DAILY TOP 5

Fewer apartments are sitting empty, rent prices are climbing, and yet the deals keep coming. According to the Zillow® June Rental Report, the typical U.S. asking rent rose to $1,965, up 2.2% compared to a year ago, and nearly 2 in 5 rental listings came with a concession attached. For property managers, that means pricing power isn’t back yet. A concession is a move-in discount, commonly a free month’s rent, waived fees or free parking. For renters who land a freebie, the real cost of renting can

Construction is expected to begin by the end of this year on a San Tan Valley retail development that aims to bring restaurants, stores and medical offices to an “underserved” market. Scottsdale-based Diversified Partners expects to receive permits in the next three months to move ahead with its project at Ironwood and Ranch roads, Walt Brown, the company’s CEO, said. The development includes about 24 acres and will include about 25,000 square feet of retail and restaurant space

U.S. rents are rising more quickly and fewer apartments are sitting empty, but elevated concessions show that many landlords have not yet regained meaningful pricing power. The typical asking rent increased 2.2% year-over-year to $1,965 in June, according to Zillow. At the same time, 39.7% of rental listings offered a concession, up from 35.2% one year earlier. The seemingly contradictory trends reflect a rental market beginning to tighten but still digesting the inventory delivered during the recent

Jay Krew has been selected for inclusion in Marquis Who’s Who. As in all Marquis Who’s Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process. Mr. Krew has established a distinguished career in industrial and commercial real estate, currently serving as the senior vice president at ORION Investment

A shuttered Food City along the light rail line in Tempe has been demolished to make way for a mixed-use development that will include a new grocery store and affordable housing. The site, on Apache Boulevard and Dorsey Lane, will be developed into a 400-unit apartment complex, with 90% of the units designated as affordable housing. The units will be available to people earning between 30% and 80% of the area median income, meaning a two-person household earning

Sprouts Farmers Market Inc., the Arizona-based grocery chain, is opening the first piece of its new headquarters campus, a flagship store in North Phoenix. The new store, which is located at 20650 N. 56th St., will open on July 24. It is located just steps away from the national grocer’s brand-new corporate headquarters, which is in a four-story, 144,500-square-foot building in the CityNorth development. The new Phoenix store is in the same footprint as all Sprouts (Nasdaq: SFM) stores

American businesses picked up the pace in July, but so did inflation as companies grappled with higher shipping costs, supplier delays and the fallout from the conflict in the Middle East. The S&P Global U.S. PMI Composite Output Index, a gauge of business activity across manufacturing and services sectors, rose to 53.6 in July from 51.9 in June, signaling the strongest economic momentum since November. Readings above 50 indicate expansion, while those below 50 signal

Strong multifamily growth pushed overall housing starts higher in June, while single-family production remained sluggish as elevated mortgage rates, rising construction costs and persistent labor shortages continued to weigh on the market. Overall housing starts increased 19% in June to a seasonally adjusted annual rate of 1.43 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The June reading of 1.43 million

The 30-year Treasury yield has stayed above 5% for its longest stretch since before the Global Financial Crisis, signaling that long-term borrowing costs may be resetting higher just as commercial real estate investors work through refinancing and pricing decisions. At the same time, the 10-year Treasury is hovering near its highest levels since late 2007 and Brent crude has risen above $100 a barrel, raising fresh questions about inflation, recession risk and where the cost of capital goes from

A North Carolina-based developer with plans for several Valley projects closed on land for a north Phoenix development, an apartment complex in Norterra. Crescent Communities bought the 8.5-acre site near Interstate 17 and Jomax Road for $11.69 million, according to real estate database Vizzda. The site is part of the 600-acre Norterra master-planned development. Construction is expected to begin immediately on the development, called Novel Norterra, a four-story project

Driven largely by semiconductor firms going all in on Arizona, the past 12 months were the most successful for economic development in state history. That’s according to the latest fiscal year annual report from the Arizona Commerce Authority, which shows that companies announced plans to invest over $109 billion in new projects and other economic development activity in the state that resulted in some 26,225 projected new jobs created from July 2025 through June of this

Institutional owners of single-family rentals have more than doubled the number of homes they are bringing to market since February, a shift that Parcl Labs says offers an early read on how Wall Street is repositioning in response to Washington’s new buying ban. As of this month, 9,447 homes owned by institutional investors are listed for sale, up from 4,166 on Feb. 1, when Parcl Labs launched its full research effort, representing about $3.1 billion in total asking price. “The rate of for-sale

Bank lending for commercial real estate is beginning to expand again after two years of tighter credit conditions, but the recovery looks markedly different depending on the type of loan and the size of the lender, according to an analysis of first-quarter 2026 Call Report data by Trepp. Owner-occupied and income-producing CRE loan balances grew both across the banking industry and at the typical institution over the past year. Construction lending was the notable exception: Large banks

Willmeng Construction recently began work on GO|99 North, the newest 1 million square foot speculative industrial building in the Valley. For developer GO Industrial, the 1.1 million square foot, Class A warehouse and distribution facility is the largest single building the company has brought to market. Designed by DLR Group, GO|99 North is the firm’s second development along 99th Ave. in SW Phoenix. GO|99 South, a three building, 1.28 million square foot industrial park, was built by

The apartment boom of the past decade has added millions of units across the country — and revealed the metropolitan areas where renter demand has been growing fastest. A recent CoStar analysis examined how apartment construction reshaped the industry’s inventory hierarchy, with more markets crossing major size thresholds and moving into larger “weight classes.” This analysis focuses on a different question: which markets account for the largest share of renter demand

U.S. retail sales moved higher again in June, reinforcing the view that consumers remain willing to open their pocketbooks even as they become more selective about where, when and with whom they spend. Advance retail and food services sales increased 0.2% in June to a record $768.6 billion, according to the U.S. Census Bureau. The gain followed an upwardly revised 1.0% increase in May and left total sales 6.7% above year-earlier levels. Sales during the second quarter were

Multifamily owners are leaning harder than ever on rent and deposit concessions to protect occupancy in a tougher refinancing climate, but that strategy is quietly magnifying bad debt risk and eroding cash flow just as a wave of maturities comes due, according to LeaseLock executives and data from federal and private sources. Competing in Oversupplied Market-With roughly 13% of multifamily mortgages maturing in 2026 and more than $800 billion in multifamily debt set to come due

Crunch Fitness, a national gym brand, is looking to add 20 new stores in the Phoenix area in the next two years. Southwest Fitness Holdings LLC is the Crunch Fitness franchisee bringing the brand to the Valley. Southwest Fitness is a subsidiary of CR Fitness Holdings, which is the largest Crunch franchisee in the system with nearly 100 locations. Southwest Fitness is opening Crunch gyms in Phoenix and in Dallas. Before the end of 2026, the company plans on opening four locations in the

A Taiwan-based firm has acquired a 107,400-square-foot industrial building in Surprise for $20,406,000, amid the continued flood of semiconductor suppliers to the Valley due to the rapid growth of the industry in Arizona. The company – Uangyih Industrial Company – specializes in supplying semiconductor manufacturers with air abatement systems, wastewater treatment materials and other key products and services for chipmaking operations. The deal closed on July 16, according to

The Beau Collective, a fitness, retail and social flex space that was founded in Park City, Utah in 2014, will open a location in uptown Phoenix next month. The Beau Collective, which was founded by Whitney White Kozlowski – an Arizona native and Xavier College Preparatory graduate – will occupy a recently converted single-story free-standing office building at 5115 N. Central Ave., just north of Uptown Plaza. The 6,648-square-foot building that was constructed in 1973 is being transformed

Office and industrial projects are moving forward in Tempe as one company invests millions in its new office space and another works toward adding more industrial space to the market. Waymo LLC is investing more than $4 million in tenant improvements into its recently opened Tempe office as the company continues to expand in the Phoenix metro, according to building permits filed with the city of Tempe. The subsidiary of Alphabet Inc (Nasdaq: GOOGL). signed a

The Metro Phoenix office market is showing fresh signs of resilience as tenants continue returning to premium office space, vacancy declines and developers largely remain on the sidelines, according to Newmark‘s 2Q 2026 Phoenix Office Market Overview. The report paints the picture of a market gradually finding its footing, with Class A and trophy properties outperforming older inventory while office conversions and limited new construction continue tightening supply. The Valley recorded

Commercial real estate lenders are keeping credit lines open even as Treasury yields lurch higher, a combination that is helping to support sales activity and keep borrowing costs in check for many borrowers, according to Cushman & Wakefield Senior Economist Adrian Ponsen and Federal Reserve data. The core dynamic is that banks and other lenders are still growing their CRE portfolios fast enough to offset rate volatility, leaving spreads “borrower friendly” even as the broader rate

Building out instead of building up is quietly reshaping the multifamily landscape, and it is happening even as new supply pulls back from 2024’s breakneck pace. According to a new analysis by Chandan Economics for Arbor Realty Trust, the post‑boom pipeline is tilting toward larger, low‑rise communities that lean into renter preferences and cost realities rather than skyline‑altering towers. For investors, that shift in what gets built and where is likely to influence which assets will prove