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
A Scottsdale-based travel and loyalty technology company has extended its 42,521 square foot office lease at the upscale Scottsdale Quarter mixed-use retail center. Arrivia moved into its current office at 15147 N. Scottsdale Road, Suite 210, in 2021. That lease was set to expire in February 2027, but a company official said it has renewed its contract for the space. “We want to be in Arizona for long term, in large part because of its emerging talent with technology,” said Trevor Steege
In commercial real estate, success is often measured in square footage, skyline-changing developments and transactions that reshape communities. But for many of Arizona’s Most Influential Women in Commercial Real Estate for 2026 — selected from a field of more than 2,200 women under consideration — legacy means something far more enduring: people. Ask these leaders what they hope to leave behind, and their answers reveal a shared vision rooted not simply in
The Western U.S. remains home to many of the nation’s largest technology hubs, combining strong concentrations of tech employers and workers with high wages and sustained innovation activity. CommercialCafe ranked the top 20 tech metros in the Western U.S. using metrics including tech business density and growth, tech employment density and growth, median tech earnings and earnings growth, patent activity, innovation organizations and quality-of-life indicators. Phoenix ranked
The Phoenix housing market isn’t surging. It isn’t crashing, either. Instead, it appears to be caught in a stalemate. According to the REMAX May National Housing Report, Phoenix remains one of the nation’s most intriguing real estate markets, posting the largest year-over-year decline in active inventory among the 51 metro areas surveyed while simultaneously maintaining one of the country’s highest inventory levels and longest average selling times. The result is a market where
North American manufacturer and major player in the data center sector opened the first phase of its U.S. headquarters in April 2025 in southeast Mesa. The building was chosen as a Business Journal Project of the Year finalist in the industrial category. Xnrgy Climate Systems Inc.’s new 275,00-square-foot facility, Mesa 1, is within the 273-acre Gateway East — a mixed-use business park that will feature large industrial users, hotels, restaurants and some retail near the Mesa Gateway
Scottsdale-based Five Star Development is one step closer to emerging from Chapter 11 bankruptcy protection as it works to get an ambitious $2 billion project back on track. Five Star and its lender Madison Realty Capital have agreed on a term sheet, which was approved by a bankruptcy court judge June 30, that will provide the liquidity necessary for the debtors to continue pursuing restructuring efforts for The Ritz-Carlton Paradise Valley at The Palmeraie — a $2 billion luxury mixed-use
A handful of data releases last week painted a broad-brush picture of a relatively resilient U.S. economy managing to muddle through a temporary energy price shock. But a closer look at the details reveals a more nuanced picture, showing the balance of economic activity shifting toward capital investment as consumer spending weakens. Consumers remain largely employed and continue to open their wallets, but revisions to earlier data showed spending was slower than initially
Electric vehicle maker Rivian Automotive Inc. has received a key approval as it plans to open a Scottsdale service and repair facility. Scottsdale City Council on July 1 voted 6-0 in favor of rezoning a 5.4-acre portion of land to allow the Irvine, California-based auto manufacturer to operate a vehicle service facility at 17771 N. Pima Road within the Mack Innovation Park, which is being developed by Mack Real Estate Group. The land was previously zoned light industrial, which didn’t permit
The U.S. industrial real estate sector is facing another source of supply chain uncertainty after the U.S.-Mexico-Canada Agreement missed its July 1 renewal deadline, leaving the trade pact that underpins North America’s manufacturing and logistics networks subject to annual review rather than receiving a 16-year extension. According to Yardi Matrix, the added uncertainty comes as trade policy has already weighed on decision-making for industrial tenants, investors and developers for more
On July 1, NAIOP announced a new name for the organization: the Commercial Real Estate Development Association, or CREDA. According to CREDA, the new moniker better communicates the broad scope of commercial real estate work members engage in, such as multifamily housing, retail destinations, logistics and fulfillment facilities, offices, mixed-use developments, data centers and more. “Commercial real estate development is about far more than buildings — it is about creating the
A Safeway-anchored shopping center will begin construction early next year in Buckeye, bringing the first grocery store to the Festival Ranch community in the northwest Valley. The development, called Festival Ranch Marketplace, will be built by Pederson Group, the developer of several other grocery-anchored shopping centers around the Valley. The site is located at the northeast corner of Canyon Springs Boulevard and Sun Valley Parkway, about 12 miles away from the
NexMetro Communities, a national leader in cottage-style build-to-rent (BTR) home neighborhoods, is opening Avilla Foothills this month, a new 108-home luxury rental community in Surprise. Located on a 9.3-acre site at 12350 N. Cotton Lane, the gated neighborhood expands housing options in one of the fastest-growing areas of the Phoenix metro region. Avilla Foothills features a collection of single-level, mostly detached homes designed to offer residents more space, privacy and
A nationwide surge in data center development is driving a significant increase in demand for workers with the skills needed to get these facilities up and running, according to a report from Avison Young. The real estate services firm said U.S. data center development in established and emerging markets is fueling strong demand for electricians, plumbers, telecom line workers and installers of heating and cooling systems, among other positions. Employment in those occupations rose
Amazon is taking over vacant storefronts and other small properties in the Valley to boost its 30-minute grocery delivery operations. In Phoenix, the company has filed liquor license applications under the name “Prime Now/Amazon Fresh” for two addresses: at 1945 E. Indian School Road, and at 1746 W. Fillmore Street, with other city documents confirming the properties would be used for Amazon’s grocery delivery service and enable it to sell alcohol. The retail giant also
After months of “stickily low” rents in markets weighed down by new supply, the latest Zumper National Rent Report shows the median national one‑bedroom rent rising 0.5% month-over-month in June to $1,526, which is up 0.4% year-over-year. That marks the first positive annual reading for one‑bedroom units since May 2025 and suggests that a long stretch of flat or declining rents may be giving way to a new phase of gradual growth. Two‑bedroom units followed their smaller unit
Fluidstack, a rising tech company with heavyweight artificial intelligence clients including Anthropic and Nvidia, is expanding to west Phoenix. The New York-based company signed on to lease the entirety of two warehouses at Lincoln Property Co.’s Luke Field industrial park in Glendale, Arizona, for a total of 1.1 million square feet. One building encompasses 695,750 and the other 454,761 square feet. A financing statement recorded in Maricopa County names Fluidstack Int LLC and
Location: Southeast corner of Country Club Drive and Main Street in Mesa. Description: A long-anticipated housing and commercial development is underway at the west entrance of downtown Mesa. Club and Main Apartments is a 423-unit apartment complex with about 5,000 square feet of commercial and retail space facing Main Street. The project has been under consideration since 2023 and is finally under construction. OZ Development and Juniper Mountain Capital, a
The East Valley city of Mesa is one of the best-run municipalities in America, a new analysis has concluded. Mesa ranked No. 10 in the nation in the 2026 Best- & Worst-Run Cities in America report released this month from WalletHub. It was Arizona’s clear leader, ahead of No. 40 Phoenix and No. 61 Tucson. The report ranked the nation’s 148 largest cities based on an analysis of quality of services and amounts spent. Six other categories were measured and ranked as well: financial stability,
Following 20 years with no activity, amendments to the 3,212-acre Sandia Planned Area Development have been approved by the Coolidge City Council. The project was first annexed and zoned in 2005 and 2006. There were issues with the ownership groups, however, and the project owners, LeSueur Investments and Andersen Capital Partners, were unable to reassemble the property until 2015. The original plan called for nearly 11,000 residential units, 156 commercial acres, 73 acres of parks
One emerging Arizona suburb is now among the wealthiest neighborhoods in America, even though it wasn’t in the top 50 last year. According to a new study by MoneyLion, one of Arizona’s wealthiest suburbs has grown into one of the wealthiest in the nation, comparable to popular Silicon Valley and Westchester neighborhoods. Many of the suburbs on the top 10 list are long-standing neighborhoods where generational wealth has lived, setting this Arizona suburb apart as a relatively