Commercial Real Estate & Business News – June 30, 2020
Lenders Provide “Mixed Bag” of Relief to CRE BorrowersLenders and CMBS special servicers are still scrambling to work through the growing backlog of forbearance and relief requests. Borrowers looking for clues on just how far lenders are willing to bend-and what comes after initial relief expires-are finding…» Apartment Rents in Some Phoenix Areas Have Recovered […]
Commercial Real Estate & Business News – June 29, 2020
Construction Costs Expected to Ease for Apartment DevelopersHeading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put a halt to that, scrambling the projections of economists, developers and contractors…» The Office is Down […]
Commercial Real Estate & Business News – June 26, 2020
Developer Moves Forward with Valley Hotels, Spec OfficeNow that the 238-room, 8-story Hyatt Place hotel is under construction in downtown Phoenix, the developer hopes by the time it is ready for visitors in September 2021, travel will have resumed to normal after the coronavirus pandemic. “We closed on the land and moved financially forward…» Arizona […]
Commercial Real Estate & Business News – June 25, 2020
$60M Aviation Project Breaks Ground in Mesa Opportunity ZoneNearly 400,000 square feet of hangar and office space has begun construction in the City of Mesa in a push to keep going during a corona-induced economic downturn. The worldwide pandemic has halted many industries, but construction continues as companies aim to relocate in Arizona. The partnership…» […]
Commercial Real Estate & Business News – June 24, 2020
CVS Health Hiring Hundreds in East Valley for New Aetna OperationsCVS Health (NYSE: CVS) intends to hire 500 people at a revamped 101,000-square-foot facility in Chandler. The Rhode Island health care services giant, which acquired Aetna (NYSE AET) in a deal valued at $70 billion in 2018, invested $10 million in new tenant improvements in […]
Commercial Real Estate & Business News – June 23, 2020
South Tempe Town Lake developments Pick Up MomentumDevelopment is ramping up on the south bank of Tempe Town Lake east of Arizona State University, as a mixed-use project called Pier 202 begins early construction work and a nearby build-to-suit office development is marketed to potential office users. The Pier 202 development includes 587…» Final Beam […]