Commercial Real Estate & Business News – September 21, 2020

Arizonans Could be Surfing in Mesa if a Proposed Development Moves Forward
Arizona surfers could avoid the drive to California and flock to Mesa if a planned development comes to fruition with a two-acre wave lagoon. A southern California transplant living in Gilbert is behind the project planned at the southeast corner of Warner and Power roads,…»
The Big Box-Out
Rich Thompson was the kind of shopper who’d buy a dress shirt at the mall and never dreamed of ordering groceries online. That was before Covid-19.Six months into the pandemic’s disruption of the global economy, Thompson now laughs at the idea of browsing food aisles, unloading…»
HQ Lease in Phoenix Foretells the Viability of the Market
CVO Holding Co. has signed a new lease in for its headquarters location at Block23 in Downtown Phoenix. The firm started the lease transaction before the pandemic, but put the deal on hold at the start of the outbreak. Ultimately, the company resumed negotiations months into…»
Banyan Residential Builds Phoenix Luxury Apartments in an Opportunity Zone
Opportunity zone development specialist Banyan Residential started construction of 223 luxury apartment units east of Sky Harbor International Airport in its second commercial project to break ground in Phoenix this year. The company said the development, named Banyan Washington, is…»
Subleasing, Rent Pressures Spell Trouble for the Office Sector
Given corporate America’s reluctance to return to offices rather than work from home, current conditions in office properties-and the likely near-term future-are looking bleak. Looming excess supply on the horizon will also be a problem, according to a new report on…»