen the benefit of investments by developers who were able to construct for cheaper,” Scott Macpherson, executive…»

Scottsdale-Based Taylor Morrison Ramping Up Land Acquisition Pace
In an effort to keep up with homebuyer demand, Scottsdale-based Taylor Morrison Home Corp. is gobbling up even more land across the nation – and the Valley. Sheryl Palmer, president and CEO of the Scottsdale-based homebuilder, told analysts in a third quarter earnings call Wednesday…»

Callaway, Topgolf to Merge in $2 Billion Deal Meant to Propel Golf Venue Business
Golf equipment giant Callaway and Topgolf, an operator of high-tech driving ranges and other venues, reached a deal valued at $2 billion to create a global golf and entertainment company as the sport undergoes a surge in popularity in the pandemic. Callaway, a publicly traded golf company based…»

Home Price Index Sees Greatest Gain in Over 2 Years
The S&P CoreLogic Case-Shiller index of home prices in 19* U.S. cities rose 5.7% in August from a year ago, the greatest year-over-year gain since 2018, driven unsurprisingly by tightened supply amid record-low interest rates. The August increase was larger than the 4.8% advance the month…»