DAILY TOP 5

Recent federal data is giving mild indications the multifamily construction market may be inching toward a modest bounceback. Discussing recently released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, RealPage Senior Real Estate Economist Chuck Ehmann said information suggests a slight improvement in multifamily permits since early last year. Adding the months of February and March does not

Institutional investors have spent the last two years debating whether it is finally safe to get back into commercial real estate. Willy Walker thinks they are focused on the wrong marker. The chairman and CEO of Walker & Dunlop argues that the real signal is not the calendar, or even the headlines, but the spread between cap rates and the 10‑year Treasury and specifically where in that spread an investor chooses to act. What The Spread Is Telling You – On a recent Walker & Dunlop webcast

A recently constructed open-air retail center in Queen Creek anchored by a Target has been sold. Vestar, the Phoenix-based shopping center developer and operator, sold Vineyard Towne Center, which is located at the northwest corner of Gantzel Road and Combs Road in Queen Creek, for approximately $69.6 million, according to the Pinal County Recorder’s Office. The buyer was two different private investment funds – FCREF Vineyard Towne I LLC and FCREF Vineyard Towne II LLC – which

Turf Paradise could be in line for a massive redevelopment project soon, and Arizona State University real estate students have some big ideas about what it should look like. Why it matters: Redevelopment of the 247-acre site could transform that area of north Phoenix. The big picture: Students from ASU’s Master of Real Estate Development (MRED) program each year participate in “synthesis projects” in partnership with cities and towns or other organizations to craft development

Another massive piece of state-owned land around TSMC’s campus in north Phoenix is being eyed by developers. Mack Real Estate Group has applied for a 1,473-acre parcel owned by the Arizona State Land Department that’s directly west of the company’s $7 billion Halo Vista master-planned mixed-use project — where it has already started moving dirt. The latest chunk of land Mack applied for is nestled right in between the 2,300-acre Halo Vista development and Peoria’s Innovation

Lincoln Property Co. has broken ground on Sky Harbor Logistics, a 256,000-square-foot office-to-industrial redevelopment that will bring a two-building, Class A logistics campus to an infill site in Tempe, Ariz. Completion is scheduled for spring 2027. The redevelopment brings the property full circle, because the site was developed for industrial use in 1977, then converted to office use in 2018, Lincoln Executive Vice President John Orsak explained in a prepared statement. Lincoln has been

Developers are considering using ground-floor retail to give their new office developments a boost in metro Phoenix. When a new office is being developed, it is often packaged as part of a mixed-use property, according to developers speaking at Bisnow’s Phoenix Office Forum at the Hilton Scottsdale Resort & Villas on April 30. Retail can be an incentive to bring workers back to the office, said Nick Nudo, vice president at Lincoln Property Co. “Most leadership wants the staff in the office to

Multifamily developer confidence was mixed in the first quarter, according to the National Association of Home Builders’ (NAHB’s) Multifamily Market Survey. The Multifamily Production Index (MPI) had a reading of 44, unchanged year over year, while the Multifamily Occupancy Index (MOI), at 69, was down 13 points year over year. The MPI measures builder and developer sentiment about conditions in the apartment and condo market on a scale of 0 to 100. According to the NAHB, the

Phoenix has long boasted of numerous lifestyle advantages that have drawn newcomers from around the country to the desert. Among these, the low cost associated with the Metro Phoenix housing market — especially compared to California — has been key to the Valley’s growth. But since the start of the decade, housing affordability has eroded, leaving buyers and sellers unsure if 2026 is the right time to make a consequential financial decision. The Arizona Association of

Phoenix’s streak of mega warehouse sales and leases is quieting down. The available supply of big-box warehouses in the Phoenix metro shrank considerably over the last year, with no buildings amounting to a million square feet or more currently remaining, according to data from Costar. Now smaller spaces are seeing the bulk of sales and leasing activity, which is expected to continue throughout this year and drive industrial figures. Here are some recent Valley deals including smaller

Taiwan Semiconductor Manufacturing Co.’s $165 billion north Phoenix development is the largest construction project underway in the United States, and with it has come a ripple effect of massive proportions. The area directly surrounding the development will eventually have a population the size of a small city, in an area that was not expected to develop for decades. The effects, which are already beginning to take shape, will be wide-reaching, growing development, driving education

In Arizona, one of the nation’s data center capitals, neighborhoods have started pushing back against data center projects to little avail. Why it matters: Neighbors say the giant technology centers diminish their quality of life and waste their water, but they face an army of lawyers and lobbyists working to push the projects through anyway. The big picture: Arizona has 98 data centers currently operating and 86 planned or under construction, per the Pew Research Center. Grassroots

The average asking rent for Phoenix apartment properties was unchanged in April, marking the fifth consecutive month with flat or positive movement. Last month’s performance brings year-to-date growth to 0.4%, as the Valley held on to the modest gains achieved earlier in the year. This marks a divergence from the same time period in 2025, when asking rent growth had dipped into negative territory through the first four months of the year. Back then, healthy gains in the

In 2026, renters want one thing above all else: more space. Rentometer analyzed nearly 650,000 single-family rental listings and found that Arizona ranks among the top markets where renters can access larger homes—especially across fast-growing metro areas. Key takeaways for Arizona: Arizona offers consistently larger rental homes, especially in fast-growing suburban markets. Cities like Scottsdale (1,998 square feet) rank among the most spacious large U.S. cities. Gilbert

Yardi Matrix Vice President Jeff Adler offered a mixed but generally favorable economic outlook during the recent Yardi Executive Summit in New York City, terming it a “repeat of the 1930s” and urging attendees to keep an eye on the fiscal deficit and not to be distracted by the war in Iran. While large deficits remain unresolved, Adler said he anticipates the 10-year Treasury yield to be 4.0 to 4.5 percent. “This is the big thing,” he emphasized. Meanwhile, GDP should

Inflation numbers are up. So are gas and food prices. And according to Marcus & Millichap’s “Retail Sales” brief, so is consumer spending. Core retail sales, excluding auto and gasoline purchases, increased by 0.6% in March, while year-over-year spending grew by 4.2%. However, consumers aren’t just throwing money around. “More households are purchasing necessity and household items in bulk to save money amid persistent inflation,” Marcus & Millichap analysts explained. Sales

A developer is waiting for key approval that will allow nearly 28 acres of commercial space for shopping, retail, dining and entertainment use within a broader master-planned community in Gilbert. The 311-acre development called Harvest Grove — off Val Vista Drive and Germann Road — overcame a hurdle last month when the Gilbert Town Council voted 4-3 in favor of the project’s general plan amendment and zoning changes. That vote came after months of debate and design

Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2026 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona is based purely on opinion and ranks companies based on how voters answer this simple question: with whom would you recommend doing business? Top 10 master-planned communities in Arizona. Here are the Top 10 master-planned communities in Arizona, as featured in the

PHOENIX — Florida, California, Texas, even New Mexico. Those are the states people think of when they think about space. Arizona wants to change that. Representatives of Arizona’s space industry gathered Wednesday at the Hyatt in downtown Phoenix for the “Space Congress” event to map out how the state can become a major player in the growing commercial space economy. Brett Mecum of the Arizona Space Commission says the state is already closer than most people realize. “Arizona

More than two decades ago when she was working as economic development director for the city of Chandler, the chances for a Valley city to land a corporate headquarters relocation were pretty slim. But these days, politicians and economic development experts alike have started referring to an emerging HQ hotspot – the growing northeast Phoenix area near Loop 101 – as “Headquarters Alley,” where Discount Tire, Republic Services and now Sprouts Farmers Market are all in

Following more than a decade of limited activity, the Phoenix retail development pipeline is expanding again. About 2.8 million square feet of retail space was under construction in the Greater Phoenix area in the first quarter of 2026, an acceleration from the 1.6 million square feet underway on average from 2015 to 2019. That amount represents about 1.1% of existing stock, ranking the Valley among the top-five markets in the nation for most retail space underway, on both an absolute

The COVID-19 pandemic brought a reckoning to office space, leaving large-scale vacancy in major cities, including Phoenix, where the vacancy rate reached 22.8% in the first quarter of 2026. The move away from office space has left some buildings functionally obsolete, priming them to be converted to a different use, or razed and redeveloped. In Phoenix, about 1,500 apartment units are planned to be created through converting offices to residential use, according to a report from RentCafe

After an hour-and-a-half-long bidding war, a winner finally emerged during an Arizona State Land Department auction on April 30. Desert Ridge 293 LLC placed the winning bid of $180 million. That LLC was incorporated on April 8 in Delaware — a state notorious for helping safeguard the identities of entities registered there. The representative holding the winning paddle was Lori Anderson with eXp Realty. The 293.5-acre site, which is located at Deer Valley Drive and

After years of speculation and a high-profile ownership reset, One Camelback is no longer a question mark on the Uptown skyline. It is a construction site in motion. Kinella Capital, LLC, led by developer TK Stratton, has reached several key milestones at the long-stalled office-to-residential conversion, signaling that one of Phoenix’s most talked-about projects is firmly back on track for a fourth quarter 2026 completion. “The progress happening right now is what people have been