DAILY TOP 5

Taiwan Semiconductor Manufacturing Co.’s $165 billion north Phoenix development is the largest construction project underway in the United States, and with it has come a ripple effect of massive proportions. The area directly surrounding the development will eventually have a population the size of a small city, in an area that was not expected to develop for decades. The effects, which are already beginning to take shape, will be wide-reaching, growing development, driving education

In Arizona, one of the nation’s data center capitals, neighborhoods have started pushing back against data center projects to little avail. Why it matters: Neighbors say the giant technology centers diminish their quality of life and waste their water, but they face an army of lawyers and lobbyists working to push the projects through anyway. The big picture: Arizona has 98 data centers currently operating and 86 planned or under construction, per the Pew Research Center. Grassroots

The average asking rent for Phoenix apartment properties was unchanged in April, marking the fifth consecutive month with flat or positive movement. Last month’s performance brings year-to-date growth to 0.4%, as the Valley held on to the modest gains achieved earlier in the year. This marks a divergence from the same time period in 2025, when asking rent growth had dipped into negative territory through the first four months of the year. Back then, healthy gains in the

In 2026, renters want one thing above all else: more space. Rentometer analyzed nearly 650,000 single-family rental listings and found that Arizona ranks among the top markets where renters can access larger homes—especially across fast-growing metro areas. Key takeaways for Arizona: Arizona offers consistently larger rental homes, especially in fast-growing suburban markets. Cities like Scottsdale (1,998 square feet) rank among the most spacious large U.S. cities. Gilbert

Yardi Matrix Vice President Jeff Adler offered a mixed but generally favorable economic outlook during the recent Yardi Executive Summit in New York City, terming it a “repeat of the 1930s” and urging attendees to keep an eye on the fiscal deficit and not to be distracted by the war in Iran. While large deficits remain unresolved, Adler said he anticipates the 10-year Treasury yield to be 4.0 to 4.5 percent. “This is the big thing,” he emphasized. Meanwhile, GDP should

Inflation numbers are up. So are gas and food prices. And according to Marcus & Millichap’s “Retail Sales” brief, so is consumer spending. Core retail sales, excluding auto and gasoline purchases, increased by 0.6% in March, while year-over-year spending grew by 4.2%. However, consumers aren’t just throwing money around. “More households are purchasing necessity and household items in bulk to save money amid persistent inflation,” Marcus & Millichap analysts explained. Sales

A developer is waiting for key approval that will allow nearly 28 acres of commercial space for shopping, retail, dining and entertainment use within a broader master-planned community in Gilbert. The 311-acre development called Harvest Grove — off Val Vista Drive and Germann Road — overcame a hurdle last month when the Gilbert Town Council voted 4-3 in favor of the project’s general plan amendment and zoning changes. That vote came after months of debate and design

Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2026 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona is based purely on opinion and ranks companies based on how voters answer this simple question: with whom would you recommend doing business? Top 10 master-planned communities in Arizona. Here are the Top 10 master-planned communities in Arizona, as featured in the

PHOENIX — Florida, California, Texas, even New Mexico. Those are the states people think of when they think about space. Arizona wants to change that. Representatives of Arizona’s space industry gathered Wednesday at the Hyatt in downtown Phoenix for the “Space Congress” event to map out how the state can become a major player in the growing commercial space economy. Brett Mecum of the Arizona Space Commission says the state is already closer than most people realize. “Arizona

More than two decades ago when she was working as economic development director for the city of Chandler, the chances for a Valley city to land a corporate headquarters relocation were pretty slim. But these days, politicians and economic development experts alike have started referring to an emerging HQ hotspot – the growing northeast Phoenix area near Loop 101 – as “Headquarters Alley,” where Discount Tire, Republic Services and now Sprouts Farmers Market are all in

Following more than a decade of limited activity, the Phoenix retail development pipeline is expanding again. About 2.8 million square feet of retail space was under construction in the Greater Phoenix area in the first quarter of 2026, an acceleration from the 1.6 million square feet underway on average from 2015 to 2019. That amount represents about 1.1% of existing stock, ranking the Valley among the top-five markets in the nation for most retail space underway, on both an absolute

The COVID-19 pandemic brought a reckoning to office space, leaving large-scale vacancy in major cities, including Phoenix, where the vacancy rate reached 22.8% in the first quarter of 2026. The move away from office space has left some buildings functionally obsolete, priming them to be converted to a different use, or razed and redeveloped. In Phoenix, about 1,500 apartment units are planned to be created through converting offices to residential use, according to a report from RentCafe

After an hour-and-a-half-long bidding war, a winner finally emerged during an Arizona State Land Department auction on April 30. Desert Ridge 293 LLC placed the winning bid of $180 million. That LLC was incorporated on April 8 in Delaware — a state notorious for helping safeguard the identities of entities registered there. The representative holding the winning paddle was Lori Anderson with eXp Realty. The 293.5-acre site, which is located at Deer Valley Drive and

After years of speculation and a high-profile ownership reset, One Camelback is no longer a question mark on the Uptown skyline. It is a construction site in motion. Kinella Capital, LLC, led by developer TK Stratton, has reached several key milestones at the long-stalled office-to-residential conversion, signaling that one of Phoenix’s most talked-about projects is firmly back on track for a fourth quarter 2026 completion. “The progress happening right now is what people have been

More than two decades ago when she was working as economic development director for the city of Chandler, the chances for a Valley city to land a corporate headquarters relocation were pretty slim. But these days, politicians and economic development experts alike have started referring to an emerging HQ hotspot – the growing northeast Phoenix area near Loop 101 – as “Headquarters Alley,” where Discount Tire, Republic Services and now Sprouts Farmers Market are

The city of Scottsdale has spent $7.8 million for an office building that it plans to turn into a parking lot for Scottsdale Airport. The property, located at 15011 N. 75th St. in Scottsdale Airpark, was sold by Access Capital LLC. The entity purchased the property for roughly $8.4 million in April 2025, according to Maricopa County records. Scottsdale City Council approved plans in April for the city to purchase the 1.49-acre property, which is home to a 21,664-square-foot office building. That

Office demand climbed to its highest level since before the pandemic in the first quarter, even as the workforce that typically drives it continued to shrink, revealing a growing disconnect between hiring trends and how companies are using space. The VTS Office Demand Index rose 18% quarter over quarter and 13% year over year, marking its strongest reading of the post-pandemic era, as leasing activity was fueled not only by the tech sector’s ongoing AI expansion but also

A 100-acre development in south Phoenix that will include shopping, restaurants and residential development will be anchored by a wholesale grocery store. According to documents submitted to Phoenix, discount bulk grocery store WinCo Foods has signed a purchase agreement to buy some of the land at 19th Avenue and Baseline Road to build a roughly 84,000-square-foot store. The site, which is one of the last large remaining pieces of land along Baseline Road in south Phoenix

Recent years have brought repeated turbulence for the nation’s industrial real estate sector. To start the decade, the pandemic constricted global supply chains. The introduction of tariffs at the start of last year once again scrambled that picture. More recently, the war with Iran has driven fuel prices higher, creating another drag on the traditional means of moving goods into U.S. warehouses and factories. Those three major disruptions — combined with others less ingrained in the nation’s

As SkySong, The ASU Scottsdale Innovation Center marks its 20th anniversary, the transformation of Scottsdale’s McDowell Road Corridor stands as one of the clearest and most compelling examples of its long-term impact — turning a once-declining stretch of underutilized land into a vibrant center for innovation, housing and economic growth. When SkySong was first envisioned in the mid-2000s, the corridor was defined by a shuttered mall and aging auto-oriented development. Today, it

After an hour-and-a-half-long bidding war, a winner finally emerged during an Arizona State Land Department auction on April 30. Desert Ridge 293 LLC placed the winning bid of $180 million. That LLC was incorporated on April 8 in Delaware — a state notorious for helping safeguard the identities of entities registered there. The representative holding the winning paddle was Lori Anderson with Exp Realty. The 293.5-acre site, which is located at Deer Valley Drive and

Location: 91st and Glendale avenues in Glendale. Description: A 301-unit apartment complex is in the works near the popular Westgate area. Zanjero III Apartments is planned to offer a “luxury residential rental community” on 8.32 acres in the West Valley. Site renderings show the complexes will have four levels. The location is in proximity to restaurants the Tanger Outlets shopping center and entertainment venues. History: The project has been in the works for a few

A Los Angeles entity tracing to MetLife Investment Management plopped down $45.85 million in cash for a 140-unit West Valley build-to-rent property built in 2023. MetLife bought Grandstone at Sunrise Villas from Thompson Thrift for $327,500 a unit, according to Tempe-based real estate database Vizzda LLC. Thompson Thrift Residential built the rental community on 9.85 acres in 2023 at 24701 N. Lake Pleasant Parkway in Peoria. It is part of Sunrise Promenade, a

The Federal Reserve’s decision to hold interest rates steady may have landed as expected, but the unusual level of dissent exposed a central bank increasingly divided over what comes next and that uncertainty is beginning to matter for commercial real estate. The result keeps the benchmark rate in the 3.50% to 3.75% range, a move widely anticipated by markets. But the decision was marked by a rare split: for the first time since 1992, four officials dissented. One of those votes