A massive data center project planned in Mesa is moving forward. Mesa Planning Commission members cast their votes on May 13 in a quiet and nearly empty chamber, ending a 10-minute meeting with a unanimous vote that recommended approval of the 2.2 million-square-foot data center project. The Wednesday meeting stood in contrast to a raucous four-hour meeting Chandler City Council experienced last December when a group of red-clad attendees formed a striking opposition
Most metrics are looking up, according to a new CBRE report. As retail deliveries stall, rents continue their upward trajectory. The growth rate edged out the 10-year average, with an annual rent increase of 2.4 percent through March, according to the latest CBRE quarterly retail report. Meanwhile, three consecutive quarters of positive net absorption kept the availability rate low, at just 4.9 percent at the end of the first quarter. However, the reading was 10 basis points higher compared to the
Location: 7620 E Cavasson Blvd., along the western block of Hayden Road that’s just north of Loop 101 in Scottsdale. Description: A multitenant retail and medical center will join north Scottsdale’s sprawling master-planned development called Cavasson. Led by Nationwide Realty Investors, the real estate arm of the insurance company, the $1 billion Cavasson is a 134-acre development. It’s already home to Nationwide’s new corporate offices, as well as a Hilton hotel, restaurants and other
Retail sales rose for the third consecutive month in April, gaining 0.5% from March and rising 4.9% year-over-year, the Census Bureau reported Thursday. The increase in spending, which was in line with expectations, occurred despite a 3.8% annualized rise in the Consumer Price Index and diminished consumer confidence. Total sales for the February 2026 through April 2026 period were up 4.4% from the year-ago period. The February 2026 to March 2026 percentage change was revised
West Valley city looks to double number of hotel rooms in Westgate area, seeks even more restaurant tenants. For nearly two decades, Desert Diamond Arena’s calendar revolved around 41 regular-season home games and the rhythms of an NHL schedule. Today, that structure is gone. The Coyotes played their last game at Desert Diamond Arena on April 29, 2022, ending a turbulent and fractious 19-year relationship with the city of Glendale. In the ensuing four years, the arena and
A 2,500-acre site in Buckeye is aiming to land the Valley’s next mega-project, as brokers begin to pitch the site for semiconductor manufacturing and other advanced manufacturing uses. The site, called Grand View Arizona, is located near Broadway Road and MC 85, and is bisected by Union Pacific Railroad. A plan approved by the Buckeye City Council in April would allow nearly the whole site to be taken by one user, if there is interest from a large company in developing all of it. About
Lennar Corp. (NYE: LEN) has its eye on 325 acres of state land near Taiwan Semiconductor Manufacturing Co.’s $165 billion complex being developed in north Phoenix, looking to fill a need for more housing units for thousands of employees. The Miami-based homebuilder has submitted an application to the Arizona State Land Department in an effort to convince the department to auction a parcel on Dove Valley Road and Paloma Parkway. While Lennar is the applicant on that
For house-hunting Americans, the supply is limited.With a tight housing market for existing homes, the demand for new home construction is growing as homebuyers seek more options.But which cities have the most new home construction in 2026? According to a new analysis by InMyArea.com, metro Phoenix ranks No. 4 in the nation for new home construction, with more than 39,145 housing units permitted. However, despite ranking high in the nation for new construction, overall
Arizona still has a supply and demand imbalance when it comes to housing, according to a new report from the Arizona-based think tank, Common Sense Institute. The report says just 42% of households in the state would be able to afford a new mortgage — down from 66% in 2019. Homeownership remains out-of-reach for many Arizonans in spite of the fact that home prices fell nearly 3% in 2025. “That’s 3% on a level that was so high historically, that while that is some
It’s a show most people could never imagine, and a rare construction operation that occurred on several occasions this spring while most Phoenicians slept. A steel beam weighing as much as seven elephants was lifted off the ground between two massive cranes to become part of a growing airport. For these tandem “steel picks,” the towering cranes were out of sight of each other and had to lift precisely at the same time and height. The operation necessitated increased safety measures along
Commercial real estate lending in 1Q 2026 reached its highest level in five years as lenders have gained more confidence in loan-to-value ratios and fresh equity entered the market, giving borrowers more choices about their lenders. These trends were revealed in CBRE’s Lending Momentum Index, which tracks the pace of CRE loans that the company either originated or brokered over a 36-month period. A higher index indicates stronger lending momentum for CRE. The index rose to
Sluggish seasonal performance keeps advertised rents in the negative, according to Yardi Matrix. Advertised average U.S. multifamily rents ticked up 0.4 percent year-to-date through April, just one-third of the average seasonal growth recorded between 2012 and 2019, according to Yardi Matrix’s latest survey of 140 markets. Annual growth was negative at -0.2 percent, with the average advertised rent clocking in at $1,758 in April, $4 higher than the March reading. Similar
Another 1,300 acres in north Phoenix near the Taiwan Semiconductor Manufacturing Co. plant could be primed for new development. The site, which is directly west of TSMC’s first phase and the 2,300-acre development called Halo Vista, is still controlled by the Arizona State Land Department. However, Mack Real Estate Group, one of the master developers of Halo Vista, has submitted an application to buy the land at a future state auction. The site is near 51st Avenue and
A global energy giant is behind a massive solar power plant project being planned in Goodyear. Developers are asking for approvals to set up a 5,011-acre project site in the far southern portion of the city in an area called Rainbow Valley, according to documents filed with Goodyear’s planning department. It would produce about 550 megawatts of power, while containerized battery energy storage systems (BESS) units would store the same amount. The developer
Arizona has a substantial, immediate demand for more housing, and it’s only going to grow in the next few years. Why it matters: Affordable housing drove massive population growth here for decades, but high prices, high interest rates and a supply crunch have combined to make housing increasingly inaccessible in recent years. The big picture: Arizona has an immediate need for about 56,000 more housing units and a longer-term shortfall of around 110,000, per a new report from the
Commercial real estate lending in the first quarter reached a five-year high, with a growing pool of capital boosting transaction volume. The CBRE Lending Momentum Index, which tracks the pace of CBRE-originated loan closings over a rolling 36-month period, reached its highest level since 2021, which the brokerage said signals stronger lending momentum and improved sentiment in the marketplace. Alternative lenders like debt funds and mortgage REITS accounted for
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 provide
Another 1,300 acres in north Phoenix near the Taiwan Semiconductor Manufacturing Co. plant could be primed for new development. The site, which is directly west of TSMC’s first phase and the 2,300-acre development called Halo Vista, is still controlled by the Arizona State Land Department. However, Mack Real Estate Group, one of the master developers of Halo Vista, has submitted an application to buy the land at a future state auction. The site is near 51st Avenue and Loop 303. The
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
Harvard Investments announced Solstice Foothills as the new name for its 1,940 acre master planned community in the City of Goodyear, marking the first public unveiling of a new identity for the project formerly known as Rio 1900. The announcement signals a major milestone for one of the most significant land holdings in the West Valley and introduces a name that reflects the site’s desert setting, evolving vision, and long term role in shaping growth along the Gila
Commercial and multifamily mortgage loan originations were 52% higher in the first quarter of 2026 compared to a year earlier, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. A rise in originations for healthcare, retail, hotel and industrial properties led to an overall increase in lending volumes MBA reported a 209% year-over-year increase in the dollar volume of loans for
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