Local Commercial Real Estate Transactions Down, Not Out

By Corina Vanek | Phoenix Business Journal

Real estate transactions such as leases and building sales have slowed but not halted in the wake of sweeping business closures due to the novel coronavirus, according to a commercial real estate expert.

Jon Rosenberg, designated broker and managing partner of Scottsdale-based LevRose Commercial Real Estate, said he has seen clients put lease discussions on hold as they wait for more market stability. However, pressing pause does not mean the deal goes away.

“Our conversations with landlords and sellers have been, the transaction is not necessarily dead, just postponed. Yes, there are some people who are going to push the pause button,” Rosenberg said.

On the flip side, if the client is a tenant looking for new space, they might not want to wait and risk losing the office or location they wanted, he said.

“If it’s still the opportunity you want as a buyer or tenant, this obviously isn’t going to go on forever,” Rosenberg said. “If this is something you’re going to want to continue, it might be wise to continue with closing. If you look at your business and you’ve gone through the loan process, it might be best to keep going forward.”

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