The Phoenix multifamily market recorded its strongest first half of demand on record in 2026. Net absorption, a key demand metric that measures the change in occupied stock, totaled 13,300 units in the opening two quarters of 2026, surpassing the previous first-half high of 9,500 units set in 2021 and marking a 68% increase from the first half of 2025. The acceleration came amid an ongoing drawdown of new supply additions and may signal a point of inflection for Phoenix’s apartment
For net lease investors, the latest fast-food earnings reports offer a reminder that a familiar brand name is not, by itself, a complete credit story. McDonald’s disappointing value-menu performance, a 7% same-store sales decline at Wendy’s and a 7.5% U.S. same-store sales decline at Wingstop suggest that discounts are not consistently bringing lower-income consumers back to restaurants. That matters to owners and buyers of QSR real estate because sustained traffic and restaurant
Square One Concepts, the Scottsdale-based company behind Valley favorite restaurants such as Cold Beer & Cheeseburgers, Bourbon & Bones Chophouse and Nook Kitchen, is in expansion mode with two locations of a new Italian steakhouse concept under construction. The new restaurant is called Bistecca & Bones and will be the Italian chophouse sister concept to Bourbon & Bones. Bistecca & Bones will feature several Italian dishes beyond just steaks including pasta and seafood. It
Porta Via, a family-owned Southern California restaurant group known for its seasonal California cuisine and neighborhood-focused dining experience, announced plans to open its first restaurant outside California in early 2027 at Scottsdale Fashion Square. The Scottsdale restaurant will be the fifth Porta Via location, joining restaurants in Beverly Hills, Calabasas, Pacific Palisades and Palm Desert. Founded as a four-table neighborhood bistro and deli on Canon Drive in Beverly
U.S. housing starts are falling as economic uncertainty continues to weigh on multifamily and single-family homebuilding. Seasonally adjusted groundbreakings totaled a 1.239 million annual pace in July, down 12.4% from the revised June figure and 13.5% lower than July 2025, according to a report Tuesday from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. July’s multifamily starts totaled 421,000, a decline of 15.6% from June and of 7.1%
Data center developers are tweaking everything from their messaging to their designs while projects stall as backlash towards the facilities explodes across the Valley and the country. While demand for capacity shows no sign of waning as the rush to create capacity for artificial intelligence – data center vacancy is at 1% nationally for the third year in a row – getting local communities on board is now the biggest obstacle for the industry, according to a new report from JLL. More than
Though a surge in construction over the past five years has caused Phoenix industrial vacancy to climb into the double digits, there is one segment of the market at record lows: megawarehouses. The Greater Phoenix area is one of the most active logistics markets in the country. The Valley’s strategic location, robust infrastructure, growing population base and low operating costs make it an ideal target for the build-out of supply chains. Corporate retailers, third-party logistics firms and
Third-party logistics provider DHL Group has signed on to lease more than four million square feet of industrial space in the West Valley so far this year. Most recently, it signed a lease for a 1.14 million square foot building at VT 303 North – a VanTrust Real Estate project in Glendale with an expected fourth quarter delivery, according to industry sources familiar with the deal. DHL kicked the year off with two major West Valley leases, according to industry reports: first, two
Nashville-style chicken, another apartment complex, and a massive industrial complex are under construction in the West Valley. A Dave’s Hot Chicken is under construction in the area of Avondale that borders west Phoenix. The restaurant chain currently has locations in Phoenix, Goodyear, Gilbert and Chandler. Marbella Ranch East, a 144-unit apartment complex, is under construction a few miles east of Luke Air Force Base. Construction will soon start on the Avondale Tech
Arizona and Metro Phoenix are entering the second half of 2026 with an economy that remains resilient, but a weakening national labor market, persistent inflation and elevated borrowing costs could create new challenges for the region’s businesses and commercial real estate industry. According to Marcus & Millichap’s August 2026 Economic Outlook, U.S. economic growth continues to track near 2%, providing an important foundation for commercial real estate demand. At the same
Despite several unexpected industry setbacks this year, sentiment at last week’s 18th Hotel Data Conference in Nashville, Tennessee, was largely upbeat, as solid performance during the first half of the year drove industry forecasts upward for the remainder of 2026. The overarching theme of the conference was clear: Travel demand remains far more resilient than what the broader macroeconomic narrative would suggest. The hospitality industry has faced several hurdles, including
The temperature was already 105 at 11:30 a.m. when Kyle Waage waited in line outside a Salad and Go in Mesa to get his final meal from his favorite restaurant. Waage was one of more than a dozen people trying to find shade around the pick-up window at the Alma School Road and Southern Avenue location of the Arizona restaurant chain that scorching hot day on August 5. At the same time, more than 20 cars were in a line that snaked through the shopping center’s parking lot as
As Downtown Phoenix continues to emerge as one of the country’s most dynamic urban business centers, LaPour is advancing plans for a proposed JW Marriott Downtown Phoenix, a transformative adaptive reuse office to hotel conversion to address the demand for new, upscale and luxury hotel options. The proposed development would convert a 19-story office tower at Arizona Center into a 340-room JW Marriott, featuring a resort style inground swimming pool overlooking
Across the U.S., Millennials have gone from renters to owners at a remarkable pace — only 5 metros had a Millennial homeowner majority in 2018; by 2023, that number had grown to 82. In the West, most large metros remain firmly renter-majority — but Phoenix stands out as the region’s leading large metro to flip, and one that did it while rentership was also declining at the same time. Millennial homeownership in Phoenix reached 54.5%, with 289,450 Millennial homeowners
Commercial real estate has so far absorbed another rise in Treasury yields without the broad repricing that investors might have expected. That resilience, however, should not be mistaken for a return to normal. CBRE’s first-half cap rate survey shows a market in which average pricing is holding up, while confidence in where values will go next is becoming increasingly fragmented. The all-property average cap rate was essentially unchanged during the first half even as the 10-year
Developers are planning one of Phoenix’s biggest industrial projects to capture demand from businesses tied to the state’s chipmaking boom. Mack Real Estate Group and McCourt Partners announced a seven-building industrial park totaling more than 780,000 square feet as part of Halo Vista, a planned mixed-use development taking shape on 2,300 acres to the north of Taiwan Semiconductor Manufacturing Co.’s emerging chipmaking campus. The industrial buildings will
A new seven-story upscale hotel will be built as part of the Novus Innovation Corridor on Arizona State University’s Tempe campus. The new 168-room,116,855-square-foot hotel property – part of Marriott Bonvoy’s Tribute Portfolio – will be located at Novus Place and Packard Drive. The Marriott Tribute Portfolio property in Tempe will be a full-service hotel with a rooftop pool and bar and a 2,700-square-foot meeting space. The project is being developed and built by Tempe-based
The multifamily market is beginning to recover, but investors should not expect a broad-based rebound. Rent growth is returning at stabilized Class A properties, while Class C apartments are losing ground under worsening affordability pressures and softer demand. Between those extremes, Class B performance is increasingly being determined by a property’s location and the quality of its operations. Job growth has accelerated this year and exceeded earlier expectations, supporting
Halo Vista, the 2,300-acre master-planned development surrounding the $265 billion Taiwan Semiconductor Manufacturing Co. plant in north Phoenix, will begin construction on industrial buildings in late 2026. The first phase of the industrial development will include seven buildings totaling roughly 780,000 square feet, but the site will eventually include about 2.5 million square feet of new industrial buildings. The first phase will be located at Dove Valley Drive and 43rd
Walmart closed on two different properties in Buckeye within the past week, acquiring almost 80 acres for $21,375,692 total. The two sites are near each other along Southern Avenue but aren’t adjacent. The first site previously reported by the Business Journal is roughly 38 acres, and Walmart acquired it from Scottsdale-based Cardinal Capital Co. LLC for $11,818,700 on July 30. It’s located at the northeast corner of State Route 85 and Southern Avenue – in a part of the city where
The year 2026 has brought long-awaited openings to the Valley, from gas stations and chains like Buc-ee’s to supermarkets including Trader Joe’s. Some of these grocery stores are expanding in metro Phoenix, while others, such as Seafood City, have opened their doors in Arizona for the first time. The California-based supermarket chain, which specializes in Filipino ingredients, food and desserts, was met with a large number of fans lining up in the heat during the grand
The July employment report was weaker than expected, with nonfarm payrolls declining by 23,000, according to the U.S. Bureau of Labor Statistics, breaking a four-month streak of jobs gains. The number was far below consensus estimates of roughly 80,000 to 85,000 job gains. Moreover, downward revisions for both May and June left employment gains over the prior two months 103,000 lower than previously reported, suggesting that the labor market may
A new shopping center that will be anchored by a Sprouts Farmers Market (Nasdaq: SFM) location is set to be built in Goodyear’s Estrella master-planned community, amid a spurt in fast-track retail projects around the West Valley. The shopping center, which will be built out in multiple phases, is set to break ground in the first quarter of 2027. Common Bond Development Group, the developer behind some major retail and hospitality projects in the Valley, including the Global
Comparing the first seven months of 2026 with last year, existing single-family home sales rose 5.1% in Metro Phoenix, according to the latest activity data from Phoenix REALTORS®. At the same time, pending sales held nearly even, down just 0.6%, and new listings dropped 2.8% in the metro area. In Maricopa County alone, year-to-date sales were the same as the overall region, up 5.2%, pending sales flat with a 0.1% drop, and new listings were down 3.2%. Pinal County, the second-largest
McCarthy Building Cos. has started work on its 12-acre employee training campus in Tempe. The employee-owned, Missouri-based construction company is turning a former DoubleTree by Hilton Hotel, located at the southwest corner of Broadway Road and Priest Drive, into the McCarthy Anchor Campus. It will serve as a centralized learning hub and hotel for use by its 8,000 employees nationwide with an anticipated opening date in early 2028. SmithGroup is the architect for the