As the impact from the measures to stem the spread of COVID-19 takes hold of virtually every sector of the U.S. economy, real estate economists are revisiting their predictions for 2020 made at the beginning of the year. Just over two months ago, industry economists
Many industries are being hit hard by the effects of the COVID-19 pandemic, with many employees working remotely and businesses like restaurants and bars offering carry-out only. One industry that needs employees on-site is the construction industry, which is still up and running
In the first month of the year, Phoenix employment growth was off to a promising start. But that was before the coronavirus pandemic. Before the black swan event occurred, the economy was on solid footing. Phoenix employment expanded 3.2% over the past 12 months, with the addition of 67,800 jobs
Hines, the international real estate firm, together with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), today announced they have closed on the property for the future development of two speculative industrial buildings, each 569,520 square feet in size
Mortgage lenders Fannie Mae and Freddie Mac will suspend foreclosures and evictions for at least 60 days as federal and business leaders respond to the growing COVID-19 crisis that will cost people their jobs and likely tip the economy into a recession
The national average rent was $1,468 in February 2020—up 3.2%, or $46, from February 2019, according to data compiled in RENTCafe’s monthly rent report. February’s year-over-year rent growth matches the pace set in January, but falls just below last year’s 3.5% YOY growth rate. Out of the nation’s
A recent report by CBRE documents the level of foreign investment in U.S. multifamily properties and reveals a 27.3% drop in portfolio deals in 2019. Last year clocked in with a total of over $10 billion as compared with 2018, which was over $14 billion
Amazon.com Inc. has its own economic stimulus plan for the global pandemic that has ground the economy to a near halt: Give laid-off and furloughed hospitality workers jobs delivering Prime packages. The e-commerce company will hire an additional 100,000 workers in the United States
The Phoenix market retained its spot as the national leader for multifamily rent growth for a second consecutive year, and the city holds the title for home price appreciation as well. Multifamily rents climbed 6.8% annually in 2019, more than double the national index
The sudden rate cut by the Fed last week in response to the coronavirus outbreak led to a swift and sudden rise in homeowners refinancing their loans. Coronavirus has already impacted how real estate agents are (or aren’t) showing homes and lenders are feeling the pressure
Phoenix is officially one of the top tech markets in the nation for office leases. According to a list of the markets with top tech-company office leasing activity from CBRE, Phoenix is ranked fourth in the nation for its share of the technology leasing, with a total of 1.3 million square
You’ve no doubt had your fill of conjecture and fear from media coverage of the coronavirus. And look what has happened: the economy is seesawing as investors and others hit the panic button, shoppers are cleaning out entire shelves of cleaning
Industrial construction has reached an all-time high in Phoenix, and more than half of the space is in two submarkets alone — Glendale and Goodyear. About 17.3 million square feet is under construction marketwide, ranking Phoenix sixth among U.S. markets for space
When someone celebrates a milestone birthday, it’s not unusual to hear phrases like, “Wow, she really looks good for her age,” or, “So-and-so has really come a long way from when I first met him.” This year, as Gilbert celebrates its 100th birthday
A suburban Chicago investment shop is doubling down in the suburban Phoenix rental market. Inland Real Estate Group, of Oak Brook, Illinois, has agreed to pay $110 million for a three property, 457-unit portfolio. The properties, in Litchfield Park, Surprise and Tolleson, Arizona, were all built
We have been in a low interest rate environment for the length of the current business cycle, and yet somehow, rates today are even lower than they were 12 months ago. While the market has grown accustomed to low interest rates, they are no guarantee, and some capital markets experts are advising
Now that the coronavirus pandemic has caused the biggest sports leagues to suspend their games, Valley restaurants and other businesses surrounding these sports arenas and stadiums are likely to suffer. “Hotels, restaurants, vendors — everyone is going to really suffer because
Mesa’s Gilbert Road Light Rail Extension was among the most significant construction project of 2020, the Associated General Contractors of America announced today. As a result, the project’s contractor, Stacy and Witbeck/Sundt, a Joint Venture received the association’s Construction
Buzz words long used to describe the envisaged energy of a bustling real estate market in the Valley of the Sun may finally be ringing true. Substantial gains across the board can be found in real estate data — both in single-family and multifamily projects
Some metro Phoenix shopping malls, and many around the country, are trying to find ways to simply survive. Scottsdale Fashion Square is bucking that trend by thriving. With an investment of more than $140 million into the shopping center from its parent company, Santa Monica, California-based
An Oregon firm is the latest investor to take advantage of the Phoenix area’s steady apartment market. Oregon Pacific Investment & Development, based in Portland, paid $65 million, or just more than $308,000 for each of the 211 units at Arista at Ocotillo in suburban Chandler. The property opened in February
Long-term interest rates are lower than they have ever been—and owners of apartment properties are rushing to take advantage by refinancing into low-interest loans. “There is a massive wave of interest in refinancing,” says Rick Salinas, director of JLL’s San Francisco office. “These are essentially
Chances are that the world returns to normal. From SARS to Bird Flu to Ebola, it seems there is always some type of health scare that we are told will alter the course of our existence. Hopefully, a few years from now we are able to put coronavirus into the category
One Can Imagine. That philosophy is the driving force of the experienced leadership team that’s responsible for introducing One Camelback, an innovative live-play community that’s taking shape at the hottest intersection in greater Phoenix, according to real estate and growth experts at Urban
Communities Southwest has sold the entire first phase of its new 316-acre master-planned community in Queen Creek to Maracay Homes. The Scottsdale-based homebuilder paid $11.46 million to the developer for 30.15 acres southeast of the southeast corner of Signal Butte and Queen Creek roads