Limited new developments and healthy tenant activity drove industrial vacancy in Greater Phoenix down 10 basis points during fourth quarter to 9.7 percent at the end of 2025, according to a report released by Colliers. Fourth quarter 2025 marked the third consecutive period of decline in vacancy following seven straight quarters or rising vacancy that ended in early 2025. Year-end 9.7 percent vacancy reflected a 90-basis-point decline year-over-year. While total inventory continues
Core multifamily investors ended 2025 feeling better about buying than at any point in the past year—but they are not rewriting their models just yet, according to a new CBRE survey that underscores a cautious, metrics-driven thaw in sentiment rather than a full-fledged turn in the market cycle. In CBRE’s Q4 2025 Multifamily Underwriting Survey, 76% of respondents reported positive sentiment toward core acquisitions, up from 64% in Q3 and just 44% a year earlier. That shift
The National Association for Business Economics’ Economic Policy Conference in Washington, D.C., last week brought together economists, policymakers and executives to discuss a range of topics, including the impact of artificial intelligence and the challenge of an aging population on the nation’s fiscal future. Here are a few takeaways from those discussions. Demographic headwinds and higher interest rates will make deficit reduction more
When the City of Phoenix narrowed its conditions for acceptable data center development sites in 2025, it put Vintage Partners in a complicated situation. AZBEX has extensively covered the move to restrict data center conditions in Phoenix and other jurisdictions around the state. Most of that reporting is available here. Vintage owns a 63-acre property at the SWC of Loop 202 and Lower Buckeye Road. The site, which the company purchased from the Arizona Department
Vestar, one of the largest privately held shopping center owners and operators in the western United States, has announced a new wave of restaurants coming to Verrado Marketplace, opening in 2026. Among the newest additions are: OHSO Brewery – A locally owned brewery, distillery, and eatery with multiple valley locations; Paris Baguette – A neighborhood bakery offering coffee and teas, delicious cakes, pastries, and more; BJ’s Restaurant – Known for its craft beers, deep-dish
Construction has begun on what will become the northwest Valley’s first major Asian shopping center, complete with a 99 Ranch Market, a Taiwanese dumpling restaurant and a Vietnamese cafe. Called The Mosaic, the center will occupy a former Sears building at Arrowhead Towne Center in Glendale. 99 Ranch Market will be located on the first floor, according to planning documents. A rendering of the upper level shows clusters of restaurants, boba shops and businesses separated
On the heels of building a 408-unit apartment community at Cooley Station in Gilbert, a California developer is working its way through planning and zoning for another $300 million project next door.Frankel Family Trust, which developed Crossing at Cooley Station in 2022, now plans to build the 568-unit Trax at Cooley Station on a 20-acre parcel west of the southwest corner of Recker and Williams Field roads.”We are officially going through the town process to get
Lennar Corp. has received a unanimous recommendation this month from Peoria’s Planning and Zoning Commission for its request to rezone 24.2 acres it won in a 2025 state land auction. The Miami-based homebuilder was the winning bidder for the prime acreage in the fast-growing West Valley city, where two other commercial developers were outbid in the Arizona State Land Department Auction held last April. Lennar (NYSE: LEN) plans to build 105 homes on
The multifamily market is set for another year of robust activity as Freddie Mac and Fannie Mae prepare to deploy significantly larger lending volumes. The Federal Housing Finance Agency raised each government-sponsored enterprise’s 2026 loan purchase cap to $88 billion, a 20.5% increase from the $73 billion limit in 2025. But much of that financing will again be concentrated in a handful of major metro areas that underpin the GSE market. According to Trepp’s Thomas Taylor, the New
With the rental season approaching fast, which cities are drawing the most interest from renters? We mapped out the most sought-after U.S. cities, based on millions of apartment searches on RentCafe.com. Out of the nine Arizona markets analyzed, only Phoenix and Gilbert saw a dip in rankings. In contrast, Tempe experienced a massive surge in renter interest, signaling a clear shift in preference toward smaller locations. Overall, Arizona is seeing a statewide lift
Phoenix-based ViaWest is planning to develop a new business park in Buckeye. The company is working with the city to set up a roughly 83-acre site at the southeast corner of State Route 85 and Interstate 10 for the project, which it acquired in 2024 for $8.3 million. Buckeye’s Planning and Zoning Commission will consider annexing the site – currently in unincorporated Maricopa County – and whether it should be rezoned for a future commercial and industrial park during a March 3
Speed Bay Warehouse Solutions, a vertically integrated real estate investment and management company, has acquired a two-building industrial park near Phoenix. The Denver-based company purchased the Farmer Industrial Center, a 93,903-square-foot industrial park in Tempe, from Walton Street Capital and ViaWest Group for $24.5 million, or about $261 per square foot. The industrial park, located at 9185 and 9245 S. Farmer Ave., consists of two buildings constructed in
Energy markets could open the week on edge following Saturday’s U.S. and Israeli airstrikes on Iran, a development that threatens to tighten global oil supplies and keep inflation pressures alive well into the year. An analysis by Barron’s over the weekend suggests that the fallout could carry implications far beyond commodity trading—potentially reshaping expectations for Federal Reserve policy and dampening the near-term outlook for interest-rate cuts. Before
The Heritage Tradition in Sun City West which was ranked as the No. 18 best senior living facility in the nation by Seniorly in its annual Best of Senior Living Awards 2025, was the biggest commercial real estate deal in Metro Phoenix in February 2026. Here are the five biggest commercial real estate deals in Metro Phoenix from February of 2026, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine.
Sunny Day Sports revealed plans for two new hotels within the Palo District, the transformative redevelopment of the former Fiesta Mall site in Mesa. The hotels are designed to support the district’s emerging role as a national destination for women’s health, elite athletics, innovation and community engagement. Together, the two hotel concepts will add approximately 600 rooms to the district and serve distinct but complementary needs tied directly to the Palo District’s core
A pair of Arizona construction industry reports issued this week show construction costs may be starting to settle, even as the rate of activity normalizes following the recent extended period of growth. In its Phoenix Q4 2025 Cost Index, Mortenson reported nonresidential construction conditions remained steady in Q4, and cost escalations continue to moderate nationwide. Quarter-over-quarter price increases softened, but activity earlier in 2025 ensured the year-over-year
A real estate investment firm based in Minneapolis has acquired a vacant office building in Phoenix with plans to redevelop the property into an industrial park. The Meritex Co. purchased the North Mountain Corporate Center, a roughly 109,300-square-foot office building at 10400 N. 25th Ave., from Macfarlan Capital Partners for about $7.18 million, or approximately $66 per square foot. Meritex plans to redevelop the property into an industrial park with two buildings totaling
Los Angeles-based Shelter Asset Management LLC has opened the first two of six buildings at its $175 million apartment project in the city of Maricopa, with another one in development in Phoenix. Called Home at Maricopa, the project will total 531 units at 17645 N. Porter Road when fully completed during the second quarter of 2028, said Stu Hansen, president and CEO of Shelter Asset Management. The project is being delivered in five phases. The first phase, which
Scottsdale-based Diversified Partners has plans to turn a McCormick Ranch office structure with lakeside views into an upscale development with top-notch restaurants, boutiques and Class A offices. Lakefront at Scottsdale, the proposed mixed-use destination at 7501 E. McCormick Parkway, will feature a design inspired by “modern Santa Barbara,” Walt Brown Jr., the founder, CEO and designated broker of Diversified Partners told the Business Journal. The firm
The first Atari Hotel may be rooted in nostalgia but bringing it to life in downtown Phoenix is anything but a retro simplicity. The team behind the project — seasoned developers, forward‑thinking architects, and brand strategists — has spent years grappling with a site that defies convention. The oddly shaped, 46,000‑square‑foot parcel at Central and Roosevelt is a far cry from the rectangular many developers dream about. “You can’t just build a box,” said Jordan Taylor, partner
A vacant, desolate one-story building along Mesa’s Main Street could be transformed into an eight-story building with Arizona State University’s partnership. The city is set to release a bid in the coming weeks to redevelop a site in front of the Mesa Arts Center. It’s part of a larger plan to expand ASU’s presence in downtown Mesa, bring in Class A office space and add additional retail opportunities. Downtown Mesa currently doesn’t have Class A office
A $400 million plastics “upcycling” facility that promises more than 100 jobs, hundreds of construction positions and more than $1 billion in projected economic impact is set to open this year in Eloy. The project will position the city as Freepoint Eco-Systems’ Southwest hub for advanced recycling. The Connecticut-based company develops large-scale “advanced recycling” plants that turn waste plastic into an oil-like feedstock for petrochemical manufacturers. During
U.S. apartment rents increased in February, with the national average increasing to $1,716, a 0.1% increase from January’s upwardly revised figure of $1,714, according to Apartments.com’s latest report on multifamily rent trends. The monthly rent increase continues the trend of rising monthly rent changes that began in December 2025, but at a moderated pace. Prior to December, rents were flat or falling for five consecutive months. Annual rent growth eased
The Phoenix construction market is entering 2026 with renewed stability and sector-specific momentum, even as data center and AI-driven infrastructure projects create new labor and equipment pressures, according to LGE Design Build’s newly released Q4 2025/Q1 2026 Construction Delivery Outlook Report. “Phoenix has transitioned from an overheated growth cycle into a more measured and strategic phase,” said Blake Wells, vice president of preconstruction at LGE Design
Led by the office sector, commercial real estate is now “cheap” relative to US equities for the first time in approximately 20 years, according to a new report from MetLife Investment Management’s (MIM) latest U.S. Commercial Real Estate Chartbook. While real estate investors typically use cap rates to value assets, the inverse of a cap rate is roughly equivalent to a price-earnings (P/E) ratio, which is used to value stocks. The P/E ratio compares a company’s share price against