Retail sales rose in April as many consumers continued to move up buying to avoid higher prices expected to result from tariffs. Core retail sales (excluding restaurants, automobile dealers and gasoline stations) increased 0.9% month-over-month in April and 7.11% year-over-year, according to the CNBC/Retail Monitor released by the National Retail Federation, which uses actual
Property appreciation as measured in the NCREIF Property Index turned positive in 2025’s first quarter for the first time since Q2 2022, according to the National Council of Real Estate Investment Fiduciaries. In addition, all seven property types measured by NCREIF saw positive appreciation in Q1, including office. The NPI, which measures 12,813 commercial properties
The American job market surpassed expectations in April, sending stocks soaring while pushing economists’ expectations for Federal Reserve interest rate cuts later into the year. Beyond the headline numbers, though, signs of softening emerged, as job growth related to tariff front-loading is likely to prove fleeting, and more up-to-date data solidifies the picture of an increasingly
Arte Moreno has decided to get in on the action happening in the Southeast Valley. Moreno, owner of the Los Angeles Angeles and one of Arizona’s billionaires, purchased an approximately 21-acre vacant lot in Gilbert for $24.5 million on April 28, according to Tempe-based real estate database Vizzda LLC. The acquisition includes two parcels: a nearly one-acre parcel
Cannon Beach, the premier destination fusing lifestyle and adrenaline in the heart of Mesa, is quickly transforming into a one-of-a-kind hub with 11 exciting tenants already open and more than 20 new businesses on the horizon. From crave-worthy eats to high-energy wellness and retail experiences, Cannon Beach is a playground for all ages and interests. This next-level
The Federal Open Market Committee (FOMC) maintained its policy interest rate at 4.25%–4.50% on Wednesday, keeping rates unchanged since December, when the central bank last reduced borrowing costs. The Federal Reserve has adopted a more pessimistic stance on the economy, even as it continues to characterize the labor market as “solid.” In its revised policy statement, the Fed
Thompson Thrift, a full-service nationally recognized real estate company, announced today the commencement of construction for The Gilmore, a $225 million, 35-acre mixed-use development in the Phoenix suburb of Gilbert. The Gilmore will provide 300 luxury apartment homes, a hotel, and approximately 200,000 square feet of grocery, boutique restaurant and retail
A Scottsdale-based real estate firm is working to bring a new development project to the Scottsdale Airport. YAM Management, part of the YAM Worldwide group of companies owned by GoDaddy founder Bob Parsons, is planning to build six new hangars totaling 148,000 square feet on a 8.9-acre parcel, according to city documents. The proposed project is located at 14930 N. 78th Way in Scottsdale
PHOENIX – On the same day IKEA debuted a new concept in Scottsdale, the Swedish home furnishings giant announced its next move in Arizona. The company revealed plans for a small-format IKEA Phoenix store on Wednesday as it debuted the state’s first “Plan & order point with Pick-Up” location in Scottsdale. “We are thrilled to offer Phoenix metro area residents more ways to shop and experience
Electric vehicle maker Lucid last month bought assets and facilities from another car marker, Nikola Motors; the latter had filed Chapter 11 bankruptcy. Both companies have, or had, major presences in Arizona. As part of the deal, Lucid bought a Nikola manufacturing site in Coolidge and a development center in the Valley. Lucid will also hire an estimated 300 former Nikola employees
According to Colliers in Arizona, the Greater Phoenix industrial market posted 4.1 million square feet of net absorption during the first three months of 2025, continuing a record of strong leasing in the booming city and placing the metropolitan area as the third top market nationally in first quarter. Despite impressive net absorption, the city posted an increase of vacancy
A 29.5-acre industrial property located near the Rio Salado River has a new owner — the city of Phoenix. The city acquired the industrial site in south Phoenix for $29.58 million from Scottsdale-based Atlas Capital Partners LLC, which confirmed the transaction to the Business Journal. OakPoint Real Estate partnered with Atlas on the transaction. A city spokesperson also
A Trader Joe’s in Gilbert has been named one of the best grocery stores in the country. Solitaired, a gaming website, analyzed over 7 million Google reviews of grocery stores in the 100 most populous cities across the United States. Trader Joe’s swept the rankings: Across all grocery store chains, the brand took the top spot nationally. Of the best 50 individual grocery
Phoenix has adopted an agreement for a new development at Central Avenue and Madison Street. The project involves preserving a historic building that dates back to the early 20th century. Denver developer Aardex is planning the construction of a $117 million multifamily apartment-commercial space. The area includes the Pratt-Gilbert Building, which was previously
TSMC will build six fabrication plants in north Phoenix in the coming decades. Photo: Courtesy of Taiwan Semiconductor Manufacturing Company. Taiwan Semiconductor Manufacturing Co. announced earlier this year that it will triple its Phoenix campus over the next decade-plus, positioning itself to become one of Arizona’s largest employers. Why it matters: The Valley rallied to
Commercial real estate raked in $93.5 billion of investments during the first quarter across all major asset classes, a 17% increase from a year ago. However, that came on fewer transactions as asset trades were down 12% from last year, according to a Colliers market update penned by US capital markets research director Aaron Jodka. The report noted that recent
A barren construction pipeline and increasing clarity over future real estate needs has meant companies are setting aside any broader economic concerns in order to plant a stake in the premium office market. The owners behind properties at the highest end of the market are setting new post-pandemic leasing records, with Atlanta-based Cousins
Kayne Anderson’s real estate unit and BKM Capital Partners are partnering to spend $1.5 billion on industrial light-related acquisitions. Through a joint venture, they are targeting both mid and small bay multi-tenant properties, particularly on assets that can be acquired at a discount or replacement costs. This includes middle market opportunities
Commercial real estate prices in the United States may not be as stable as they appear, according to a recent report by the Federal Reserve. The central bank cautions that the recent flatness in transaction-based prices could mask deeper problems within the sector. The report states that “transaction-based prices may not fully reflect conditions
SCOTTSDALE, AZ — The city of Scottsdale is looking to hire outside legal counsel to oversee potential legal recourse nearly two weeks after Arizona Gov. Katie Hobbs signed the bill that paved the way for Axon Enterprise Inc. to build its proposed headquarters project. A proposed resolution on Scottsdale City Council’s May 6 agenda looks to hire outside counsel
The U.S. effective asking rent is expected to grow at an average annual rate of about 2.3% across the country this year, according to a RealPage market forecast. Of the 50 largest markets studied by RealPage, seven are expected to stand out with rent growth exceeding 3.4%. Those markets include Richmond, Virginia, and West Palm Beach, Florida, representing the South region; Kansas City, Missouri, representing the Midwest region
Plans for a two-tower, 20-story student housing development across the street from Arizona State University could move closer to reality when they go before the city of Tempe’s Development Review Commission later this month. The student housing project, called The Leo, will go before the Tempe subcommittee on May 13. If recommended for approval, it will head to Tempe City Council for full approval. Up Campus Properties
As businesses look for ways to encourage workers to come to offices more often, one Phoenix developer is betting big on a new strategy: make the office feel like a resort and sign a local celebrity chef to run the on-site restaurant and catering. George Oliver, a Phoenix-based commercial real estate firm, recently completed construction on Bond, the revamped version of a 40-year-old
The sale of a shopping complex in Mesa led the biggest commercial real estate deals in April. Here are the 10 biggest deals in Metro Phoenix commercial real estate from April of 2025, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine
After stalling during January and February, a surge in March activity reversed the early dip. That brought office demand up 4.6% year-over-year at the end of the first quarter, according to the March VTS Office Demand Index (VODI) report. The decline seen in February marked the first time in 20 months that demand in the sector failed to increase year-over-year. VTS attributed the initial slowdown to growing economic uncertainty, recent