A site adjacent to Tempe Beach Park where an office tower was planned is now proposed to be developed into a 16-story condominium tower instead. Houston-based Hines, which owns 1.8 acres along Rio Salado Parkway next to the park, in 2021 had proposed a 14-story office tower on the site. The project, called 250 Rio, never broke ground, and demand for office space did not rebound after the COVID-19
New research is revealing the Biggest Boomtown in Every State, and Queen Creek earned the top spot as Arizona’s biggest boomtown. This ranking highlights Queen Creek’s impressive growth and economic momentum compared to other cities across the state. GOBankingRates analyzed cities with populations between 25,000 and 500,000 using U.S. Census American Community
The CRE industry is moving from resilience in 2025 to optimism for 2026, driven by artificial intelligence, lower interest rates and a stabilization of policy uncertainty, according to Cushman & Wakefield’s 2026 CRE Outlook report. Across property types, fundamentals are strengthening, demand is improving and capital is slowly re-engaging, setting the stage for selective growth. The office sector, particularly, is showing early signs of momentum. Attendance is stabilizing
According to Bisnow, banks are reentering the commercial real estate market after a multi-year pullback. Loan origination volumes hit $227B in the first nine months of 2025. That marks an 85% jump over last year and is nearly back to 2019 levels, according to Newmark. Multifamily assets led the surge. These properties received about half of the loans originated in Q2. Even the office sector—largely avoided in recent years—is seeing renewed lending activity. “Deploying capital into
Durant’s, one of the longest-running and most-praised restaurants in Arizona, is set to reopen after an extensive renovation by its new ownership. The company announced on its website this week it will reopen its doors on Dec. 17. It has already started taking online reservations. Back in February, Durant’s closed its doors after being acquired by Prime Steak Concepts, the locally owned group behind Dominick’s Steakhouse, Steak 44 and Ocean 44. Prime Steak Concepts
Maricopa County Community College District purchased a 188,960-square-foot office complex in Tempe, Arizona, from The Widewaters Group for $27 million, or about $143 per square foot. The former Target Financial Center, located at 8530 S. Priest Dr., consists of two 94,480-square-foot office buildings constructed in 2003 and renovated in 2019. The two-story property sits on a 25-acre site and includes a two-level parking garage. The community college district plans
National homebuilder Lennar is looking to scoop up about 473 acres of state land near Mesa where it wants to build new homes. The East Valley property, which is off Meridian and Baseline Roads, is bisected by the U.S. 60. It is in the Mesa area, though it is technically in unincorporated Maricopa County. The land will likely be auctioned off in the third quarter of 2026 though an exact date has not yet been set, according to the Arizona State Land Department’s
According to The WSJ, after several years of sharp declines and underperformance, US commercial real estate is starting to look like a bargain. Average property values are still down double digits from 2022 peaks, with office buildings and apartments particularly hard hit. But some long-term investors are beginning to take another look at the beaten-down sector. Big Buyers Slowly Return Institutional investors—pension funds, insurers, and sovereign wealth funds
Another Phoenix shopping mall has changed hands along Tatum Boulevard. Paradise Village Gateway — off Shea and Tatum boulevards — was bought for $28.5 million by GC Tatum and Shea LP on Nov. 21, according to Tempe-based real estate database Vizzda LLC. The open air shopping center was built in 1996 and spans nearly 18 acres and 217,000 square feet. It is home to Ross Dress for Less, PetSmart, The UPS Store and other food, retail and beauty businesses
The retail leasing landscape is continuing a long-term transformation in response to changing consumer behavior. This includes both a shift in the types of retailers leasing space, with recent activity dominated by service and food and beverage-based tenants, as well as how retailers, especially those in the apparel and general merchandise categories, utilize their leased space. The net result has been smaller average retail lease sizes, as demand for smaller, more
A new report by The Pew Charitable Trusts and global architecture, planning, and design firm Gensler shows Phoenix could turn empty offices into housing and help the city address two major challenges: a surplus of vacant offices and a shortage of housing. The report outlines how co-living, dorm-style microunits can be designed and financed to provide lower-cost homes for people earning well below the area median income. Median rents in metro Phoenix have risen 33% over
Location: 1490 N. Scottsdale Road, on the southwest corner of McDowell Road, across the street from the Skysong mixed-use development. Description: A new Sprouts Farmers Market is coming to south Scottsdale. The Arizona-based grocery chain is building its fifth location in Scottsdale, this one with 23,453 square feet of space and a three-level parking garage with 238 spaces. The project sits on 4 acres of space within the redeveloped Papago
A master-planned community with thousands of new homes and apartments, retail, dining and a potential resort is being planned in Goodyear. The city’s planning and zoning commission on Dec. 3 will discuss a request to rezone about 1,940 acres for Rio 1900 – a planned development near Estrella Mountain Regional Park, along the southern bank of the Gila River. The long-vacant site has also been known as King Ranch. The community would include up to 5,762 residential units, which would be a mix of large-lot estate residential, single family
U.S. commercial real estate prices climbed in October, extending multiple gains over the past five months in a sign of stabilization after years of decline. That’s according to the latest monthly CoStar Commercial Repeat-Sale Indices report that tracks when previously sold properties trade hands again in a process called a repeat sale. CCRSI’s value-weighted index, reflecting expensive deals in large cities, rose 0.5% in October from September. Its equal-weighted index, indicative of the more numerous but lower-priced property sales
The national median rent for apartments fell 1% in November from October, and now stands at $1,367, according to Apartment List. It was the fourth consecutive month-over-month decline. Apartment rents are down 1.1% from November 2024 and have fallen 5.2% from their 2022 peak. “Earlier this year, it appeared that annual growth was on track to flip positive for the first time since mid-2023; however, that rebound stalled out and reversed course during a particularly slow summer,” according to Apartment List researchers
Semiconductors — also known as microchips — are the brains behind everything essential to modern life — smartphones, computers, cars, the internet, GPS and artificial intelligence. And one of the brains behind Taiwan Semiconductor Manufacturing Company’s Arizona operations is Rose Castanares, president of TSMC Arizona. “Our customers design and sell the chips; we manufacture them,” Castanares says. “That means they trust us with their crown jewels — their intellectual property. There is a great deal of trust and
Walmart acquired a nearly 1.28 million square-foot building next to Luke Air Force Base for $152,161,730 in a record-setting deal that closed the day before Thanksgiving. It’s the second-largest industrial building sold in Phoenix on record, according to data from CoStar Group/Homes.com. Walmart will be the first tenant at the recently completed Luke Field complex, which is a 140-acre, 2.4 million square foot logistics park delivered in the West Valley by Lincoln Property Company. The retailer will occupy Building C at the project
Tempe’s Mill Avenue was once defined by its mom-and-pop shops, then evolved into a hot spot for bar hoppers. Its latest transformation divides those with ties to the iconic downtown. City leaders and business owners are spearheading the change, one that some say rings in a more mature sophistication, but critics call an inauthentic copy of Old Town Scottsdale. The debate centers on how Tempe sees itself and in defining what it wants to be. It’s a classic tale of urban renewal. Many longtime residents favor the gritty realness of Mill Avenue’s
Just days after ruling out a December interest-rate cut, JPMorgan Chase chief U.S. economist Michael Feroli has changed his outlook again, reflecting how murky the economic picture has become heading into the final Federal Reserve meeting of the year. Feroli had initially expected the Federal Open Market Committee to lower its benchmark rate in December. But following a pullback in 10-year Treasury yields and mixed signals on job growth and inflation, he told Bloomberg the Fed would likely stand pat until early 2026, possibly cutting rates in January
A 332-unit apartment complex in downtown Phoenix has sold for $77 million. Camden Copper Square Apartments was acquired by ColRich, a San Diego-based real estate and investment firm, according to a Nov. 20 announcement. The seller, commercial real estate service and investment group Camden Property Trust was represented by CBRE. The multifamily gated complex is at 901 E. Van Buren St. It has two parking structures, two swimming pools, barbecue grills and seating, an outdoor lounge, indoor coworking spaces, a 24-hour fitness
Strive Pharmacy has scooped up a huge lease in Mesa for its new headquarters. Strive, a compounding pharmacy founded in Gilbert in 2018, will take over a full building in the Hub @ 202 complex in Mesa. The 223,442-square-foot space will exponentially expand Strive’s manufacturing capacity, while the company also plans to expand the building into a 350,000-square-foot headquarters facility that will also house office space for the firm’s rapidly growing staff
Location: 777 N. Central Ave., on the southwest corner of McKinley Street in downtown Phoenix. Description: A new apartment tower called Ray Phoenix is under construction near Roosevelt Row. VeLa Development Partners, a Connecticut-based real estate developer, and Ray, an investment firm that supports multifamily projects, are partnering to build the 26-story high-rise that will include 401 apartments. When complete, the building will sit about a block away
Shoppers may not be camping out and wrestling their peers for the last discounted TV, but some Valley shopping center operators said Black Friday, and the weekend after Thanksgiving, are still their highest-volume days of the year. “Black Friday is still relevant, there’s very heavy foot traffic,” Christina Calhoun, marketing director for Scottsdale Quarter, said. “That Saturday, too, is still very heavy and almost
ICSC survey finds shoppers prepared to spend more as they turn to promotions and AI tools to maximize value throughout the weekend NEW YORK, November 17, 2025 — ICSC’s 2025 Thanksgiving Weekend Intentions survey found that Americans are once again gearing up to spend during a weekend of deals and promotions. Between Thanksgiving Day and Cyber Monday this year, 88% of U.S. adults – representing
About $4.3 billion worth of industrial properties traded hands in Phoenix so far in 2025. That amount trails only Los Angeles in year-to-date sales volume, despite Phoenix having nearly a 50% smaller existing industrial inventory. Additionally, the Valley was home to three of the top 15 submarkets, including the nation’s lone $1 billion submarket. The surge of new supply over the past few years brought