After several years of record apartment construction, the multifamily market is entering a new phase as slowing deliveries begin to restore landlords’ pricing power, according to Marcus & Millichap. Multifamily completions are projected to fall nearly 34% year-over-year in 2026, dropping to their lowest level since 2014, Peter Standley, managing director and national division leader for multifamily at Marcus & Millichap, said in a research video. At the same time, fewer major markets are
One of Phoenix’s largest contractors has signed an 85,241-square-foot lease in Deer Valley to optimize and support its growing advanced manufacturing projects. Okland Construction Co. Inc. will operate out of an industrial facility called 17 North Corporate Center at 2525 W. Corporate Center Drive. It’s off Interstate 17 and about eight miles south of the Taiwan Semiconductor Manufacturing Co., in an area where industrial development is booming. Okland specializes in complex projects
Scottsdale-based SimonCRE is buying another West Valley property for a commercial project. The developer is under contract to acquire a 6.2-acre site at the southeast corner of Lake Pleasant Parkway and West Yearling Road in Peoria from homebuilder K. Hovnanian, according to CEO Josh Simon. A rezoning item for a mixed-use project there is heading to Peoria’s Planning and Zoning Commission and will be up for discussion at a July 16 meeting. According to a city notice for a June 3
A 250,000-square-foot, nearly $190 million multisport complex in North Phoenix is back on track, fulfilling the dream of SSS Partners CEO Shubham Pandey — and his neighbors. Fire ‘N Ice Arena, a nearby hotel and SSS Academy, its operator, will sit on 17.5 acres at 2727 W. Bronco Butte Trail — near the I-17 and Sonoran Desert Drive, adjacent to TSMC. The arena will have a capacity of 2,500 guests in full end-stage or in-the-round configurations. The arena sits on the “dry-court side,”
After spending more than three decades in the same office building, Kitchell Corp. is in the process of relocating its headquarters as one of Phoenix’s largest private companies continues to make moves in the Valley. The Phoenix-based company didn’t have to travel far. Its new 35,537-square-foot office is on the fourth floor of Anchor Centre, a Class A office complex at 2231 E. Camelback Road, about a mile’s drive from its longtime office off Highland Avenue and State Route 51. Kitchell is
Demand is surely growing for industrial space near TSMC’s campus in north Phoenix, and developers have another infill project on tap at a site along Interstate 17. Phoenix-based Dimension Financial Realty and Investments is proposing a new three-building spec industrial park with a 62,268-square-foot building, a 152,899-square-foot building and a 237,735-square-foot building, according to planning documents submitted with the city of Phoenix. The more than 40-acre project
Nitya Capital, a Texas-based multifamily operator, has acquired Tides on McDowell, a 274-unit apartment complex in Phoenix, from Tides Equities for $41 million, or $149,635 per unit. As part of the transaction, Nitya Capital assumed $36 million in existing financing from the current lender. The property at 4620 W. McDowell Road was 90.1% occupied at the time of sale, according to CoStar data. Built in 1985 and renovated in 2018, the property spans 27 buildings with studio, one- and
Majestic Realty Co., the nation’s largest privately-held industrial real estate development company, and the Salt River Pima-Maricopa Indian Community (SRPMIC) today announced a historic partnership and 99-year ground lease agreement that will serve as the foundation of a new, best-in-class light industrial project serving the Community and the greater Phoenix metro area. Located at the northeast corner of North Pima Road and East McDonald Drive and with easy
After Cypress West Partners abandoned its plans for a 233.5KSF medical office-centric mixed-use development called The Interchange on 15.33 acres at the SWC of Interstate 17 and Rose Garden Lane, The Garrett Companies is now planning a 336-unit multifamily community on the site. The Deer Valley Village Planning Committee was scheduled to hear Rose Garden Multifamily’s associated rezoning request July 6, after this issue went to press. Garrett Companies is requesting rezoning
De Babel, a Scottsdale Middle Eastern restaurant, is opening its second location just four miles south of its original store along the Loop 101. De Babel has signed a lease at The Edge, a retail development on Salt River Pima-Maricopa Indian Community Land near 90th Street and the 101. The center is being developed by Palmer Development Group, and it is across the street from its sister development – Palmer’s The Sydney. De Babel debuted in Scottsdale five years ago, and even
One of the largest construction firms in the country is nearly doubling its Valley office footprint, with plans to move its regional headquarters into a new building next year in Phoenix’s Camelback Corridor. McCarthy Building Cos. signed a 96,252-square-foot, 11-year lease at 3133 E. Camelback Road, according to Maricopa County records, taking up nearly the entire 100,000-square-foot building. Andrew Cheney, Craig Coppola and Gregg Kafka with Coppola Cheney Group of Lee & Associates
Office tenants signed new leases for an estimated 115 million square feet during the second quarter of 2026, roughly in line with revised first-quarter numbers but still slightly below the quarterly average from 2015 to 2019. Since the middle of 2025, office leasing volume has climbed to within roughly 9% of the pre-pandemic norm for a 12-month period. Market vibrancy has made more than a full recovery, with the number of office lease transactions near the all-time high. However, the amount
For multifamily investors who have spent the past several years riding the rental roller coaster, new data from Apartment List suggests the market may finally be settling into a more predictable groove. The firm’s latest national rent report points to modest rent growth, a slight dip in vacancies and early evidence that the construction spike of recent years is starting to be absorbed. At the same time, Apartment List is clear that conditions remain “decidedly cool,” so the story is now less about
A lawsuit filed against Phoenix targeting a common tool used to develop affordable housing would “unreasonably restrict municipal property rights,” lawyers for the city said in a court filing asking the judge to dismiss the one of the counts in the lawsuit. The suit, filed by the Goldwater Institute on behalf of Bramley Paulin, a downtown Phoenix property owner, accuses Phoenix of breaking state law when it released a request for proposals for a development that was required to include
Commercial property prices are inching higher again, but Green Street’s latest numbers suggest this is a market locked in a narrow trading band rather than the start of a new cycle. With the CPPI flat in June and cap rates stubborn, Green Street’s numbers suggest the next wins will be highly sector‑specific. For investors trying to time capital deployment, the story right now is less about broad‑based momentum and more about how different sectors are quietly re‑pricing under
Taicoon Property Partners, a Washington D.C.-based real estate firm with ties to Taiwan, placed the winning bids in two Arizona State Land Department auctions for land in north Phoenix primed for retail and other uses. Phoenix Dove Valley LLC, an entity of Taicoon, placed bids on the parcels, which total about 368 acres near Interstate 17 and Dove Valley Road. The company’s CEO, Hai Chien Wang, represented Taicoon at the auction. The sites are on either side of Dove Valley
Tempe has one of the most significant housing shortages in Arizona. Landlocked by suburbs on all sides, with a population up 3.5% since 2020, the 40-acre city has nowhere to go but up. Astria Tempe, the 27-story mixed-use development, will support the growing need by adding 380 multifamily units to the market—helping meet rising demand without pushing the city limits. This week, Layton Construction placed the final beam on what will become the second tallest building in
The worst may not be over for Phoenix apartment owners, but in one part of the metro, the bleeding has clearly slowed. On a recent episode of his Rent Roll podcast, rental housing economist Jay Parsons pointed to the East Valley as an example of early‑stage momentum in an oversupplied market. Rents are still down there, yet the rate of decline has eased enough to suggest the market is moving out of free‑fall and into something closer to controlled descent. Defining Momentum in Data
The Phoenix metro’s apartment market has been recovering from oversaturation and it has become one of the nation’s most improved markets in that regard. CoStar found last month that Phoenix is among the top 10 most improved multifamily markets in the country, based on annual improvement from June 2025. While rents remain slightly lower, the Valley’s apartment occupancy has improved year-over-year, and CoStar reported that the city saw a decline in vacancy rates from
A roughly 165-acre auto mall and retail center in Mesa is now leasing space, with Walmart as one of its largest announced tenants. Destination at Gateway is a development along the new State Route 24 interchange off Signal Butte Road, near Mesa Gateway Airport. It includes a roughly 100-acre auto mall and a 65-acre retail center portion that’s being developed by Scottsdale-based Diversified Partners LLC on behalf of the Berge family. The prominent Berge family owns the land and
Following modestly positive performance through the first few months of the year, Phoenix multifamily rents retreated in the second quarter. The average asking rent fell 0.1% in June, matching May’s decrease and marking the third-straight month without positive movement. As a result, the Valley notched a 0.2% decline in asking rents during the second quarter of 2026. While underwhelming for a market that averaged 1.5% growth in the second quarter from 2017 to 2019, this year is
A joint venture of Ryan Companies US, Inc. (Ryan), a national commercial real estate solutions provider, and Standard Real Estate Investments, LP (Standard), a national real estate firm with offices in Los Angeles and Washington, D.C., announced today it has inked an 85,241-square-foot lease with Okland Construction at the 17 North Corporate Center industrial complex in Phoenix. The firm, which specializes in delivering complex projects in healthcare, advanced technology,
Developers are working to set up a prime 15-acre parcel in Deer Valley off Interstate 17 for a new apartment complex. The Deer Valley Village Planning Committee will hear a rezoning request July 6 from The Garrett Companies, which is proposing to build a 336-unit, four-story multifamily project at the southwest corner of I-17 and Rose Garden Lane. The project will only include multifamily, according to site plans submitted to the city – although grocer Safeway owns the property, along with
Cavan Cos. has sold a Phoenix build-to-rent housing community for record price of $112.5 million. The sale of the 334-unit Bungalows on Camelback rental community makes it the highest-priced sale of any BTR asset in Arizona, said Connor Devereux, senior director of market analytics for CoStar Group/Homes.com. It also qualifies as the fourth-largest multifamily deal of 2026, Devereux said. Cavan, which built the property in 2022, sold the community at 4747 N. 99th Ave., Phoenix, to
Three Class A offices totaling 545,000 square feet have been listed for sale in the Phoenix metro as the market continues to recover post-pandemic. Office buildings in Chandler, Scottsdale and Phoenix have hit the market as office vacancies decline, rent prices climb, companies relocate to the metro and more employees return to the office. The three listings — being represented by Newmark brokers Barry Gabel, Chris Marchildon and CJ Osbrink — offer the latest test of investor appetite for