The state’s job growth ranked 15th in America, the report noted, adding that 13 states nationwide lost jobs year over year in June. June marked the third consecutive month of year-over-year job growth in Arizona. Before the streak, the state previously saw eight consecutive months of year-over-year job loss. Zach Milne, a senior economist for CSI Arizona, told The Center Square this week that states nationwide are seeing slow job growth numbers. Arizona’s 0.72%
A long-planned indoor rainforest project near Scottsdale has been put on hold after the Salt River Pima-Maricopa Indian Community Council delayed its vote. The SRPMIC Council was scheduled to vote on a conditional use permit for Paradise Earth during a July 29 meeting, but all Council members unanimously opted out until they could get more information. Council members expressed concerns and wanted clarity on the wildlife attraction’s water usage, waste, how the extreme heat would
Marcus & Millichap CEO Hessam Nadji says commercial real estate is moving into a new phase of activity as three years of price corrections, loan maturities and pent-up demand push more properties to market, even with interest rates higher than many investors expected. He told Bloomberg Radio that this next leg of the cycle is defined by a wide spread in risk and reward across property types and submarkets, which is creating both stress and opportunity for investors willing to be
Formation Interests broke ground on the second phase of an industrial park it’s building next to Buc-ee’s in Goodyear. The first phase of the project, called Formation Park 10, brought five new buildings amounting to nearly 689,000 square feet across a 44-acre site. Now phase two will bring three new buildings totaling 261,168 square-feet. The project is located at Bullard Avenue and Celebrate Life Way. It’s a venture between Dallas-based Formation Interests and Fort
When rental Housing Economist Jay Parsons calls CPI rent data “garbage,” he’s not just venting about a flawed government statistic. He’s warning multifamily investors that relying on that series for affordability analysis and rent-growth narratives can distort what’s actually happening in investment-grade properties—and, by extension, in their research decks, IC memos and asset management benchmarks. On a recent episode of the “Rent Roll” podcast, hosted by Parsons and featuring guest
Scottsdale-based Lyfe Companies is developing the first phase of a retail and dining hub within the Vistancia master-planned community in north Peoria. The firm is behind projects at other notable Valley neighborhood retail centers including Uptown Plaza in Phoenix and Epicenter in Gilbert, and has worked on restaurants like Buck & Rider, The Mission and Huss Brewing. Plans for Five North at Vistancia — the 320-acre commercial core of the over 7,000-acre master-planned
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
The Fed’s decision to leave rates unchanged on Wednesday has deepened a credibility problem that markets are now pricing in—and that commercial real estate can’t ignore. Kevin Warsh emerged from his second meeting as Fed chair insisting “this Fed will not waver” in the fight against inflation, even as the Federal Open Market Committee kept the benchmark rate in the 3.50% to 3.75% range for the fifth straight time. Investors had assigned roughly a one‑in‑three chance to a hike going into
Charles Schwab & Co., Inc. is investing millions into an extensive renovation of a nearly 84,000-square-foot office space in north Scottsdale where the firm is planning a major Arizona expansion. The financial services giant filed a permit for $11.7 million in tenant improvements at the Two Scottsdale Landing office complex at 8701 E. Hartford Drive off Pima and Bell roads, according to city of Scottsdale records. “As part of our continued growth, Schwab is expanding the teams that support our
Cementing its growing reputation as a tourist destination, the Phoenix metro will have more hotels open this year than any other major city in the United States. The Valley is expected to have 26 hotel projects open before the end of the year, according to a report from New Hampshire-based hospitality industry research group Lodging Econometrics (LE). That accounts for 3,615 new hotel rooms being added to the regional market, per Lodging Econometrics’ Q2 2026 United States
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