COVID-19 News Round-up for October 27th
Budget, Policy & Stimulus News Floodgates Open on PPP Loan Forgiveness The Small Business Administration is facing a mountain of Paycheck Protection Program loan documents and forgiveness applications as the “floodgates” open on small businesses asking for their loans to be forgiven. The renewed forgiveness push comes after the SBA released a simplified forgiveness form for businesses with loans under $50K. (Source: Phoenix Business […]
Investors Flocking to Biolab Sector
By Sebastian Obando for National Real Estate Investor Commercial real estate investors are showing increasing interest in biolab facilities as healthcare research and development has accelerated due to the pandemic. “[There is] an increased demand for laboratory space which, when coupled with low vacancy rates in most life science cluster markets, drives rental rates higher,” says Russell Brenner, president of the […]
Phoenix Retail Posts Positive Net Absorption in Q3
Source: Colliers International The Greater Phoenix retail market posted positive net absorption in third quarter, despite the continued impact of the COVID-19 pandemic. Vacancy rose slightly during the quarter to 7.7 percent as the city was recognized for comparatively low unemployment and small business closures. During third quarter, Greater Phoenix posted a 1.7 percent increase in unemployment, finishing September […]
AZ Construction Continues Growth Despite Pandemic
By Rebekah Morris for AZBEX Sales tax data available on AZEconomy.org, published by the University of Arizona Economic and Business Research Center, shows a surprising trend: construction in Arizona has risen despite the broad economic downturn as a result of the COVID-19 health epidemic. At the BEX Annual Construction Forecast event in January 2020, BEX researchers presented data that projected strong growth across the industry. Once COVID-19 hit in full […]
COVID-19 News Round-up for October 23rd
Budget, Policy & Stimulus News Glendale Introduces Landlord, Tenant Relief The Glendale City Council approved a program designed to help tenants and property owners apply for assistance if they’ve been affected by the coronavirus pandemic. The Property Owner Preservation program is designed to allow landlords to apply for federally funded assistance on behalf of their residential tenants if they […]
COVID-19 News Round-up for October 20th
Economic News Phoenix Commercial Leasing Remains Bogged Down Phoenix CRE is slogging away amid the COVID-19 pandemic, with some deals continuing to move forward but many major deals remaining stalled. Andrew Cheney, principal for Lee & Associates, says almost any deal for more than 50SKF has been put on ice. Nonetheless, confidence has increased slightly over the course of the pandemic, and […]
PHX Industrial Market Surges During Pandemic
Source: Colliers International The Greater Phoenix industrial market has surged during the COVID-19 pandemic, driven largely by the country’s increased use of e-commerce and elevated grocery shopping while restaurants were closed. Completion of new industrial projects in 2020 has been the strongest year in more than a decade. Arizona’s business-minded approach led to more companies remaining open during the pandemic. The Trade, […]
COVID-19 News Round-up for October 16th
Budget, Policy & Stimulus News SBA Makes Some Smaller Loan Forgiveness Easier The Small Business Administration released a streamlined Paycheck Protection Program loan forgiveness application for some loans under $50K — but small-business groups and experts say it still leaves many borrowers out in the cold. The new application provides a safe harbor for the smallest of PPP borrowers with one […]
Phoenix Office Market Outlook
Source: JLL Despite a sluggish first half of 2020, the Phoenix office market showed signs of growth during the third quarter, posting just over 300KSF of positive absorption. The Chandler submarket led the way in Q3 with over 176KSF of net gains coming from the finance and insurance sectors. The Tempe submarket was a close second experiencing more than 100KSF of […]
COVID-19 News Round-up for October 13th
Budget, Policy & Stimulus News Tempe Launches $1.1M Small Business Grant Program The City of Tempe has allocated $1.1M to create the Tempe Small Business Grant Program to help businesses impacted by COVID-19. The program will assist small businesses with up to $10K in funding. Awards are based on $1,300/per full-time employee, up to a maximum of $10K. (Source: City of Tempe) AZ Supreme Court […]