Location: Near the northeast corner of Scottsdale Road and Mayo Boulevard, just south of Loop 101 in north Scottsdale. Description: A Dutch-based tech company is looking to support the Valley’s flourishing semiconductor industry by building its largest R&D center in the world. Advanced Semiconductor Materials, which designs, manufactures and services equipment for semiconductor fabrication, is expanding its local operations and building a new North American headquarters on a
U.S. apartment rents remained essentially flat in July, with the increase slowing from June as the summer leasing season lost momentum. The national apartment rent average increased to $1,747 from June’s revised level of $1,746, according to Apartments.com’s latest report on multifamily rent trends. A 0.1% monthly gain was originally reported in June before being revised upward to 0.2%, reflecting slightly stronger pricing earlier in the summer than previously estimated. Though
Great Wolf Lodge is looking to expand its seven-year-old water park resort within the Talking Stick Entertainment District to accommodate large families. The resort owners are seeking to build a connecting six-story suite tower that would have 24 guest suites, each with three bedrooms, Salt River Pima-Maricopa Indian Community planner Noah Katt said during a July 27 Land Management Board Community Hearing. “We’re always looking for opportunities to bring the
Multifamily and single-family housing often move in the same general direction, but they don’t appreciate at the same pace even in top-demand markets, which creates meaningful dispersion in returns for investors depending on the metro and asset type mix in their portfolios. According to Trepp’s analysis of four high-demand coastal metros, local rental fundamentals and pricing, not just household demand, explain why apartments sometimes lag and sometimes significantly outperform
A new national ranking of the best U.S. cities for office investing just came out, and Arizona markets are split, with one taking the No. 1 spot in the country and two landing in the bottom third. LoopNet scored 50 U.S. cities for office investing in 2026 on rental income relative to purchase price, available inventory, office job growth, and building quality. Where Arizona landed: Tucson — No. 1 nationally. The most well-rounded market in the study: a top-three income-to-price
Rawhide Development Co., an affiliate of the Arizona Cardinals and the owner and developer of 217 acres in north Phoenix where the NFL team is building its new headquarters campus and performance center, has hired a CEO. Ralph Ireland is now the president and CEO of Rawhide Development. His role will include managing the massive mixed-use property located at Scottsdale Road and the Loop 101 in north Phoenix that will include the NFL team’s headquarters. Last year, Rawhide
During the 12‑month period ending June 30, 2026, the Arizona Commerce Authority (ACA) and local economic development partners worked with companies that committed to creating 26,225 projected new Arizona jobs and investing more than $109 billion into communities statewide — both single‑year records. The projected new jobs carry an average wage of $81,368, higher than the state median wage. “Across the state, we’re delivering the family‑sustaining jobs and economic
Creation, one of Arizona’s leading real estate development firms, in partnership with CrossHarbor Capital Partners and Amherst, announced the completion of Nexus Commerce Center, a three-building, 273,000-square-foot Class-A industrial park at Elliot Road and Hardy Drive in Tempe. Delivered on a 16-acre site once home to Elliot Corporate Center, the redevelopment converts a site once home to 200,000 square feet of vacant office space into an institutional-quality shallow-bay
A private clean energy firm is planning a major solar project on state-owned land near Buckeye, amid a flurry of similar projects in various stages of development in the West Valley and further south in Pinal County. Charlottesville, Virginia-based Apex Clean Energy applied for a 30-year commercial lease for a 3,897-acre site where it wants to build a 350-megawatt utility-scale solar plant with battery energy storage systems, according to documents submitted with the Arizona State Land
Four Arizona cities have been named in the Top 10 of WalletHub’s “Best Places to Rent in America” survey, with four more making the Top 25. In what will almost certainly be viewed with horror and trepidation by Scottsdale’s anti-apartment contingent, that city secured the Number One position. The other Arizona cities and their rankings were: Gilbert, 2; Chandler, 3; Peoria, 6; Mesa, 16; Glendale, 17; Phoenix, 19, and Tempe, 25. The survey covered 182 cities around the country and used
Toy Barn’s flagship luxury car garage location is on track to begin construction within the 124-acre Mack Innovation Park in north Scottsdale. The 205,000-square-foot, six-building facility will sit on 10 acres of land off Loop 101, between Bell and Pima roads, making it the luxury car storage company’s eighth and largest site, Toy Barn co-founder and principal Jason Phillips told the Business Journal. Toy Barn is an early pioneer of luxury car garages in the Phoenix metro, opening its first location
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