Western office markets faced mounting challenges in December 2024, with San Francisco standing out. The city saw record-high vacancy rates of 28.8% driven by a wave of lease expirations and declining demand. These pressures have also weighed heavily on office asking rents and construction
A huge new corporate campus is sprouting up in north Phoenix. Sprouts Farmers Market, the Phoenix-based specialty grocer, closed Thursday on a deal to build a brand-new corporate headquarters campus. Sprouts will be developing a 180,000-square-foot mixed-use project on seven
Like CRE’s Rodney Dangerfield, office gets no respect, none at all. A CRED iQ report in March said that loan distress fell across most property types — except office. In April, the asset class was still the most distressed type of loan. And then tariffs and trade wars became the latest problem for office
A prominent developer has plans to turn a large, old vacant office park into apartments in Phoenix. Scottsdale-based CaliberCos Inc. (Nasdaq: CWD) is planning to redevelop two office buildings in north Phoenix into a 376-unit multifamily residential complex. The buildings total
For the Q4 2024 industrial markets ranking report, CommercialCafe looked at key performance indicators across 30 major industrial markets in the U.S., tracking them each quarter. Markets are ranked based on several metric categories: vacancy, pipeline, average rent, upcoming loan
As goes TSMC, so goes Phoenix’s industrial real estate market. Suppliers continue to gravitate to the Valley, angling to position themselves in the orbit of TSMC’s ever-growing, $165 billion campus in North Phoenix. And while more industrial supply is set to come online in north Phoenix in the years to come — the $7 billion
On April 23, RED Development unveiled the latest lineup of tenants joining PV, the $2 billion transformation of the former Paradise Valley Mall, with six new additions, including a celebrity chef restaurant, first-to-market concepts and standout regional favorites. PV will mark the first expansion for Cala, a concept created by
Arizona outpaced the nation in bioscience industry job gains and research funding, but challenges remain for medical device commercialization and venture capital deal activity, according to a new Flinn Foundation report. Arizona recorded an 8.1% increase in bioscience industry job growth from 2020 to 2023, outpacing
A new mixed-use project in Glendale passed its first hurdle with City Council Tuesday. Council approved the rezoning of a 39-acre site just across the I-10 from State Farm Stadium for a project dubbed “Envision Encore,” which is set to include high-density multifamily housing, commercial uses and potentially hotels. The
With complex geopolitical and economic currents reshaping world trade, the North American industrial real estate market stands at a critical juncture this year. A gradual shift away from goods manufactured in China since 2020 has diversified the continent’s industrial base through expanded domestic manufacturing and
Developers are eyeing to build a 40-acre commercial development at the former Legacy Park in southeast Mesa, which they are dubbing the Legacy Towne Center. Plans submitted to the city in March showed a plan to build out the land east of the Arizona Athletic Grounds, along the southwest corner of Williams Field Road
Financial uncertainty has been spilling across commercial real estate. Economists’ estimates that a recession is on its way have been adjusting upward to as high as a 65% chance, as of last week. CRE loan spreads have been widening as tariffs have driven lenders to tighten credit. Even Blackstone said tariffs are affecting CRE
As uncertainty about tariffs and trade policy continues to percolate, many are watching the current health and prospects of America’s manufacturing industry. While recent data releases for March paint a mixed picture of the sector, more recent regional surveys of manufacturers noted trepidation that price increases could
San Diego-based Tower 16 Capital Partners in partnership with Raith Capital Partners has successfully acquired Sanctuary at South Mountain, a 166-unit horizontal Build-to-Rent (BTR) property located near South Mountain in Phoenix. The property was built in 2023 and was acquired for $48 million, which we believe is below
One of the biggest construction projects in Phoenix has a new leader, as Chris Janson takes over as president of Mack Halo Vista LLC, the developer behind the mega master-planned community surrounding Taiwan Semiconductor Manufacturing Company’s plant in north Phoenix. Halo Vista, poised to become a city within a
A planned $117-million development in the southern part of downtown Phoenix will include restoring a historic building and reusing it as commercial space. Colorado-based developer Aardex received approval from the Phoenix City Council in early April to develop a 14-story, 262-unit apartment complex on about two acres
Less is definitely more when it comes to apartment supply in the U.S. That’s at least according to a new report that found the number of deliveries of new apartments in 1Q 2025 is finally heading downward, representing welcome news for multifamily landlords. Even though supply in the first quarter of this year marked the eighth
The variance in category performance in March supports this line of thought, as four of the five strongest performing retail categories during the month have significant exposure to higher import tariffs. This includes motor vehicles and parts, which were up 5.3%, building materials and garden, which were up 3.3%
Buckeye is getting hundreds of thousands of square feet of new industrial space, even as construction for such space in the West Valley has petered out following rapid development in recent years. Buckeye City Council last week approved a request to subdivide about 102 acres just south of the southeast corner
In a significant step toward addressing Phoenix’s housing shortage, real estate investment firm Caliber (NASDAQ: CWD) has secured unanimous approval from the Phoenix City Council to convert a distressed office complex into a 376-unit multifamily residential project. The redevelopment, known as Canyon Village
Big-name commercial retailers are landing across the East Valley, with some set to start construction in 2025. Developers are eyeing far east Mesa as the next place for major development, including one of its largest commercial projects set to open in 2026. Tempe Marketplace will soon have a new anchor store open at
The U.S. multifamily market in early 2025 is defined by a return to stability and cautious optimism, as the sector transitions from the turbulence of pandemic-era supply surges toward a more balanced and sustainable footing, according to a new report by CBRE. This search for equilibrium is evident across key market
Blackstone’s recent earnings call raises questions about how tariff implementations have affected commercial real estate investment. In short, the giant asset manager says the waterfall of causes and effects is slowing down what was starting to build into a recovery. Blackstone had been looking more positively
Taiwan Semiconductor Manufacturing Co. plans to break ground this year on a third semiconductor fabrication facility in Phoenix as the firm rushes to meet chip demand tied to artificial intelligence. The company recently finished construction of its second factory, or “fab,” as it ramps up production to support
Denver-based Canopy Real Estate Partners has made its Phoenix debut with the purchase of a distressed multifamily property in Surprise. More purchases could be on the horizon. The private equity firm paid $8.8 million in cash to an entity tracing to Next Generation Capital LLC for the newly built ParkView Townhomes