Despite several unexpected industry setbacks this year, sentiment at last week’s 18th Hotel Data Conference in Nashville, Tennessee, was largely upbeat, as solid performance during the first half of the year drove industry forecasts upward for the remainder of 2026. The overarching theme of the conference was clear: Travel demand remains far more resilient than what the broader macroeconomic narrative would suggest. The hospitality industry has faced several hurdles, including
The temperature was already 105 at 11:30 a.m. when Kyle Waage waited in line outside a Salad and Go in Mesa to get his final meal from his favorite restaurant. Waage was one of more than a dozen people trying to find shade around the pick-up window at the Alma School Road and Southern Avenue location of the Arizona restaurant chain that scorching hot day on August 5. At the same time, more than 20 cars were in a line that snaked through the shopping center’s parking lot as
As Downtown Phoenix continues to emerge as one of the country’s most dynamic urban business centers, LaPour is advancing plans for a proposed JW Marriott Downtown Phoenix, a transformative adaptive reuse office to hotel conversion to address the demand for new, upscale and luxury hotel options. The proposed development would convert a 19-story office tower at Arizona Center into a 340-room JW Marriott, featuring a resort style inground swimming pool overlooking
Across the U.S., Millennials have gone from renters to owners at a remarkable pace — only 5 metros had a Millennial homeowner majority in 2018; by 2023, that number had grown to 82. In the West, most large metros remain firmly renter-majority — but Phoenix stands out as the region’s leading large metro to flip, and one that did it while rentership was also declining at the same time. Millennial homeownership in Phoenix reached 54.5%, with 289,450 Millennial homeowners
Commercial real estate has so far absorbed another rise in Treasury yields without the broad repricing that investors might have expected. That resilience, however, should not be mistaken for a return to normal. CBRE’s first-half cap rate survey shows a market in which average pricing is holding up, while confidence in where values will go next is becoming increasingly fragmented. The all-property average cap rate was essentially unchanged during the first half even as the 10-year
Developers are planning one of Phoenix’s biggest industrial projects to capture demand from businesses tied to the state’s chipmaking boom. Mack Real Estate Group and McCourt Partners announced a seven-building industrial park totaling more than 780,000 square feet as part of Halo Vista, a planned mixed-use development taking shape on 2,300 acres to the north of Taiwan Semiconductor Manufacturing Co.’s emerging chipmaking campus. The industrial buildings will
A new seven-story upscale hotel will be built as part of the Novus Innovation Corridor on Arizona State University’s Tempe campus. The new 168-room,116,855-square-foot hotel property – part of Marriott Bonvoy’s Tribute Portfolio – will be located at Novus Place and Packard Drive. The Marriott Tribute Portfolio property in Tempe will be a full-service hotel with a rooftop pool and bar and a 2,700-square-foot meeting space. The project is being developed and built by Tempe-based
The multifamily market is beginning to recover, but investors should not expect a broad-based rebound. Rent growth is returning at stabilized Class A properties, while Class C apartments are losing ground under worsening affordability pressures and softer demand. Between those extremes, Class B performance is increasingly being determined by a property’s location and the quality of its operations. Job growth has accelerated this year and exceeded earlier expectations, supporting
Halo Vista, the 2,300-acre master-planned development surrounding the $265 billion Taiwan Semiconductor Manufacturing Co. plant in north Phoenix, will begin construction on industrial buildings in late 2026. The first phase of the industrial development will include seven buildings totaling roughly 780,000 square feet, but the site will eventually include about 2.5 million square feet of new industrial buildings. The first phase will be located at Dove Valley Drive and 43rd
Walmart closed on two different properties in Buckeye within the past week, acquiring almost 80 acres for $21,375,692 total. The two sites are near each other along Southern Avenue but aren’t adjacent. The first site previously reported by the Business Journal is roughly 38 acres, and Walmart acquired it from Scottsdale-based Cardinal Capital Co. LLC for $11,818,700 on July 30. It’s located at the northeast corner of State Route 85 and Southern Avenue – in a part of the city where
The year 2026 has brought long-awaited openings to the Valley, from gas stations and chains like Buc-ee’s to supermarkets including Trader Joe’s. Some of these grocery stores are expanding in metro Phoenix, while others, such as Seafood City, have opened their doors in Arizona for the first time. The California-based supermarket chain, which specializes in Filipino ingredients, food and desserts, was met with a large number of fans lining up in the heat during the grand
The July employment report was weaker than expected, with nonfarm payrolls declining by 23,000, according to the U.S. Bureau of Labor Statistics, breaking a four-month streak of jobs gains. The number was far below consensus estimates of roughly 80,000 to 85,000 job gains. Moreover, downward revisions for both May and June left employment gains over the prior two months 103,000 lower than previously reported, suggesting that the labor market may
A new shopping center that will be anchored by a Sprouts Farmers Market (Nasdaq: SFM) location is set to be built in Goodyear’s Estrella master-planned community, amid a spurt in fast-track retail projects around the West Valley. The shopping center, which will be built out in multiple phases, is set to break ground in the first quarter of 2027. Common Bond Development Group, the developer behind some major retail and hospitality projects in the Valley, including the Global
Comparing the first seven months of 2026 with last year, existing single-family home sales rose 5.1% in Metro Phoenix, according to the latest activity data from Phoenix REALTORS®. At the same time, pending sales held nearly even, down just 0.6%, and new listings dropped 2.8% in the metro area. In Maricopa County alone, year-to-date sales were the same as the overall region, up 5.2%, pending sales flat with a 0.1% drop, and new listings were down 3.2%. Pinal County, the second-largest
McCarthy Building Cos. has started work on its 12-acre employee training campus in Tempe. The employee-owned, Missouri-based construction company is turning a former DoubleTree by Hilton Hotel, located at the southwest corner of Broadway Road and Priest Drive, into the McCarthy Anchor Campus. It will serve as a centralized learning hub and hotel for use by its 8,000 employees nationwide with an anticipated opening date in early 2028. SmithGroup is the architect for the
New York-based Mack Real Estate Group’s debut industrial project in Deer Valley was a hit. Now it’s taking the same approach that it used for Mack Innovation Park off Interstate 17 and the Loop 101 as it develops the first industrial buildings alongside McCourt Partners within Halo Vista – a 2,400-acre master-planned mixed-use community surrounding Taiwan Semiconductor Manufacturing Company’s north Phoenix campus. The first phase will have seven buildings of various sizes
Walmart Inc. is bulking up its portfolio for future development in Phoenix. The retail giant bought 79 acres in Buckeye across two deals, paying over $20 million for the land. Walmart first acquired 39.09 acres near State Route 85 and Southern Avenue from Cardinal Capital Co. for $11.82 million on July 31. Less than a week later, Walmart paid $9.57 million for 40 acres on the southeast corner of Apache and Maricopa roads in a deal with Zeitlin Capital on August 5. The two sites are about
Common Bond Development Group, the developers behind some of the Southwest’s most notable retail and hospitality projects, today announced details for its latest commercial development: a premium, grocery-anchored shopping center in the master-planned community of Estrella in Goodyear, Arizona. Initiated to fill a retail void in the surrounding community, the project brings together the City of Goodyear, developer Harvard Investments, and anchor tenant Sprouts Farmers
A 19-story Phoenix office tower is set to be transformed into a JW Marriott hotel, bringing more luxury hospitality offerings to the downtown market. Las Vegas-based LaPour Partners is behind the reimagining of the office tower at the Arizona Center at 400 E. Van Buren St. that will become a 340-room hotel – along with new restaurants, a resort style pool, fitness center, ballroom, meeting spaces and a club lounge on the upper levels of the property. The property is across the street from
INDUS Realty Trust has acquired a fully leased, 418,000-square-foot Class A warehouse and distribution facility in the Phoenix market, expanding its local industrial portfolio to more than 1.5 million square feet less than two years after entering the region. The property is located in the Tolleson submarket and provides direct connectivity to Interstate 10, a major freight corridor linking Phoenix with Southern California. The modern cross-dock facility includes extensive
An entity tracing to Dallas-based Knightvest Capital paid $73.65 million for a 254-unit apartment community in midtown Phoenix, according to Tempe-based Vizzda LLC real estate database. Previously called Pavilions on Central Apartments, the property at 1 W. Campbell Ave. was sold by an entity tracing to Security Properties. Closing on July 29, the property has been rebranded as Dryden. This acquisition brings Knightvest’s Phoenix portfolio to 5,229 units across 13 properties in metro
Another coffee chain, one with a much smaller Arizona footprint, told a Texas bankruptcy court Aug. 7 that it had submitted a better offer to buy Salad and Go’s assets than Dutch Bros. 7 Brew, which announced its first Arizona locations in 2025, said the company had submitted a letter of intent that offered a better dollar-for-dollar value than Dutch Bros’ offer, Ross Fiedler, an attorney representing 7 Brew, said at the hearing. “I think there have been burdens placed on this marketing
The combination of an improved year-end outlook and better-than-expected performance in the second quarter has led Host Hotels & Resorts to raise its revenue per available room outlook. During the hotel real estate investment trust’s second-quarter earnings call, Jim Risoleo, chairman, president and CEO of Host, said the company now expects both its comparable hotel RevPAR growth and comparable hotel total RevPAR growth to both range between 4.75% to 5.25%. That’s an
AEW Capital Management has acquired Park 91, a two-building, 278,825-square-foot industrial park in Tolleson, Arizona, from Martens Development for $71.5 million, or about $256 per square foot. AEW acquired the industrial park on behalf of a separate account client. Public registry filings identify the Public Employees’ Retirement System of Nevada as the member of the recorded buying entity, NP Park 91, with AEW Capital Management as manager. The industrial park, constructed in
The Phoenix office market continued to show signs of stabilization during the second quarter of 2026 as tenant demand shifted toward high-quality suburban properties, offsetting challenges that continue to weigh on the urban core, according to a new report from Transwestern. Strong leasing activity, positive absorption and a shrinking supply of sublease space suggest the market is gradually finding its footing after several years of post-pandemic adjustment. According to