Two new tenants are moving into the Biltmore Fashion Park, allowing RED Development to announce its office space there is now fully occupied. VanTrust, a real estate development company, and interior architecture firm Phoenix Design One have signed leases at the 30,000-square-foot office footprint within the shopping mall. They are among four tenants, which also include RED Development’s corporate headquarters and Smead Capital Management, a registered investment
The commercial property recovery is happening, just not where most people are looking. Secondary markets posted a 1.8 percent year-over-year price gain in April while the six major metros—Boston, Chicago, Los Angeles, New York, San Francisco and Washington—managed only 0.2 percent growth, according to a report from MSCI. That gap isn’t just a recent development. Over the past three years, non-major metros have risen 1.9 percent, while major metros have lost 6 percent of
A major Arizona landowner is scooping up more acreage in the far West Valley to set it up for data center campuses. Arizona Land Consulting acquired 956 acres in Tonopah for $25 million on May 20, CEO Anita Verma-Lallian told the Business Journal. As a result, the firm now owns about 4,000 acres of vacant desert land across three separate sites in Tonopah, which is about an hour’s drive west of Phoenix. The latest chunk it acquired was set up for a master-planned
The 330-acre Novus Innovation Corridor on the east side of Arizona State University’s Tempe campus is nearing completion of its latest phase, with only one retail space remaining available for lease in the existing buildings. Novus is generally located on Rural Road and Sixth Street in Tempe, but spans north to Tempe Town Lake and includes the former Karsten Golf Course, which is closed and in the process of redevelopment. About 850 apartment units are now open in the
Experience-led travel is driving growth across the hotel industry and sports tourism is a huge component of that momentum — especially this year with North America hosting the 2026 FIFA World Cup. “Fans are not just booking for the soccer match itself or for the event itself,” said Brandon Ehrhardt, vice president of marketing for travel partners and advertisers at Expedia Group, on a recent episode of the CoStar News Hotels podcast. “They’re designing an entire trip around that, and that’s
More than 2,000 acres of farmland in Buckeye, Arizona, could be transformed into the region’s next employment hub and create what local officials estimate could be more than $1 billion in economic benefits, a proposal that provides a glimpse into the growth of one of the nation’s fastest-expanding large cities. The city is priming the industrial site known as Grand View Arizona through rezoning and annexing efforts to help land Phoenix’s next mega-user or, as Ken Galica, Buckeye’s
Aldi, the fastest-growing grocer in the U.S., has opened its latest store in the Valley at 1045 S. Gilbert Road in Mesa. This is the latest in Aldi’s major expansion in the Phoenix market, which will include opening at least 10 stores in 2026 and a new distribution center in the Goodyear in 2028. The new Mesa Aldi is opening in a 25,225-square-foot former 99 Cent Only store that Aldi leased for at least 10 years, according to Maricopa County records. “At our new Mesa Aldi store, shoppers will
The U.S. retail sector’s available space and investable inventory continues to remain scarce into 2026, according to data from CoStar. Even as national net absorption has fallen in three of the past five quarters, availability has held flat and remains about 15% below its prior 10-year average. Minimal retail space coming onto the market has allowed the sector to absorb pockets of softer demand without becoming oversupplied. It has also shaped rent and pricing dynamics, CoStar
A 24-story tower in central Phoenix offering luxury residences and retail broke ground Thursday, project officials announced. The tower, known as The Whitney, will include 328 residential units featuring vinyl plank flooring, tiled bathrooms and walk-in showers. Building amenities will include a fitness center and a rooftop pickleball court. The $131.2 million development also includes more than 22,000 square feet of retail space, which will be leased by
Phoenix employment has softened as unemployment has risen, but wage growth, retail spending and housing sales show economic resilience, according to an analysis from the Economic and Business Research Center (EBRC). In February, the non-seasonally adjusted civilian labor force in the Phoenix-Mesa-Chandler MSA (Phoenix MSA) fell 1.4% over the year to 2.7 million. January recorded a minor gain of 0.1% to 2.8 million. Non-seasonally adjusted resident employment in the Phoenix
The first phase features three of five buildings planned for the 240-megawatt project. Prime Data Centers has broken ground on three data centers in the first phase of its $3 billion, 1.3 million-square-foot, hyperscale campus in Avondale, Ariz., near Phoenix. Five buildings are planned for the 66.5-acre, 240-megawatt campus called PHX01. Buildings 1 through 3 have been secured by a leading hyperscaler, which was not identified by Prime. The remaining two buildings, 4 and 5, remain
More details have been filed with the city of Mesa about a 110,000-square-foot luxury hotel proposed at Cannon Beach, the mixed-use development built around a giant surf park. Documents filed with Mesa’s Planning and Development Department show that the proposed Cannon Beach Hotel would be a four-star, five-story, 148-room hotel property that is intended to be the signature hospitality component of the Cannon Beach development, which is located at the southeast corner of
During ICSC LAS VEGAS, JLL executives outlined a retail sector defined by tight supply, resilient demand and a shifting tenant mix. From a surge in experiential concepts to constrained deal flow despite strong investor appetite, the discussion underscored how macroeconomic pressures are reshaping both leasing and capital markets without slowing overall momentum. Experiential Pipeline Expands as Consumers Trade Down From Big-Ticket Leisure. JLL’s new 2026 Entertainment
Phoenix has made a name for itself as a housing construction powerhouse, but no other area of the Valley has seen such an expansion as zip code 85396 in Buckeye. The number of housing units here doubled in the span of just 10 years, deeming it America’s 36th fastest growing community and ranking among the top up-and-coming neighborhoods in the U.S. To spotlight the areas that went through significant transformation in recent years, RentCafe.com analyzed housing
Two Arizona cities rank among the top five most affordable places in the country to buy a home, according to a new WalletHub study released Tuesday. Surprise placed third and Yuma fourth in the personal finance website’s ranking of the 300 largest U.S. cities, trailing only Flint, Michigan and Detroit. Mesa came in 15th overall. In all, nine Arizona cities landed in the top 50: Surprise, Yuma, Mesa, Peoria, Gilbert, Chandler, Phoenix and Glendale, with Tucson at No. 62 and Tempe at
A nearly 175,000 square-foot warehouse currently leased to Amazon’s pharmacy arm sold on May 12 for $44.15 million, according to real estate database Vizzda. Canadian investment firm Belkorp acquired the facility from Oxford Property Group, which bought it in September 2021 for $47.98 million. Before that, the property sold in November 2019 for $28.4 million. The facility is located at 3809 E. Watkins Street, at the northwest corner of 40th Street and University Drive. It’s currently leased
U.S. malls are entering a more structurally sound phase, with occupancy, rents and net operating income all trending higher, according to a new report from retail and technology analytics firm Coresight Research. Those gains are increasingly concentrated among top-tier, well-located properties, Coresight said. These malls are benefiting from limited new construction, sustained retailer demand for prime space and a strong ability to replace vacancies with high-performing tenants. Malls
Just a few decades ago, Downtown Phoenix became a ghost town after office workers commuted back to the suburbs. Today, investments across multiple sectors have turned Downtown Phoenix into a vibrant community at all hours for all ages. While there was some transformation that started in the late ’80s and early ’90s, the plan that truly shifted downtown was largely driven in 2004 by Mayor Phil Gordon, which led to the development of America West Arena (now Mortgage Matchup
Cap rates have moved up sharply since the Fed’s rate hikes began in 2022, but they may still have further to climb. That’s the takeaway from recent analysis by First American Financial Corp., in which Xander Snyder, senior commercial real estate economist, notes that the pace of the increase has made it feel more dramatic than it actually is in historical context. Even after the recent run-up, cap rates remain relatively low compared to long-term norms. The firm’s all-asset Potential
A limited-service hotel can run at lower occupancy levels and still generate meaningful gross operating profit margins, or GOP margins. A review of a small sample of limited-service hotels across major U.S. markets shows they operate under a different profit model than full-service hotels, with lower break-even points, stronger flow-through and stronger margins. Across this subset, break-even occupancy levels for the majority of markets generally range between the
A new shopping center has been proposed in Gilbert near the busy intersection of Williams Field Road and the Loop 202 freeway. Going by the name SanTan Crossings, the project would include multiple restaurants, a bank and retailers. One portion of the 20-acre site does not have a plan yet and will be used for “future retail development,” according to documents filed with the town of Gilbert. The new center will be located at the southeast corner of Williams Field Road and San Tan Village
The Goodyear Planning and Zoning Commission reviewed a request from developer Wealth Hospitality to rezone and amend the development guidelines for a 35-acre site near the NEC of McDowell Road and Bullard Avenue to allow the development of a four-story, 241-room dual-branded Hilton Garden Inn & Homewood Suites hotel project. The Commission recommended approval in its May 6 meeting. The 4.92-acre hotel site lies within the 16.57-acre West Parcel of the overall Palm Valley
RED Development has fully leased the office building at Biltmore Fashion Park, signing VanTrust and Phoenix Design One (PDO), to bring the over 30,000-square-foot building to full occupancy. VanTrust, a national, family-held real estate development company, signed a lease on the second floor, relocating from its existing Phoenix office. PDO, a full-service interior architecture firm specializing in corporate office interiors, also signed a lease on the second floor, a move that
A family vacation to Disney World has gotten so expensive that Americans are increasingly opting for lower-cost, local entertainment offerings that still deliver shared experiences. And that shift is driving a wave of demand that’s reshaping retail real estate, according to JLL. The brokerage released a report, “Game On! Entertainment Report 2026,” at ICSC’s retail real estate conference in Las Vegas on Monday. The study found that “location-based entertainment has crossed from
Amkor Technology, the semiconductor packaging company, is set to get more than $32 million worth of land in Peoria’s future economic hub in the city’s northern region. Peoria leaders unanimously approved a purchase agreement that would give 67 acres near 96th Avenue and Amkor Way, known as “Parcel D,” to the company. The May 19 action was anticipated. The city, under a legal agreement, previously gave the company the right to have the first opportunity to buy the