Report Reveals Costs Trends and Recovery Preview
Source: Rider Levett Bucknall International property and construction consultancy firm Rider Levett Bucknall has released its new Quarterly Cost Report for North America. With data current to April 1st, 2020 and featuring construction cost information for 14 US and Canadian markets, the QCR provides a statistical view of the state of the construction industry, detailing indicative construction costs for eight building sectors. The impact […]
Retail & Hospitality to Get Worse Before Improving
By Rebekah Morris for AZBEX On Wednesday, July 22, 2020, BEX held a panel discussion regarding upcoming retail, hospitality, and entertainment projects in the Valley and beyond. Participants included Jeff Mills, Project Executive for PENTA Building Group, Dave Sellers, President & CEO of LGE Design Build, and Aaron Studebaker, Community Development Project Manager for Salt River Pima-Maricopa Indian Community (SRPMIC). The discussion was moderated by Rebekah Morris, […]
COVID-19 News Round-up for July 24
Budget, Policy & Stimulus News Lawmakers Trying to Push Through New Relief Democrats and Republicans remain divided on what a next potential federal stimulus package should look like, but lawmakers “are going to be in an all-out sprint” to pass a measure soon, said Sen. Ben Cardin, ranking member of the Senate Small Business & Entrepreneurship Committee. (Source: Phoenix Business Journal) […]
Phoenix Mayor Announces Affordable Housing Plan
Source: City of Phoenix In Phoenix, the COVID-19 pandemic and economic downturn is intensifying the already existing housing crisis. Phoenix residents, as well as residents in other cities across the country, are experiencing job losses, which can make it even more challenging to afford a place to live. According to Housing and Urban Development’s Fair Market Rents, in Arizona the cost of a […]
COVID-19 News Round-up for July 21
Economic News No Crash Predicted for Metro Phoenix The Phoenix area’s housing market is showing no signs of crashing despite job losses and other economic hits because of COVID-19. Contracts to buy Phoenix-area homes priced above $300K soared over the past week, according to the Cromford Report. (Source: AZCentral) Sr. Housing Occupancy Hits 15-year Low Occupancy in senior housing has hit a 15-year low given […]
Survey: Confidence Returns to Pre-crisis Levels
Source: NAHB Now In a strong signal that the housing market is ready to lead a post-COVID economic recovery, builder confidence in the market for newly-built single-family homes jumped 14 points to 72 in July, according to the latest NAHB/Wells Fargo Housing Market Index. The HMI now stands at the solid pre-pandemic reading in March before the outbreak affected much of […]
COVID-19 News Round-up for July 17
Economic News Hotel Outlook Worsens, Again Despite some encouraging numbers a few weeks ago, the increasing spikes in COVID-19 numbers have once again created a downturn in the U.S. hotel industry, according to a recent report in National Real Estate Investor. (Source: National Real Estate Investor) Office Markets Preparing a ‘New Normal’ Future As offices re-populate, companies and building owners […]
Online Commerce Driving Growth in Industrial
Source: Colliers International The Greater Phoenix industrial real estate market remains healthy, despite business conditions during the pandemic. America’s growth in online purchasing is driving expanded demand for warehouse/distribution space. Net absorption of industrial space peaked at more than 2MSF in the second quarter. This marks the fifth consecutive quarter with net absorption exceeding 1MSF. Year-to-date the market has posted 3.7MSF of […]
COVID-19 News Round-up for July 14
Budget, Policy & Stimulus News Navajo Nation Approves Initial Aid Expenditures The Navajo Nation‘s leaders over the weekend approved the tribe’s first expenditures of more than $60M in federal COVID-19 aid, about two months after receiving most of the funds in May. The tribe’s executive branch approved portions of two separate resolutions related to the spending of more than $714M given through the Coronavirus Aid, […]
COVID-19 News Round-up for July 10
Budget, Policy & Stimulus News Scottsdale Allocates Relief Funds On July 1st, Scottsdale City Council accepted $29,628,014 from the AZCares Fund as part of the federal CARES Act. Uses range from utility assistance for residents to providing retrofitting to city businesses that house large quantities of people. (Source: Independent Newsmedia.) Multifamily Advocates Lobby for Expanded Relief Even though most renters have continued to pay on […]