A California-based clothing manufacturer bought the 111 West Monroe tower in downtown Phoenix and plans to relocate its headquarters there. Kellwood Company, a maker of girls’ and women’s clothing, bought the building for $17.08 million, according to real estate database Vizzda. “The acquisition of 111 West Monroe marks the beginning of an exciting new chapter for Kellwood, and
Worries have been swirling around the commercial real estate sector as tariff increases and global uncertainty loom, but so far, the data has painted a mixed picture of their direct impact. Despite major players like Blackstone acknowledging that tariffs have influenced their commercial real estate investments, the market has largely remained stable, according
An already sluggish for-sale housing market is facing a slower summer, recent data shows. With borrowing costs still high, potential homebuyers are pulling back, leaving a growing inventory of unsold houses and weakening price growth, leading homebuilders to put the brakes on new construction. Softer sales of existing homes, which account for roughly 85% of total sales, have been the primary weight
PHOENIX — Arizona Gov. Katie Hobbs signed legislation Friday that funds up to $500 million in renovations to Chase Field, home of the Arizona Diamondbacks. The bill, which won bipartisan support in both of the state’s GOP-controlled chambers, will use sales tax revenue from the stadium and nearby buildings for infrastructure upgrades over the next 30 years, including improvements to
If you ever wanted to play pickleball or Ms. Pac-Man at work, maybe quit your day job and give working at Dutch Bros corporate a try. The company announced it will move headquarters from Oregon to Tempe in June, bringing with it an office space designed with all the retro vibes in mind. Before that, the company rented a space in Tempe’s Liberty Center in 2024. Executives knew
The recent sale of Scottsdale Quarter for $645.1 million ranks in the top 5 for metro Phoenix’s priciest real estate deals of the past 15 years, but it’s not the highest priced Valley deal. Two Phoenix resorts have sold for more, and a huge land deal in Buckeye is just behind the shopping center on the list. So far, 2025 is a big year for high-priced real estate sales with two of the top five
Though the Phoenix labor market notched modestly positive growth over the past year, hiring in traditionally office-using sectors remained in negative territory. Total nonfarm employment climbed 0.6% in the 12-month period ending in May 2025, representing an absolute gain of about 14,300 positions. The private education and health services sector fueled the Valley’s growth
Despite office demand still recovering more than five years since the pandemic, developers are considering the unthinkable in the not-too-distant future: building a new office building without a commitment from a tenant. Office vacancy across the U.S. hit a record-high 20.4% in the first quarter, according to Moody’s. But vacancy in prime buildings is less than 15%, according to
The backdrop for CRE seems to still include many of the usual suspects going into the second half of 2025: interest rates, tariffs, geopolitics, potential recession. There is, however, change in the air. Panelists at Commercial Property Executive’s 2025 Midyear Outlook webinar, moderated by Editorial Director Suzann Silverman, shared a consensus: While times remain uncertain
A real estate fund managed by Kennedy Wilson has acquired, in separate transactions, Tides on Commerce – a 336-unit apartment community in North Las Vegas, Nevada, and Finisterra – a 356-unit apartment community in Tempe, Arizona, for a total of $166 million, excluding closing costs. The fund invested a total of $61 million of equity in these transactions. The low-density
Though the Phoenix labor market notched modestly positive growth over the past year, hiring in traditionally office-using sectors remained in negative territory. Total nonfarm employment climbed 0.6% in the 12-month period ending in May 2025, representing an absolute gain of about 14,300 positions. The private education and health services sector fueled the Valley’s growth, adding 20,300 jobs during that time. Conversely, the office-using segments, which include financial
NexMetro Communities, the nation’s leading developer of build-to-rent (BTR) home neighborhoods, has opened Avilla Vista Norte in North Phoenix representing the developer’s 22nd Valley community. Located just north of Anthem off the I-17 highway, Avilla Vista Norte brings 191 new maintenance-free luxury leased homes in a gated enclave to the rapidly growing North Phoenix corridor. The region’s population growth, high demand for rentals and limited new construction make
Prime Steak Concepts — the group behind Steak 44, Ocean 44 and the recent buyer of Durant’s Steakhouse — has plans to open its newest concept in Scottsdale in the former Chart House seafood restaurant space on Camelback Lake. Chart House opened in Scottsdale’s McCormick Ranch neighborhood in 1984 and is set to close at the end of this month. Prime Steak Concepts — which is run by brothers Michael and Jeffrey Mastro, Dennis Mastro and business partner Scott Troilo
The Arizona economy posted surprisingly slow growth in 2024 and is on course for similar performance in 2025. State job growth was revised down significantly last year, matching the national pace. Even so, the state labor market remained tight, with relatively low unemployment and low labor market churn. Month-over-month job growth so far this year has been solid, but unspectacular
Cranes erecting high-rise apartments have dominated downtown Phoenix’s growing skyline for the past five years. The new housing comes as downtown Phoenix’s population has doubled since 2010, with thousands of new apartments opening since then. People are moving from out of state and in from Valley suburbs to live in Phoenix’s core. Several professional athletes who play
The real estate firm founded by Arizona tech billionaire George Kurtz has made another major Valley investment. Kurtz’s FalconEye Ventures has acquired the 755,000-square-foot Scottsdale Quarter mixed-use development, according to a June 26 announcement. The company is now planning a $100 million capital campaign that will include an expansion of its Class-A office offerings. It has
Arizona’s population has skyrocketed over the past decade — but some of the highest rates of growth have occurred outside the state’s major cities, including Metro Phoenix’s closest neighbor, Pinal County, which grew 7% between 2018 and 2023. This scale of development in Pinal County is reshaping the Phoenix–Tucson corridor into a high-value industrial and innovation engine. With robust infrastructure
Plans to build a passenger rail line between Phoenix and Tucson are picking up steam. The Arizona Department of Transportation is moving into the next phase of a federally backed development program. The Federal Railroad Administration recently approved ADOT’s budget and scope for developing a Service Development Plan — a major step in a multi-year process. That plan will determine
Vantage Data Centers has secured a $735 million refinancing package for three data centers in Goodyear, Ariz., Bisnow first reported. Wells Fargo, Citibank and Goldman Sachs originated the fixed-rate note. The banks intend to sell the loan as a commercial mortgage-backed security in a deal expected to close in July, according to a Fitch Ratings report. Trimont will serve as master servicer
Demand from hyperscalers and cloud service providers fueled record leasing volume in the first quarter of 2025 amid widespread adoption of artificial intelligence and persistent power constraints, CBRE said in its Global Data Center Trends report. Strong demand and limited availability in core markets led hyperscalers to turn to secondary markets, creating new hotspots like
The landscape of American housing is shifting, and nowhere is that more evident than in the booming build-to-rent (BTR) sector. According to RealPage’s latest report, as of early June, roughly 64,200 BTR units were under construction nationwide, all scheduled for completion by the end of 2027. This surge signals a dramatic transformation in how and where Americans are choosing
A majority of U.S. mayors believe housing affordability in their cities will worsen over the next year, according to a new survey of bipartisan mayors conducted by the U.S. Conference of Mayors (USCM) in partnership with the Bipartisan Policy Center and the Capital One Insights Center. The survey includes responses from 68 cities in 30 states and the District of Columbia, representing
While the Axon “mixed-use campus” – featuring nearly 1,900 apartments – is at least a year from beginning, work on a smaller complex has started nearby. Legacy Partners announced the start of construction on Olea Scottsdale, a 433-residence apartment community. Sandwiched between Grayhawk and One Scottsdale in arguably Scottsdale’s fastest growing
The Federal Reserve on Wednesday proposed easing a key capital rule that banks say has limited their ability to operate, drawing dissent from at least two officials who say the move could undermine important safeguards. Known as the enhanced supplementary leverage ratio, the measure regulates the quantity and quality of capital banks should be
New home sales missed sales estimates significantly in Wednesday’s report and we have negative revisions to the previous months. The builders’ profit margins are dwindling, which means housing construction, which has been at early COVID-19 recession levels for some time, could worsen if mortgage rates stay elevated or head even higher. So, instead