Taiwan Semiconductor Manufacturing Co. has snapped up another large swath of Arizona land to support its plans to invest more than $100 billion in the area as it builds additional chips to support the global artificial intelligence boom. The company acquired 902 acres of land through an Arizona State Land Department auction that took place Wednesday. TSMC was the sole bidder for the land and will pay
Those buildings include the Tempe National Bank at 526 S. Mill Ave. — built in 1912 — and the Tempe Hardware Building at 520 S. Mill Ave., which was constructed in 1898. Both are listed in the Tempe Historic Property Register and are home to a live music venue, retail shops and offices. Tempe City Council will consider a resolution during its Jan. 8 meeting that would authorize the purchase
The site where KORE Power had previously planned to build a massive battery manufacturing campus in Buckeye before pulling the plug has a new owner. Phoenix-based Tratt Properties acquired the roughly 214-acre site off Baseline Road and State Route 85 on Dec. 31 for $32.5 million, according to Tempe-based real estate database Vizzda LLC. Tratt, which is an industrial developer and investment company, previously eyed the site and actually had it in escrow before KORE Power
The average asking rent for Phoenix apartment properties fell 3% in 2025, the largest annual decrease since the Great Recession. Last year’s decline comes on the heels of underwhelming performance in both 2023 and 2024, which each saw losses of between 1% and 1.5%. Asking rents are now cumulatively down about 7% from the all-time peak in mid-2022. Persistent supply pressure remains the primary culprit for softening operations. The Valley has been contending with the largest
Banner Health will relocate its corporate headquarters to Bond Phoenix at 3200 E. Camelback Road in Phoenix from Banner Corporate Center – Phoenix Plaza beginning in the fourth quarter of 2026. The health system will occupy 67,000 square feet at Bond Phoenix, compared to the more than 304,000 square feet currently secured at Phoenix Plaza. The move reflects Banner Health’s ongoing commitment to financial stewardship by reducing administrative costs to better focus
Foreign capital is not just coming back to U.S. commercial real estate in 2026 — it is returning with a far more surgical playbook. Instead of chasing broad themes, global investors are zeroing in on basis, micro‑markets and a handful of asset types where cyclical dislocation and structural demand are finally starting to line up. By late 2025, the tone among cross‑border investors had shifted from hesitation to active positioning for a new vintage year. Gunnar Branson, CEO of AFIRE
TSMC Arizona bought 900 acres of land near Loop 303 and Interstate 17 at an Arizona State Land Department auction Jan. 7 to facilitate the company’s massive semiconductor manufacturing facility’s expansion. The starting bid for the land was $197.25 million. The semiconductor giant indicated in September it was interested in the land to accommodate its $165 billion facility in north Phoenix. At the time, Chris Dotts, a spokesperson for TSMC, said the company will need
With more than 2 million square feet of new self-storage space delivered in 2025, the Phoenix metro set itself apart as the second most-active market in the nation for construction in that sector. That’s according to a recent report from industry listings platform StorageCafe, which clocked the Phoenix-Mesa-Chandler market’s new supply at 2,086,684 square feet, or 5% of the overall inventory in the metro. Only Atlanta added more new space than Phoenix
Arizona was among the top growth states nationally, according to U-Haul’s Growth Index migration data, but the state did slide down a spot in the ranking, reaching seventh place in 2025, as compared to sixth in 2024. The study analyzes one-way trips taken by U-Haul customers to assess inbound and outbound moves. Inbound trips to Arizona slightly outpaced outbound trips, with 50.3% of Arizona trips arriving in the state and 49.7% leaving it
Apartment owners are leaning harder on giveaways, but the pressure was anything but evenly distributed. A recent report from RealPage Market Analytics shows a handful of large Sun Belt and Western metros carrying an outsize share of the nation’s concessions load, with double‑digit effective rent discounts now embedded in day‑to‑day pricing rather than confined to lease‑up outliers. For investors, the pattern reads less like broad distress
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
A notable downtown Phoenix high-rise found a buyer just before the new year. Foundation 333 LLC — an entity led by Izhak Ben Shabat and Kenneth Losch — acquired the office portion of downtown Phoenix’s 333 North Central building from Peakstone Realty Trust on Dec. 30, according to Maricopa County records. The 26-story high-rise, built in 2010 at 333 N. Central Ave., had been the longtime home of Freeport-McMoRan until the mining giant began
As long as I’ve lived in Phoenix, it’s been growing. Not just growing. People use words like “explosive growth” to describe the rapid expansion of buildings, communities and whatever else you can build. And I’ve lived here for more than 35 years. I’m beginning to think it may not change anytime soon. Truly, the Valley is the real-life example, and a slight corruption, of the line in “Field of Dreams” ― if you build it, they will come. And keep coming
Brad Wright, president of Kovach, has never been busier, and it’s easy to understand why. As a leading designer, manufacturer and installer of commercial building enclosures, Kovach is spearheading numerous projects across the Valley, including Taiwan Semiconductor Manufacturing Company (TSMC). Kovach’s projects — including TSMC, Intel, the Phoenix Mercury Training Facility and Center for Advanced Molecular and Immunological Therapies (CAMI) in
Throughout most of 2025, economic conditions felt like operating through fog and low visibility; market signals were present, but rarely sharp. Companies, investors and households navigated with restraint as hiring slowed, financing tightened and global negotiations dragged on. Strength appeared in some pockets, uncertainty in others. Now, that mist is beginning to clear. Early indications point to five considerations that could shape how leaders plan and position themselves for 2026: 1. Trade rules could redefine
After a somewhat slower start to the year, the U.S. hotel industry saw several high-priced deals close in the last half of 2025, many of which were in or near the final months. Many potential buyers this year were waiting for further clarity after a great deal of economic uncertainty clouded what had been an optimistic start in January. See the slideshow below highlighting some of the biggest individual hotel deals in the U.S. in 2025 followed by a list of other big and noteworthy deals. Noteworthy U.S. hotel deals JW Marriott Phoenix Desert Ridge Resort & Spa
Commercial real estate is entering what Trepp’s research team has called a “sorting year,” one in which lenders are still open for business but increasingly selective about who gets to participate in any upside. The dividing line is no longer simply property type or market; it is a battery of underwriting tests that determine whether…Read More→
The National Multifamily Housing Council’s (NMHC’s) quarterly survey of leading construction and development firms in December finds apartment starts remaining relatively stable compared with three months ago. According to the survey, conducted between Dec. 4 and 15, 43% of respondents reported starts to be relatively unchanged, while 25% said their firms started fewer projects and 26% started a greater number of projects. Respondents also reported an easing of delays. For those with projects already started
Traditional apparel chains were outpaced by two sectors on opposite ends of the cost spectrum when it came to store visits this year. Foot traffic at thrift stores and luxury chains increased compared to traditional apparel this year, with thrift stores especially seeing large jumps in foot traffic. Outside of February, visits to thrift stores were up more than 5% compared to last year in each month from January to November. With the exception of a few months, luxury visits hovered near or above 2024 levels for most of 2025
Identifying new investment trends, dispelling industry myths, uncovering wrongdoing and exposing bad actors — these are a few of our favorite things. Bisnow’s editors went back through the year and found the stories that really made us think or made us laugh, the ones that we know reporters poured their blood, sweat and tears into making really, really good. They don’t always make it to the top of our traffic charts, but these are some of Bisnow’s most interesting and impactful stories of 2025
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 projects making an outsized impact
Maricopa County Supervisor Thomas Galvin announced a new team of local and state leaders who will try to bring an NHL team back to Arizona. In September, Galvin announced the creation of an advisory panel that will be charged with formulating a plan to identify potential ownership groups, stadium locations and other details key to returning professional hockey to the Valley after Arizona Coyotes owner Alex Meruelo sold the team to a Utah group last year. Galvin already tapped Andrea Doan, wife of longtime Arizona
Discount grocery chain Aldi acquired land in Mesa earlier this month where it plans to build another store in Phoenix’s East Valley. The German grocer, whose U.S. headquarters is located in Illinois, opened its first store in Arizona in 2020 and now has more than a dozen with several more in the works. In mid-December, Aldi acquired three acres on the southeast corner of Power and Elliot roads, right on the border of Mesa and Gilbert for $2.4 million, according to real estate database Vizzda LLC. The land was sold
Life Time, the national athletic country club company, sold one of its Valley locations in December as part of its national sale-leaseback strategy. On Dec. 22, Minnesota-based Life Time Group Holdings Inc. (NYSE: LTH) sold its 108,932-square-foot club in Tempe for $26 million, according to real estate database Vizzda. The property, which is located at 1616 W. Ruby Drive and was built in 2002, was acquired by North Haven Net REIT. As part of the deal, Life Time signed a lease that allows it to operate in the space through
Economic and housing opportunities, as well as entertainment attractions, are sprawling across the northwest Valley. Cities like Glendale and Surprise are working to keep up with the growth and meet the needs of residents through constructing new builds and revamping old ones. Many of the projects have been in development for years, such as the long-awaited VAI Resort, which continues to be developed. One year ago, it had targeted a late 2025 opening. Here are some of the most anticipated and significant