A plunge in the amount of office space under construction in the United States has reached its lowest level in nearly 15 years. The drop in development activity, representing a 65% fall from its peak, reflects both cyclical pressures and a longer-term shift in how and where new office buildings are being built. At just 57 million square feet underway, the current
The sweeping economic interventions launched during the Covid-19 pandemic may have made American homes less attainable for millions—a reality the housing market will need years, if not decades, to correct, warns top real-estate executive Sean Dobson. The Amherst Group CEO, whose subsidiary Main Street Renewal is one of the country’s largest institutional
The National Retail Federation (NRF) says that the five-day shopping period from Thanksgiving through Cyber Monday is expected to draw a record 186.9 million consumers, marking the largest turnout in the organisation’s data to date. This surge in shopping activity underlines the growing importance of the Thanksgiving weekend shopping season for retailers, brands and supply-chain…Read More→
Commercial real estate investors seeking clarity at year’s end will find nuanced but encouraging signals in the latest benchmarks from MSCI and CoStar. MSCI’s October data reveal a sustained recovery in commercial property prices, which posted their most substantial annual increase in three years. Yet deal volume has retreated as investors recalibrate amid policy uncertainty….Read More→
Third-quarter U.S. commercial real estate investment sales transactions reached $150.6 billion, up 23.7% from Q2 and 25.1% year over year, Altus Group Limited said in its newly issued CRE Investment & Transactions Quarterly Report. The number of properties sold also rose, increasing 12.6% from Q2 and 6.8% Y-O-Y. Annual growth continues to be driven by
Home buyers this fall are seeing some of the steepest price cuts in years. A new Zillow analysis shows that the typical listing received cumulative discounts totaling $25,000 in October — matching the biggest discounts Zillow has tracked and offering a sliver of an opening for patient buyers waiting for relief from record-high costs. These deeper
PHOENIX — A real estate developer based in Texas recently secured the finances needed to complete a sports academy and hotel in Phoenix, which had its construction paused, according to a Monday release. SSS Partners, which took over the dual project in 2023, closed on the land located at the Interstate 17 and Sonoran Desert Drive for $183 million and said it now has an
Asian stocks were down this morning and Europe was flat, but investors in U.S. equities were ignoring all that in renewed hopes that the U.S. Federal Reserve will cut interest rates in December, thus fueling asset markets with a new round of cheaper money. Nasdaq 100 futures were up 0.46% this morning, premarket. S&P 500 futures were up 0.25%, after the index closed up 0.98% on Friday. Last week, Wall Street seemed to have decided that a December cut was off the table
Renting is no longer temporary, it’s a deliberate lifestyle decision, according to Knightvest Capital’s third annual “Multifamily Renter Sentiment Report.” In a poll conducted of over 2,000 apartment renters in September, more than half, 52%, say they do not view homeownership as a status symbol, up from 45% last year. In addition, roughly half say they are uninterested or neutral about owning a home in the next five years. “These findings underscore our renewed optimism
Apartment rents in Phoenix dropped again in October, falling 0.8%. This is the ninth month in a row of declines and the biggest monthly drop so far this year. So far in 2025, rents are down 2.8%, compared to a 1.3% decrease during the same period in 2024. For perspective, between 2015 and 2019, rents typically rose about 4.5% in the first 10 months of the year. With weak performance through summer and fall, 2025 is almost certain to be the third straight year of negative
A luxury Scottsdale townhome development is a step closer to breaking ground. Updated site plans were unanimously approved by the Scottsdale Development Review Board during a Nov. 20 meeting. The Arden is a 23-unit project luxury townhome project that’s set to rise on roughly an acre of vacant land at North Miller and East McKellips roads, just minutes from the Indian Bend Wash Greenbelt. The project will include five three-story buildings, with
Tempe City Council approved a plan that will include demolishing a vacant shopping center to clear the way for a new apartment complex and small grocery store at a meeting in early November. Tempe owns the land, located at Apache Boulevard and Dorsey Lane, at a light rail stop. When the former Food City store at the site closed in 2021, the city bought the site with the intent of seeking a developer to build affordable housing there. The city selected Dorsey Development
Each year, PTK magazine — a publication of AZ Big Media — showcases the top people and projects to know in Arizona’s commercial real estate sector. Pulling from a competitive pool of nominations and the editorial board’s knowledge of the industry, this annual edition highlights 50 meaningful projects across all product types and influential professionals in 23 different categories. The digital sponsor of PTK magazine is Quarles. Over the coming days, meet the individuals and
A $33 billion data center development proposed in Pinal County, planned for about 3,300 acres, is moving forward. The Pinal County Board of Supervisors unanimously approved a major amendment to its land use plan to allow employment and general public facilities on the site, which is undeveloped. Vermaland is proposing a data center development near Eloy that could bring up to three gigawatts of capacity to the site. The project would bring more capacity than the Valley’s
The Phoenix City Council unanimously approved its “middle housing” ordinance, which could change the look of Phoenix’s historic neighborhoods. The plan aligns with a new state law to allow multifamily homes in areas within a mile of a city’s downtown. Opal Wagner is the co-chair of Save Historic Arizona. “So they were pretty much down to the wire in having to adopt this very significant change in Phoenix’s zoning laws,” she explains. Or risk the development of more middle
Specifically, the councilors unanimously passed a planned area development overlay to allow for the construction of Dorsey Station, a 400-unit, 90-percent affordable project at the site of the Pollack Apache Center mall, according to the Phoenix Business Journal. The project, developed by Dorsey Development Partners in coordination with Palindrome Communities, will span five buildings at 1320 E. Apache Blvd. and 1412 S. Dorsey Lane. The development
When Tacoma-based Columbia Bank chose to expand its footprint in the Valley last year, it saw opportunity to grow beyond its Northwest roots into a market with a booming population and business-friendly climate. Columbia Bank — formerly known as Umpqua Bank — viewed its personalized approach to banking as a differentiator, positioning it to compete with larger, national financial institutions in the Phoenix market. In a little over a year, the bank opened three branches
The dual-branded AC Hotel by Marriott Phoenix North Norterra and Element by Westin Phoenix North Norterra opened this week in north Phoenix, near the northeast corner of West Happy Valley Road and Norterra Parkway. The four-story, 277-room property was developed by Arizona-based Holualoa Cos. and Texas-based Jackson-Shaw. The AC Hotel portion of the project has 182 rooms with the brand’s clean, modern aesthetic
A board of Phoenix City Council-appointed volunteers gave the first approval to a massive development that could include an expansion of Taiwan Semiconductor Manufacturing Co., a move that left some neighbors feeling like their voice wasn’t heard. The development, called NorthPark, is planned for 7,400 acres of land south of Loop 303 and west of Interstate 17. TSMC and PulteGroup are the applicants for the project. The site, which is controlled by the Arizona State Land Department, is proposed to eventually have
Multifamily properties have maintained a multi-year track record of outperforming other property sectors, delivering total annual returns of 5.48% in the third quarter, according to a Newmark multifamily capital markets report. Multifamily returns continue to exceed the NCREIF All Property Index, which registered 4.65%, Newmark said. This marks the sixth consecutive year of sector outperformance since 2020. Continued cap rate
After a period of uncertainty, confidence is returning to Phoenix’s commercial real estate market. According to Arizona State University’s Center for Real Estate and Finance’s latest Commercial Broker Sentiment Index, or CBSI, the Valley posted a reading of 62.7 — signaling the strongest confidence level among brokers since interest rates began rising. The index, which serves as a forward-looking indicator of market health
Home prices in Arizona were up 0.5% year-over-year in October. At the same time, the number of homes sold rose 1.7% and the number of homes for sale rose 9.0%, according to data released from Redfin. But if you’re looking for the Arizona city with the fastest-growing home prices, look no further than picturesque Sedona. In October 2025, home prices in Arizona were up 0.5% compared to last year, selling for a median price
Plans for the $1 billion development of the former CrackerJax site in Scottsdale could move forward if they are approved at a city meeting this week. The Scottsdale Development Review Board will vote Nov. 20 on the first phase site plans for The Parque. Building elevations, lighting, landscape and phasing plans have been recommended for approval by city staff. The Parque’s first phase will include 690,968 square feet of restaurants, retail, fitness and housing situated
Taser-maker Axon will build fewer apartments in north Scottsdale after reaching a deal with city leaders on Nov. 17, ending a monthslong dispute over its planned headquarters project. Following an hours-long debate, the City Council narrowly approved the compromise that will keep Axon’s $1.3 billion corporate campus in Scottsdale and squash a local group’s referendum challenging the project. “This creates finality on this issue,” Mayor Lisa Borowsky said of the new
Following a sluggish first half of the year, the US CRE market posted a strong third quarter. Altus Group’s Q3 2025 report shows a significant uptick in both deal volume and pricing across most property sectors, signaling renewed investor confidence. In total, 45,893 properties changed hands, a 12.6% increase from Q2 and a 6.8% rise from the same period last year. The cumulative dollar volume for Q3 reached $150.6B, marking the highest quarterly total since before the