The city of Phoenix wants to partner with a real estate developer to turn a large downtown parking garage into a new hotel. It’s planning to issue a request for proposal to redevelop the Regency parking garage located on Adams and 2nd streets next to the Hyatt Regency. In its place, Phoenix leaders
Office-to-apartment conversions are at a new all-time high, with the pipeline reaching 70,700 units as of 2025. More than two-thirds (68%) of all future apartments retrofitted from offices are located in 20 metros — and Phoenix is one of them, ranking as the nation’s 11th major retrofitter
The industrial sector is transitioning from its pandemic-driven boom, with 2025 expected to bring further adjustments, according to the latest Commercial Edge office report. After a surge in development that added over 1.1 billion squarefeet in 2022-2023, supply slowed in 2024, with 358 million square feet
Deportations ordered by President Donald Trump could hit Arizona’s agriculture and construction sectors hard, pushing up prices for homebuyers and grocery shoppers. One in five agricultural workers and one in eight construction workers in Arizona lack permanent legal status, according to Pew
The city of Avondale is seeking experienced developers for a mix of uses in its emerging downtown, The BLVD. It posted a request for proposals on Feb. 5 for a timely and “dynamic, vibrant” commercial property featuring walkable entertainment, high-quality restaurants, retail and office on 16 acres
Here are the 10 biggest deals in Metro Phoenix commercial real estate from January of 2025, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine. 1. Town Deer Valley Apartments. Price: $131,100,000. Sector: Multifamily
Four years ago, a newly formed company was deciding between three states for its lithium-ion battery manufacturing plant with 3,000 jobs. One of those was Arizona. Called KORE Power Inc., the Coeur d’Alene, Idaho-based battery cell developer was aiming to build what it said would be the
This office building originally started off as industrial and now it’s slated to go back to its previous use. A joint venture of Ryan Cos. and Alidade Capital has broken ground on Chandler Freeways Business Park, a 190,475-square-foot industrial development in Chandler, Ariz. The duo
Chicago-based Belgravia Group Ltd. plans to build new luxury condos after paying $13.2 million to DMB Associates Inc. for 4.57 acres at DMB’s 120-acre One Scottsdale mixed use development, according to Tempe-based Vizzda LLC. The transaction closed on Jan. 28 for the vacant
The December monthly Consumer Price Index (CPIU) increased 0.4% after rising 0.3% in November. Energy prices accounted for more than 40% of the monthly all items increase with a rise of 2.6% in December. The index for food increased 0.3% with food at home and food away from home
Multifamily investors may be coming to terms with the new interest rate climate, which is a good thing since the Federal Reserve has signaled it is not ready to lower rates further at this time. When the central bank met last week, it declined to change the overnight rate and also didn’t change its position
The Trailhead, a 40-acre, mixed-use development at 83rd Avenue and Happy Valley Road in Peoria, has signed several new restaurant tenants looking to open in the coming months. The project’s developer, Pederson Group, signed Sky Restaurant Group to a 4,431-square-foot restaurant space for a new concept
American consumers have bolstered the economy and left it on solid footing heading into 2025, a few key data releases recently confirmed. But whether that spending is sustainable will likely depend on future income growth, which, while still supportive of consumption, has not kept pace with
Ryan Companies US, Inc., a national commercial real estate solutions provider, and Alidade Capital, LLC have formed a joint venture and announce today the financial closing and beginning of construction for Chandler Freeways Business Park. Located southeast of the Loop 202 and
Arizona tourism nonprofit Visit Phoenix is moving its headquarters in downtown Phoenix. The organization has inked a lease for 24,722 square feet at the CityScape office located at 1 E. Washington St., the second largest office building in the Valley totaling 27 floors across 590,371 square feet
Even with significant headwinds from reduced housing affordability, elevated interest rates, and tight labor markets, Arizona continues to generate solid economic growth. Job gains are far outpacing national growth in the preliminary data and may be growing even faster than the data suggest. Phoenix inflation
Novva Data Centers has been cleared to build a $3 billion data center campus across 159 acres in Mesa. The project from Utah-based Novva was approved by Mesa’s Planning and Zoning Board in late January. City staff confirmed Feb. 3 that the project does not have to go before Mesa City Council because
The coworking market is evolving rapidly as hybrid and remote work continue to change the traditional office landscape. And, with businesses and professionals increasingly seeking flexible and adaptable workspace solutions, the industry is positioned for sustained growth and innovation. And Phoenix has
Elon Musk’s movements around Washington, D.C., last week are causing speculation about potential cuts to the federal government’s workforce and real estate portfolio of owned buildings and leased space in private-sector buildings under the auspices of the Department of Government Efficiency
Demand for office space turned meaningfully positive at the end of 2024 for the first time since 2021. Meanwhile, the U.S. office market has entered a period of historically low supply of completions that is expected to last for years. The combination of those two trends could mark the beginning
The General Services Administration (GSA), which oversees the federal government’s roughly 360 million-square-foot portfolio, could be a target of the cost-reduction efforts led by President Donald Trump’s newly formed Department of Government Efficiency. This includes real estate that’s leased and
Many in CRE have been predicting market recoveries are just around the corner since at least 2022. According to analysis out of CoStar Group, there are signs that things may be improving on a fundamental level. However, it will take time and there is the possibility that economic developments in
A recent survey of commercial real estate investors ranked Phoenix as a top 10 target among U.S. metros. Phoenix slipped three spots to #10 in CBRE’s 2025 U.S. Investor Intentions Survey. Investors are strategically focusing on gateway markets offering discounts and high-growth Sun Belt
U.S. commercial real estate sales prices improved in the fourth quarter for large-dollar deals in major markets. While the results weren’t unanimous for small-dollar deals in secondary markets, prices in this category stabilized or slowed their decline, according to the December CoStar Commercial Repeat
Fourth-quarter multifamily net absorption reached record levels, closing the year with the absorption of 183,600 units, a 13% quarter-over-quarter increase and a 118% year-over-year increase, according to CBRE’s Q4 report of the asset class. Annual net absorption stood at 530,600 units