Even though the Grand Canyon State experienced record-shattering job losses and economic contraction during the pandemic, there’s hope the pain will be short-lived. Strong underlying fundamentals, an influx of stimulus money and ASU’s support for innovation could help stave off an extended recession
Just over three-quarters of business owners and executives in the Phoenix area want the economy to reopen in phases, according to Business Journal research. The Phoenix Business Journal’s parent company surveyed business leaders in the Valley and across the United States to take their pulse
Michael Stavros remembers it well. It was the first day of Catersource Conference & Tradeshow, March 9, in Las Vegas, the annual premiere convention event for the catering industry. Mr. Stavros, partner and director of business development at Phoenix-based M Culinary, said in the last year his company
Last week the Internal Revenue Service provided Opportunity Zone investors with some relief. Opportunity Zone rules provide 180 days for investors to roll over capital gains into an Opportunity Zone fund (QOF). Investors whose 180-day period would have ended between
The office sector remains in a tough spot. The pace of workers’ return to offices varies tremendously across the country at the COVID-19 pandemic remains far from contained in multiple states. There are big questions as to what the density of office spaces will look like in the long term and how many jobs
Sam’s Club plans to roll out curbside pickup service to all 597 of its warehouse clubs by the end of June. The Walmart wholesale club chain said Thursday that the national launch of curbside pickup comes after a 16-store pilot drew a strong response from consumer
Tensions between landlords and retail tenants over missed lease funds have been boiling over for weeks. Now, they’re spilling into the courtroom. Extra landlords are turning to the courtroom system in an effort to gather unpaid lease. They’re led by property homeowners
Before the coronavirus outbreak, the retail sector was concerned with offering immersive, unique experiences to customers. However, as we continue to face the effects of the global health crisis, retail operators need to learn how experiential retail and social distancing can work together
There is an old saying in the real estate development business: when a novice makes a mistake, it’s because they missed the nuances of the market; when a pro makes a mistake, it’s because they missed the obvious. Some homebuilders and developers in the residential sector have been
The Southwest’s first Canopy by Hilton will open its doors on June 16 in the heart of downtown Tempe, ushering in a contemporary, full-service hotel offering guests a local experience with a boutique feel, all within the central core of one of the most vibrant, dynamic and growing cities in Arizona
Despite last week’s blockbuster jobs report, the Federal Reserve is showing no letup as it continues to respond aggressively to economic damage from the coronavirus pandemic that could linger for years. The Fed on Wednesday held its key interest rate near zero and signaled it likely won’t lift it until at least 2022
As states slowly reopen and explore ways of easing restrictions, commercial real estate, just like any other industry, is adjusting to a reality shaped by COVID-19 and focused on de-densification. With many businesses closed or curtailed, some tenants are struggling to pay rent, while some construction projects
Investors are increasingly taking a “barbell” approach to a commercial real estate market that’s been roiled by the coronavirus. They’re looking at distressed assets like malls and hotels hurt by the pandemic, as well as logistics facilities that are in demand as more shopping shifts online, according
Focusing on short-term financing solutions is the way many lenders have chosen to remain active amid the uncertainty brought on by COVID-19. According to Electra Capital President & CEO Sam Greenblatt, while certain asset classes have been heavily impacted by the pandemic, multifamily
Manufacturer Benchmark Electronics is opening a new plant in Phoenix and closing other plants south of Houston and in San Jose, California, more than a year after the firm relocated its headquarters from Texas to Arizona. The moves are part of the electronic maker’s revised real estate footprint and global strategy
The possibility of a V-shaped recovery — a sharp fall in economic activity followed by a dramatic rise — has been a hot topic of debate since the coronavirus pandemic led to widespread business closures across the United States. The shape of the economic recovery is a popular guessing game on Wall Street
A new national survey of multifamily residents predicts rent collection of 84.3 percent by June 10, up about 5 percent from the same time in May. J Turner Research found that 74.6 percent said they expected to pay rent on time with 9.6 percent responding it would
Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer
The Phoenix-based maker of zero-emission heavy trucks Nikola Corp. will become a publicly traded corporation later this week, possibly worth $11 billion or more, if a vote to approve its merger with another company succeeds as expected. More than $700 million in proceeds from the reverse-merger transaction
Willmeng Construction, Inc., a Phoenix-based commercial general contractor, and developer Trammell Crow Company recently celebrated the topping out of Axis Raintree, a 175,000-square-foot, three-story, Class A speculative office building in Scottsdale, Arizona. The topping-out marked
One way to look at this stunning jobs report is to suggest that economists missed the mark by approximately 10.5 million jobs,” said ABC Chief Economist Anirban Basu in a press statement. “Economists polled by Dow Jones had forecasted a decline exceeding 8 million jobs. Instead, the economy
HCW, which has developed more than $2 billion in real estate in the last 23 years, in partnership with Caesars Entertainment Corporation, announced construction is currently underway for the 265-room Caesars Republic Scottsdale luxury brand hotel, and is on schedule to open
Stack Infrastructure, a company that develops data centers and digital infrastructure, acquired 79 acres just outside Phoenix, where it plans to develop up to 1 million square feet of data centers in the up-and-coming Southwest tech market. The Denver-based company bought land
Investment giant The Carlyle Group scooped up a portfolio of Arizona mobile home parks in one of the biggest deals for that type of affordable housing in recent years. Carlyle, of Washington, D.C., paid $230 million for four properties in Mesa, a suburb of Phoenix, with a total of 1,588 units. All were built
Developer George Oliver has quickly shifted its strategy on the redevelopment of the Alexander, a class-A office development in the Phoenix suburb of Chandler. The property is currently under construction, and will now reflect new needs in office space as a result of the coronavirus pandemic