News Ticker

COVID-19 News Round-up for August 28

Credit: BKD

Budget, Policy & Stimulus News 

Scottsdale Still Accepting Reimbursement Applications 

Small businesses in Scottsdale can receive up to $5K in reimbursement grants for their costs related to COVID-19. The city is still accepting applications for the Small Business Reimbursement Program. (Source: Rose Law Group Reporter) 

Phoenix Moves Faster Than State in Rent Relief 

Phoenix has provided almost double the relief to renters impacted by COVID-19 in roughly a month than the Arizona Department of Housing has in nearly five months, government data shows. The city program is processing applications at least twice as fast as the state, in part because of easier application requirements, a wider pool of employees to review applications and lessons learned from hiccups in the state program, officials said. (Source: AZCentral) 

Economic News 

Well-capitalized Holders May See Opportunities 

The pandemic and resulting closures have had far-reaching effects on restaurant and retail real estate, as some companies have had to vacate locations or landlords have had to decrease rent to fill a space. For well-capitalized retailers, especially franchises, the pandemic has presented an opportunity to get into locations that previously were too full or too expensive, industry observers say. (Source: Phoenix Business Journal) 

Where Do States Rank for Relief 

Best Accounting Software has issued a review detailing where states rank in terms of individual small business relief in the midst of the pandemic. (Source: Best Accounting Software 

Office Performing Better Than Expected 

Office properties are performing better than one might expect during the pandemic thanks to attractive locations, diverse tenant bases, and long-term lease structures. However, all that is set to change unless there is a “full and soon” recovery in the greater economy. In the meantime, price discovery has been challenged and if the recovery takes longer than expected certain cities could lose their premium pricing. (Source: GlobeSt.com) 

Will Pandemic Shake Loose Large Portfolios? 

As the economic ramifications of the COVID-19 shutdowns start hitting large property owners, Michael T. Fay, principal, managing director and global head of Avison Young’s asset resolution team, wonders if bigger deals are on the horizon. (Source: GlobeSt.com) 

Opportunity Zones Back in Full Swing 

Opportunity zone projects are now in full swing. The opportunity zone model has been available for nearly two years, but investors were waiting the final regulations and guidance from the IRS. Then, the pandemic hit. Now that there is more understanding around both, opportunity zone projects are taking off. (Source: GlobeSt.com) 

Pandemic Keeps Pressure on Construction Margins 

The global pandemic is expected to keep pressure on profit margins in the North American industrial sector in the coming months, according to a new survey from RICS and the Association for the Advancement of Cost Engineering. The COVID-19 crisis has had a significant impact on the construction sector, according to respondents participating in the second quarter US Construction Monitor, part of the North American Construction Monitor. (Source: GlobeSt.com) 

Data Center Demand Increases 

With ever-increasing amounts of day-to-day activity taking place online, even more so under the COVID-19 pandemic, demand from large and small companies is driving robust growth in the data center segment. That’s making it an increasingly attractive investment play for real estate buyers looking for stability and yield.  (Source: National Real Estate Investor 

Resources 

Resources for Small Businesses and Partners.  

Valley Partnership has updated its News and Resources for COVID-19 information. (Source: Valley Partnership) 

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