Uncertainty Forces Economic Developers to Pivot
By Rebekah Morris for AZBEX The diversity of East Valley cities was on full display at the August 12th, 2020 Leading Market Series discussion hosted by BEX. Economic development directors from the cities of Mesa and Scottsdale, along with the Town of Queen Creek, identified their unique challenges and goals in bringing in new employers to their municipality, especially during a time when […]
COVID-19 News Round-up for August 14
Economic News 80 Percent of Retail Tenants Paid July Rent Fewer than 60 percent of national brand retail tenants paid their rents in May, but 80 percent mailed the checks in July, according to the Datex Tenant Track of more than 1,000 shopping centers and tens of thousands of retail stores. (Source: Real Estate Daily News) Alternate CRE Lending Dries Up Lending for commercial real estate deals […]
COVID-19 News Round-up for August 11
Budget, Policy & Stimulus News Phoenix Has $9M+ Left for Business Grants With more than $9M still left sitting idle in a Phoenix grant program set up to help small businesses amid the COVID-19 pandemic, city officials are looking to expand its eligibility parameters to get more of the money moving out the door. The Phoenix Small Business […]
NAIOP Survey Finds CRE Deals Increasing
Source: AZ Big Media In the fourth monthly NAIOP survey measuring the impact of the COVID-19 crisis on the commercial real estate industry, respondents say that deal activity is improving across most major sectors of the industry, but more now expect impacts from the crisis to affect their businesses for an additional 12-18 months. “July continued a trend of positive […]
COVID-19 News Round-up for August 7
Budget, Policy & Stimulus News $100M PPP Payments to Charter Schools Investigated State Schools Superintendent Kathy Hoffman and Arizona Deputy Auditor General Melanie Chesney are examining whether the $100M in Paycheck Protection Program payments to charter schools in Arizona violate a “rarely enforced” state law prohibiting paying “twice to educate the same pupils”. (Source: AZCentral) Yuma Considers Increasing Relief Funds Yuma […]
Medical Office Market in PHX Thrives
Source: Colliers International As cases of coronavirus and hospitalizations rose in Greater Phoenix following Memorial Day weekend, the area’s second quarter of real estate market activity was also surging. The medical office market posted its strongest quarter of net absorption in nearly two years and vacancy in this product type dropped 50 basis points. During second quarter […]
COVID-19 News Round-up for August 4
Resources Maricopa County Small Business Grant Opportunities A number of Small Business Grant Opportunities remain available for businesses in Phoenix, Mesa and the rest of Maricopa County. Interested parties should follow the link(s) relevant to their location for more information. (Source: City of Phoenix Community and Economic Development)
Construction Output Drops Significantly
Source: Associated Builders and Contractors The U.S. economy contracted at an annualized rate of 32.9 percent during the second quarter of 2020, according to an Associated Builders and Contractors analysis of data by the U.S. Bureau of Economic Analysis. Nonresidential and residential fixed investment contracted by 27.0 and 38.7 percent, respectively, while investment in nonresidential fixed structures contracted by […]
COVID-19 News Round-up for July 31
Budget, Policy & Stimulus News Republicans Unveil New $1T Relief Package Republicans in the U.S. Senate unveiled a roughly $1T stimulus package, titled the HEALS Act, geared toward reopening the economy. Key provisions include stimulus checks to individuals and a host of small items for businesses, but it also contained a number of changes and adjustments to the Small Business Administration’s […]
COVID-19 News Round-up for July 28
Economic News Who Foots the Bill for COVID Building Changes Incremental operating costs for office buildings could increase by at least $19.40/SF or 5.8 percent of average annual office rents at the beginning of 2020, according to a recent report from consulting firm Deloitte. These incremental costs could vary based on the measures taken at each property and the quality of […]