Commercial property prices continued to strengthen in August with all major sectors posting annual gains, MSCI Real Assets reported. The RCA CPPI National All-Property Index rose 2.4% year-over-year for the sharpest increase since late 2022 and gained 0.9% from July, translating to an annualized pace of 11.1%. Retail continued to lead the market in August with a 5.3% annual increase and a 0.4% monthly gain, representing the 15th consecutive month of growth. Industrial was a close second with a
A new report from the Brookings Institution finds the Valley is well-positioned to be a leader in artificial intelligence. Researchers label the Phoenix metro area as a “star hub,” which is described as a region just below the superstars of the Bay Area. Mark Muro is a senior fellow with Brookings Metro and one of the authors of the study. “Why does this matter? Because this technology has such potential to generate productivity gains across the economy. So, therefore it really matters how well one is
GOODYEAR, AZ — Dirt is moving at the site of Goodyear’s future Ballpark Village – a mixed-use project that will bring new retail, dining and entertainment options near the city’s spring training facility. Diversified Partners broke ground last week on the project, which will sit on over seven acres at the northeast corner of Estrella Parkway and Yuma Road. Construction is expected to take nine to 12 months, and the complex is on track to open sometime next year, according to a
Phoenix managed to keep a good pace of apartment construction these past recent months, but it didn’t manage to ease demand for renting in Phoenix. In fact, while the occupancy rate dropped slightly, more tenants decided to stay put, locking in some of the desirable apartments. Here are the details from the Rental Competitiveness Report in peak moving season: This peak season, each vacant
PHOENIX — Central Arizona Project (CAP) delivers water to about 90% of the state’s population. CAP is a 336-mile system of aqueducts, tunnels, pumping plants and pipelines that carries Colorado River water to Arizona’s most-populated regions. Terry Goddard, president of CAP, is worried about how operations will have to be restructured if Arizona gets shorted in when new Colorado River operating guidelines are finalized next year. The basin states first agreed to Colorado
A fresh wave of capital is beginning to flow into U.S. commercial real estate, marking a shift in investor sentiment after several challenging years. According to a new Cushman & Wakefield report authored by Abby Corbett, senior economist and head of investor insights and Adrian Ponsen, senior economist for investor insights, a combination of improving fundamentals and renewed lending activity is fueling momentum across property sectors
The White House’s $500 billion Stargate initiative made one thing clear: Data centers are at the heart of the artificial intelligence race. While the full details of the project are still emerging, the announcement sparked a wave of mega deals, turning this once-niche asset into a magnet for investors. Some of the ventures that grabbed headlines over the past few months include Meta’s $29 billion partnership with Pacific Investment Management and Blue
Arizona’s real estate market is booming, but rising heat and water scarcity may threaten long-term stability. Despite environmental risks, investors and new residents continue to flock to the state, driving up prices and straining infrastructure. Phoenix ranks No. 4 nationally for investor home purchases, with small landlords leading the charge. Extreme heat days in counties like Yuma and Maricopa will rise 30–40% by 2050, impacting livability
The Arizona Cardinals unveiled plans Tuesday for a new corporate headquarters and training facility in north Phoenix at the intersection of the Loop 101 and Scottsdale Road. Cardinals owner and president Michael Bidwill revealed that the National Football League franchise worked behind the scenes with Minnesota-based real estate developer Mortenson to acquire 217 acres west of Scottsdale Road and north Loop 101 for $136 million earlier this year in an
U.S. housing prices grew year-over-year in July, albeit just barely, Dow Jones S&P Indices said Tuesday. The release of the latest S&P Cotality Case-Shiller Indices showed that prices rose 1.7% Y-O-Y nationally for the month, down from 1.9% annual growth in June and one of the weakest annual price increases in the past decade. “U.S. home values have essentially stagnated after inflation, marking the third straight month of real housing wealth decline for
Multifamily cap rates appear to have stabilized, ending a two-year cycle of steady increases and raising the prospect that the sector could be at the edge of an upswing, according to CoStar’s National Director of Capital Markets Analytics, Chad Littell. While most investors remain focused on the impact of interest rates, it is actually rent growth that has provided the most reliable signal for shifts in cap rates throughout recent cycles—a key theme echoed
It shouldn’t be a surprise to anyone that homeowner affordability continues to decline. The National Association of Realtors has acknowledged this. So has the Joint Center for Housing Studies of Harvard University. Now, CBRE has thrown its own figures into the mix. In a report, “Fewer Renter Households Can Afford Homeownership,” the authors said that 1.8 million renter households can’t afford median-priced homes in their markets. The reasons? “Persistently
A new wave of wealth is reshaping Phoenix’s housing market, making it the fastest-growing millionaire hub in the United States. Between 2019 and 2023, the number of millionaire renters in Greater Phoenix rose by 519%. Renting was once viewed as a temporary step toward homeownership. Today, for many affluent individuals, it has become the destination rather than the interim. And with that increase in millionaire renters has
During the first two quarters of the year, a total of 59 industrial sales closed, involving 8 million square feet and generating $1.4 billion, according to the latest Yardi Research Data. The average price per square foot during this period stood at $179.65—higher than the $163.89 per square foot recorded during the same period in 2024—marking a steady demand for industrial properties. During the year’s second quarter, 4.5 million square feet
Coffee giant Starbucks will be closing hundreds of stores across the country this weekend, including more than a dozen in Arizona. Starbucks CEO and chairman, Brian Niccol, announced this week that the chain is closing locations that do not meet financial performance or customer and partner standards. He said the company plans to close 1% of company-operated coffee shops this year. The Puget Sound Business Journal reported that Starbucks
Southern California-based Vallarta Supermarkets has made its first inroads into Arizona with plans to open a new store in Glendale in early 2026. Headquartered in Santa Clarita, California, Vallarta has been operating for 40 years, primarily focused on California’s Latino customer base. It has more than 70 stores in California and continues to expand in the Golden State. The company has already started construction on its first Arizona location and will be pursuing an aggressive growth strategy in the Valley. “We came to make a presence here, not for just one
U.S. commercial property prices have sustained upward momentum in August, notching broad gains across major property sectors and marking their strongest annual performance since late 2022, according to MSCI’s RCA CPPI report. The National All-Property Index advanced 2.4 percent year-over-year and 0.9 percent from July, with the monthly pace equating to an annualized 11.1 percent increase. Retail assets remained at the forefront of price growth, posting a 5.3
As walls came down at Metrocenter Mall on November 18, a new vision was unleashed for the 80-acre property. The demolition marks the start of an $850 million redevelopment, transforming the site into a vibrant multi-use, self-contained, transit-oriented community encompassing the city’s new Metro Light Rail station, which will serve as one of the major focal points of the development. Spearheaded by Concord Wilshire Capital and TLG Investment Partners, in partnership
A handful of new stores and restaurants are open at Canyon Trails Towne Center, as the developer prepares to build another phase of retail buildings and a hotel on the Goodyear site. The center, which was once planned to be 100 acres of retail, began before the Great Recession. Because of the financial crash, only portions of the project got built, and the rest stalled, David Malin, president of Scottsdale Development Partners, a consultant working with the center’s owner
The region’s leading luxury retail center, Scottsdale Fashion Square, is taking new steps to enhance its shopper experience. Today Macerich (NYSE: MAC)—one of the nation’s leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets—announced a new enhancement project that will elevate the central gathering space known as the Palm Court. The Palm Court is the hub of activity within the center and a
Bond yield swings are driving the most abrupt changes in property returns, and nowhere is this more apparent than in commercial real estate markets defined by lower capitalization rates, according to a September report from Oxford Economics. In a period where macroeconomic shocks ripple quickly through asset classes and high-stakes moves in Treasury yields are set against the backdrop of policy uncertainty, the report suggests that a permanent shift in long-term bond
Developer Concord Wilshire Capital announced that it has completed demolition of the former Metrocenter Mall and Oakwood Homes has been named the exclusive residential builder for The Metropolitan, an $850-million, vibrant, mixed-use destination project. The 64-acre development is set to transform the former site of the Metrocenter Mall into a walkable urban village seamlessly integrating Light Rail with housing, entertainment, dining, and retail. “We are pleased
When Kevin Davis, Americas CEO at JLL Hotels & Hospitality, looks into his crystal ball — powered by the recently released U.S. Hotel Investment Trends report — he sees hotel transaction activity increasing in the coming months. “I do think that you could see a pickup in transaction volume in the second half of the year, but I can almost certainly guarantee that there will be a substantial pickup in 2026 relative to 2025,” Davis said, pointing to an increase in bid activity
A once-unwanted 39.37 acre plot in Deer Valley failed to sell at auction last year. On Sept. 22, it spurred a bidding war and went for almost $6 million above the minimum at an Arizona State Land Department auction. Chicago-based Conor Commercial Real Estate ultimately acquired the land on the southwest corner of Deer Valley Road and 7th Street for $24.715 million. Joined by investors at Arizona-based Globe Corporation, the team outlasted four other bidders
A handful of new stores and restaurants are open at Canyon Trails Towne Center, as the developer prepares to build another phase of retail buildings and a hotel on the Goodyear site. The center, which was once planned to be 100 acres of retail, began before the Great Recession. Because of the financial crash, only portions of the project got built, and the rest stalled, David Malin, president of Scottsdale Development Partners, a consultant working with