Office attendance has yet to build on last year’s gains, despite a gradual tightening of return-to-office policies among many of the nation’s largest employers. A new report from Savills found that office visits stood at 67% of January 2020 levels in March 2026, down from a recovery high of 75% reached in 2025. At the same time, workplace policies among the top 200 Fortune 500 companies continued to shift incrementally toward greater in-office expectations, suggesting that stricter
1. University of Phoenix – Riverpoint Center: Sale price: $103,000,000, Address: 4025, 4035, 4045, 4050 and 4055 S. Riverpoint Pkwy., Phoenix, Property description: 628,192 square feet of office tower — one 10-story and two 6-story towers, Buyer: LXP Industrial Trust, Seller: Epic UK Ltd/, Broker: Newmark. 2. Longbow Luxury Apartments: Sale price: $95,250,000, Address: 2950 N. Recker Rd., Mesa, Property description: 339-unit apartment complex, Buyer: Millburn and
Canadian investment firm Belkorp has acquired a distribution building in Phoenix from Oxford Properties Group for $44.15 million, or approximately $253 per square foot. The two-story, 174,801-square-foot building at 3809 E. Watkins St. was constructed in 1996. The property is fully leased to PillPack, which has occupied the entire building since November 2018. The lease runs through August 2030. PillPack is a part of Amazon’s pharmacy service and packages customer
Downtown Phoenix is a brief vertical moment within the city’s low-slung sprawl, which unfurls across more than 500 square miles toward the city’s valley edge. From my airplane window, it appeared as a patch of overlooked stubble on a recently shaved cheek. The man at the airport information desk unhurriedly explained how to arrive there by taxi, but made sure to warn against the light rail system, which, he explained, was the slower alternative. This may seem an ill-advised place for
Machine Investment Group (MIG), a real estate investment platform focused on opportunistic, distressed and special situations across the United States, in a joint venture partnership with Miramar Capital and Axonic Capital, announced the acquisition of The Hub @ 202, a 1,271,390-square-foot, 10-building industrial park located in the Southeast Valley. The industrial campus consists of 10 separate buildings ranging in size from approximately 65,000 square feet to 270,000
Prime Data Centers, a leading international developer and operator of hyperscale and purpose-built data centers, today broke ground on the first three data centers of its new 5-building 240MW IT Phoenix campus in Avondale, Arizona. Each building is a 267,000-square-foot facility, delivering 48MW of critical IT load capacity. This serves as the opening phase of the campus, which will ultimately span 66.5 acres, 1.3 million square feet and 240MW of total critical power across five
The final buildings at the Trailhead mixed-use development in Peoria will break ground in the next few months, as the retail portion of the development nears full occupancy. Flower Child, a Fox Restaurant Concepts restaurant, is under construction and plans to open later this year at the $100 million development located at Happy Valley Road and 83rd Avenue. HonorHealth is also under construction on a medical office facility next to the restaurant site. The development, led by
Lenders are marketing a $629 million commercial mortgage‑backed securities offering backed by 11 Bridge Investment Group multifamily properties — an uncommon securitization in which Bridge, typically an active lender, is instead the borrower. Bridge has a significant lending arm through its debt strategies division, which originates multifamily loans nationwide and packages them into bonds sold to investors. The firm has completed 17 such securitized deals, making it one of the
Scottsdale-based Taylor Morrison Home Corporation and Berkshire Hathaway Inc. jointly announced today that they have reached a definitive agreement for Berkshire Hathaway to acquire Taylor Morrison for $72.50 per common share in cash, representing a total equity value for Taylor Morrison of approximately $6.8 billion and total enterprise value of approximately $8.5 billion. The acquisition price represents a 24% premium to Taylor Morrison’s latest closing price of $58.50 on
SkySong continues to see strong leasing activity with a new series of leases and expansions totaling more than 28,000 square feet across the project’s office buildings. The latest transactions include a mix of new tenants, expansions and long-term commitments from companies spanning financial services, construction, commercial real estate and professional services — reinforcing SkySong’s position as one of the region’s most active and resilient innovation-oriented office
The multifamily market is heading into peak leasing season, with numbers that look encouraging on the surface but lukewarm beneath. The national median multifamily rent rose 0.5% month-over-month in May to $1,379, but that remains $20 lower than the May 2025 total, according to Apartment List. In other words, this is about as strong as the market has gotten so far this year, and it is still not enough to pull annual growth back into positive territory. May’s uptick marked the fourth
The 311-acre Harvest Grove master planned community in Gilbert has hit another milestone, despite getting pushback from Council members and residents. Since Gilbert Town Council approved the developer’s general plan amendment and zoning changes in a split April 7 vote, three parcels of land have changed hands within the Harvest Grove community, which is located on the northern portion of the site off Val Vista Drive and Germann Road. Barclay Group and
Following a difficult pencils-down period, banks big and small are ready to lend on CRE again. For a stretch of about two years that seemed to many like an eternity, banks were essentially out of the commercial real estate lending business. Institutions big and small went pencils down on new deals as they worked through loan books burdened with bad office, retail and multifamily loans. But that’s starting to change. And now banks — normally the lifeblood of CRE finance — are back in
Arizona experienced positive year-over-year job growth for the first time in eight months, according to a new report. The Common Sense Institute Arizona released a report showing that Arizona gained 13,300 jobs year over year in April. This marked the first time since August 2025 that Arizona saw positive year-over-year job growth. Arizona grew by 0.41%, ranking 12th in America, the report said, adding that the state’s job growth outpaced the national average of 0.16%. The April
Taiwan Semiconductor Manufacturing Co. is investing $165B to build new chipmaking plants in Phoenix as part of its multiyear plan to become the most advanced semiconductor facility in the U.S. Ever since TSMC announced the project in 2020, developers have been grabbing industrial sites and nearby land plots in hopes of capitalizing on the planned expansion. That activity is now accelerating. “The development community in Phoenix is witnessing firsthand the massive uptick in
A huge new data center development is in the works in Peoria. Plano, Texas-based Aligned Data Centers is planning to construct a two-building campus totaling about 916,000 square-feet, according to planning documents filed with the city. The 95-acre project site is located at 75th Avenue and Butler Drive, within an industrial park that includes other notable warehousing and manufacturing tenants like Frito Lay and Trader Joe’s. It’s also within a zoning district that allows for data center
On May 14, Marcus & Millichap published its 2026 U.S. Industrial Investment Midyear Outlook. The report details how the Phoenix market remains one of the highest-ranked industrial markets nationally in 2026 as the region’s business-friendly environment and strategic Southwest location continue attracting users across manufacturing, e-commerce and distribution operations. AZ Big Media sat down with Ryan Sarbinoff, senior managing director and market leader for Marcus &
Location: Near the northeast corner of Apache Boulevard and Rural Road in north Tempe. Description: A 15-story mixed-use development called Rambler Tempe is nearing completion in north Tempe. It is one of many high-rise complexes popping up along the light rail track less than a half-mile away from Arizona State University. The 574,000-square-foot building will have 289 units, reserved for student housing. The breakdown of the units includes:
A Southern California-based company is a step closer to building a luxury car storage facility with a social club in Scottsdale. Finish Line Auto Club has plans for its newest country club-esque location at 17600 N. Perimeter Center Dr., where Fender Musical Instruments Corp. was previously headquartered. The firm acquired the 10 acres of land on May 20 for $20.7 million from an entity affiliated with Tryperion Holdings, a private equity and real estate investment firm based in Beverly
GLENDALE, Ariz.–(BUSINESS WIRE)–Lovett Industrial, a Houston-based real estate investment firm, in partnership with Peakline Real Estate Funds (“PREF”), announced today the groundbreaking of North Park Logistics Center, a 1,140,584-square-foot Class A cross-dock facility being developed on approximately 55.68 acres in Glendale, Arizona. Located in Metro Phoenix’s Southwest Valley, North Park Logistics Center offers immediate access to Northern Parkway, Loop 303, and
The Phoenix Office of JLL announced today that it has completed the sale of the 453,960-square-foot Building One at West Summit at Surprise, a new two-building industrial project developed by Mohr Capital in Surprise, Arizona – one of Arizona’s fastest growing cities. US Merchants, a leading North American manufacturer of consumer goods and packaging, purchased Building One for $63,887,560, creating the company’s second metro Phoenix location. Completed Q3 2024, West
Scottsdale-based Empire Group of Cos., through its luxury urban infill division Aspirant Development, has closed on a $131.2 million financing package and broken ground on The Whitney. Total development costs for the 24-story tower at the southwest corner of Central Avenue and McDowell Road in Phoenix are estimated around $170 million, Geoffrey Jacobs, managing partner of Aspirant Development, told the Business Journal. The 328-unit apartment community will include more
A handful of obscure economic benchmarks quietly shape the Federal Reserve’s interest rate decisions, yet most of the business world rarely considers them. That blind spot can be costly. As Trepp Chief Economist Rachel Szymanski notes, these underlying gauges become especially important during periods of mixed signals—when inflation, growth, and employment data pull in different directions and policy becomes less predictable. Szymanski argues that understanding these
A massive project moving through the approval process is adding to Phoenix’s growing list of data center developments. Japan-based NTT Data Group Corp.’s plans for a seven-building, 2.2 million-square-foot campus in the suburb of Mesa received a recommendation of approval from the city’s planning and zoning board earlier this month. The city council will have the final say. No users have publicly signed on to use NTT’s proposed data center upon completion, but the firm
Consumer Cellular is dialing in on plans to streamline its corporate real estate portfolio, signing the Phoenix market’s largest office deal this year to consolidate multiple teams currently scattered throughout the region. The mobile network operator will relocate its headquarters to 8501 E. Raintree Drive in Scottsdale after fully leasing the 123,340-square-foot building, Consumer Cellular confirmed in a statement. The 15-year deal is the largest office commitment in the Phoenix