News Ticker

COVID-19 News Round-up for June 16

Credit: AGC of Colorado

Budget, Policy & Stimulus News 

Yuma Extends Permits for Builders 

Yuma is extending the expiration date of most permits to help developers and those in the construction and real estate industries as they struggle with difficulties related to the COVID-19 pandemic. Council adopted a resolution extending the time of some permits to 180 days for those taken out before June 1st. (Source: Yuma Sun) 

Economic News 

PPP Loan Forgiveness Could Take Until 2022 

Small businesses seeking loan forgiveness through the Small Business Administration’s Paycheck Protection Program could be caught in a process dragging out to 2022 — or even later, according to experts. The multiple layers of review and an as-yet undefined appeals process could take a while to settle. (Source: Phoenix Business Journal) 

Will Housing Market Rebound Continue Post Stimulus? 

Some homebuilders and developers in the residential sector have been applauding the resilience of homebuyer demand and rent collections while looking over their shoulder, bracing for a sudden slap in the face when the government “stimulus” winds down. Is the inevitability of that slap actually obvious, and is it real? And if it is, will it be felt by the entire housing market, or only at certain strata? (Source: Forbes) 

Investors Taking ‘Barbell’ Approach to CRE 

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. (Source: National Real Estate Investor) 

Other 

Hospitals Adapt as Surge Test Resources 

As the number of COVID-19 cases have surged again around the state, hospitals are adapting to try to meet the demands on their resources. According to June 9th Cronkite News article, healthcare providers are coping with the surge by shifting patients from maxed-out hospitals to those that still have space, a practice known as “load balancing.” (Source: Cronkite News) 

Pandemic ‘A Catalyst’ for Massive Changes in Land Brokerage 

Land brokerage and other facets of CRE were already looking at a sea of impending changes before the massive disruptions of the current pandemic. A recent essay in AZ Big Media examines those potential changes (including a prediction that 86 percent of brokers will be replaced by automation) and offers suggestions on how to change with the times. (Source: AZ Big Media) 

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