The recovery in U.S. commercial real estate investment sales is taking hold where the market is most fragmented—and increasingly, where competition is no longer confined to traditional private buyers. Properties valued from $5 million to $25 million traded for $57.11 billion in the first half, a 9.3% increase from a year earlier, according to Green Street’s Sales Comps Database. It was the second consecutive year of first-half growth for the segment, signaling that buyers and sellers are
The wave of new apartments that gave renters more options and more deals over the past two years is beginning to recede. The typical U.S. asking rent rose to $1,962 in July, up 2.3% from a year ago, the fastest annual pace in over a year, according to the Zillow® Rental Market Report for July. Even as rent growth picked up speed, 2 in 5 listings still offered a concession, a lasting benefit of the construction boom. What has changed isn’t demand; it’s supply. The historically large
One of Phoenix’s few available megawarehouses has been leased before construction is complete. DHL Group has preleased VT 303 in Glendale to occupy the entire 1.15 million-square-foot building, reports indicate. The deal represents a win for the landlord, VanTrust Real Estate, which placed a bet on Phoenix’s scarcity of megawarehouses to rework the initial vision for the 66-acre site. CBRE’s Cooper Fratt, who was involved in representing the landlord in the deal, told CoStar
Commercial real estate borrowers increasingly pursued fixed-rate financing during the second quarter as the decline in borrowing costs lost momentum. Quotes for short-term, fixed-rate senior loans increased 28% from the previous quarter, while floating-rate senior quotes declined 16%, according to the Altus Group U.S. Debt Capital Markets Survey. SOFR Finds Its Floor- The shift came as the Secured Overnight Financing Rate, the benchmark underlying many floating-rate loans
The developer behind the long-delayed Mattel Adventure Park in Arizona appears to have stepped away from the West Valley project but continues to advance a similar development in the Kansas City metro area. Rian Kirkman, senior vice president of marketing for VAI Resort, confirmed in an email that VAI Resort now is the developer, owner and operator of the under-construction Mattel Adventure Park in Glendale. Glen Bilbo, CEO of Epic Resort Destinations, previously led the
Mesa is preparing about 150 acres controlled by the Arizona State Land Department for residential and commercial uses, part of a large, master-planned community. The Mesa Planning and Zoning Board unanimously recommended approval for a general plan amendment and rezoning of land at Hawes and Elliot roads to allow about 100 acres of single-family residential development and about 50 acres of mixed-use and commercial development. According to city documents, the land had previously
Economic activity showed signs of strengthening in July, pointing to continued growth in the months ahead, according to data from the Conference Board. The research group said its Leading Economic Index, a closely watched measure of future economic activity, rose 0.2% in July. The index’s six-month growth rate turned positive for the first time in four years. The index combines 10 forward-looking indicators, including unemployment claims, manufacturing orders, building
Another solar plant project with battery energy storage systems to help power future data centers is in the works outside of Phoenix. Salt Lake City, Utah-based Copia Power, which develops, builds and operates grid-connected power and data center infrastructure, is working to rezone about 3,100 acres near Tonopah in the far West Valley for its latest project, the Belmont Energy Center, according to planning documents filed with Maricopa County. Most of the project site – about 2,860
Arizona doesn’t need anyone to tell us we have incredible Mexican food. But when Arizona Mexican restaurants get a little love from The New York Times, it certainly doesn’t hurt. The New York Times recently unveiled its list of the 41 best Mexican restaurants in America, assembled after reporters, editors and photographers spent more than a year traveling the country in search of standout restaurants. Three Arizona favorites earned coveted spots — and they showcase just how diverse
The Denū Hotel & Spa, the first luxury hotel in downtown Phoenix with a full-service spa, is preparing to open in September and already has a notable book of group business. Set to debut on Sept. 16, the 236-room hotel is located at 1 E. Adams Street in downtown Phoenix in a newly constructed 17-story building. Pronounced “DEH-noo”, the word has roots in Old English and translates to “valley” as a nod to the region’s nickname, Valley of the Sun. While Denū has significantly
Arkansas-based drive-thru coffee chain 7 Brew is serious about buying former Salad and Go locations in Arizona. Salad and Go attorney Omar Alaniz told U.S. Bankruptcy Judge Alfredo R. Pérez on Tuesday that 7 Brew has “proactively engaged with us numerous times,” since Salad and Go entered Chapter 11 bankruptcy protection and that Salad and Go’s board of directors has “carefully considered each proposal,” from 7 Brew. Salad and Go entered the Chapter 11 process on Aug. 4 with a deal to
A handful of new retailers, including some opening their first locations in Arizona, are nearing their debut at Tempe Marketplace. Phoenix-based Vestar, the owner and operator of the mall, located at Rio Salado Parkway and McClintock Drive, announced five new tenants, leasing a total of 25,000 square feet in the shopping center. Carhartt, a workwear and outdoor apparel brand opened this summer at Tempe Marketplace, the retailer’s first standalone location in Arizona. “The addition of
Consumer and producer inflation both moderated in July, offering some relief to households and businesses subject to elevated price pressures since the start of hostilities in the Middle East in late February. Despite these improvements, several visible categories, including gasoline and airfares, continued to post outsized price increases. The consumer price index rose 3.4% from a year ago, following a 0.1% monthly gain. This was somewhat slower than June’s 3.5% gain and is down
The wave of new apartments that gave renters more options and more deals over the past two years is beginning to recede. The typical U.S. asking rent rose to $1,962 in July, up 2.3% from a year ago, the fastest annual pace in over a year, according to the Zillow® Rental Market Report for July. Even as rent growth picked up speed, 2 in 5 listings still offered a concession, a lasting benefit of the construction boom. What has changed isn’t demand; it’s supply. The historically
More TSMC suppliers are scooping up land to build out facilities in north Phoenix. Three more Taiwanese companies closed deals at Mack Innovation Park in Deer Valley on August 10, according to Tempe-based real estate database Vizzda LLC. The seller in all three deals was HVAC company Mornstair, which acquired 51.9 acres of vacant industrial land within the park for $59.9 million in February. Through these latest deals, Mornstair sold off 41.7 acres total for about
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