DAILY TOP 5

There were many commercial real estate success stories in the Valley over the past year, but perhaps no company operating in metro Phoenix was more omnipresent than Intel Corp. Intel’s whirlwind 2025 included the arrival of a new CEO, management cuts, a deal with the federal government to take a 10% stake in the company and a $5 billion investment from Nvidia. But it’s the company’s sprawling semiconductor campus in Chandler — where thousands are employed and

Two highly coveted north Phoenix sites were purchased by a Washington, D.C.-based real estate firm following bidding wars at the Arizona State Land Department auctions. Phoenix Dove Valley LLC, an entity of Taicoon Property Partners, bought both sites, located at Interstate 17 and Dove Valley Road. The two contiguous sites are 187 and 181 acres each, connected by a small strip of land along I-17. The southern piece, which is south of Dove Valley Road, was rezoned in late 2025 to

U.S. commercial property prices rose in May, with the RCA CPPI US National All-Property Index posting its strongest annual gain since October 2022, MSCI Real Assets said Thursday. The index increased 1.6% from a year ago and rose 0.4% from April, implying a faster annualized pace of growth of 5.4%. Suburban office prices led all property types in May, rising 4.6% from a year earlier and gaining 0.7% from April, a monthly advance that, when annualized, puts the pace at

The odds have shifted decisively toward the Federal Reserve holding interest rates steady through the end of 2026, but the rate story is far from over for commercial real estate investors. A growing bloc of forecasters – including primary dealers and several Fed policymakers – is now calling for at least one additional hike this year, even as a smaller group still sees room for cuts. According to a recent Reuters poll, the share of economists who expect the Fed to keep rates unchanged surged

Office conversions in Phoenix are mounting as investors seek to leverage a swath of outdated buildings to meet the needs of a growing population and recovering industrial market. Since 2024, 3.3M SF of office space has been converted or demolished in metro Phoenix, more than the previous 10 years combined, according to a Cushman & Wakefield report. Another 4.1M SF of projects are proposed, making the city one of the most active conversion and demolition pipelines in the

Lincoln Property Company, a global, full-service real estate firm with over $31 billion of assets under management, has executed two full-building leases at its 2.4 million-square-foot Luke Field development in Glendale, Arizona. Totaling over 1.1 million square feet, the commitments bring the Class A, three building, LEED certified logistics campus to 100% occupied. The new user, a leading company in the artificial intelligence sector, will occupy Luke Field’s 695,750-square-foot Building A and

Taiwan-based design-build and engineering firm that serves the semiconductor industry is the latest from the industry to stake a claim to land in Deer Valley, where industry suppliers have clustered. United Integrated Services Corp., the U.S. subsidiary of a Taiwanese company, bought 29 acres for $41 million in the Mack Innovation Park, located near Seventh Avenue and Pinnacle Peak Road. The company plans to build a 480,000-square-foot facility on the land, according to

Glendale just built out a brand-new $100 million downtown city hall complex. Its new city manager is hoping to get a redeveloped historic shopping and dining district to match. Glendale is probably best known for State Farm Stadium and its Westgate Entertainment District, but a bit further east along Grand and 59th Avenues lies its original townsite and downtown, dating back to the late 1800s. Many of the historic properties scattered around the area along Glendale Avenue sit

U.S. apartment rents edged up 0.1% on average in June, slowing from May as a restrained spring leasing season draws to a close. The national apartment rent average increased to $1,742 from May’s upwardly revised level of $1,740, according to Apartments.com’s latest report on multifamily rent trends. Rents for May, initially reported as a 0.2% monthly increase before being revised higher to 0.3%, reflect slightly stronger pricing earlier in the spring than previously

Scottsdale-based Aspirant Development, the development arm of Empire Group, has begun construction on a mixed-use apartment and retail project at Central Avenue and McDowell Road. The developer bought the site in 2024 and began construction in June. The seller, Donnelley Financial Solutions, had long had an office building on the site, but the building was razed before the sale closed. Aspirant Development also developed the Stewart at Central and McKinley Street, which is less than a

K. Hovnanian Homes plans to break ground by the end of the year on a 234-home single family development in the bustling Desert Ridge area, where it bought roughly 53 acres of state land last fall. The homebuilder has been working its way through city channels over the past several months after filing a conceptual site plan with the city of Phoenix in January, according to public documents. The New Jersey homebuilder won a competitive state land auction on Sept. 23, when a bidding

Arizona Public Service (APS), Salt River Project (SRP) and Tucson Electric Power (TEP) continue to work together to explore adding nuclear generation in Arizona, including through a preliminary siting study now underway. New nuclear generation will take time to develop, which is why it’s essential that Arizona’s leading energy providers begin these initial steps now. APS, SRP and TEP are utilizing industry guidance to evaluate locations throughout Arizona, including sites that have been

Thompson Golf Group (TGG) has sold Dove Valley Ranch Golf Club in Cave Creek, Longbow Golf Club in Mesa, and Power Ranch Golf Club in Gilbert to The Walden Group, a New Jersey-based investment firm. The total value of the deal was $57 million, according to Vizzda. According to Vizzda, the golf courses sold for these amounts: • Longbow Golf Club closed for $23,504,600. • Power Ranch Golf Club closed for $17,106,850. • Dove Valley Ranch Golf Club closed for $16,388,550

Scottsdale Quarter and Kierland Commons have been ranked among the Top 10 in the Best Shopping Center category of the USA Today 10BEST 2026 Readers’ Choice Awards. Kierland Commons, part of the Macerich portfolio of thriving retail centers in top markets, has been ranked No. 9 in the Best Shopping Center category; and Scottsdale Quarter has been ranked No. 8. The recognition — a step up from the center’s No. 10 ranking in 2025 — further affirms Kierland Commons’ place

Industry leaders say recovery remains uneven as higher interest rates, refinancing challenges and AI reshape the market. Commercial real estate fundamentals continue to improve heading into the second half of the year, but the recovery remains highly uneven. Panelists participating in Commercial Property Executive‘s Midyear Outlook webinar repeatedly described a bifurcated market, where top-performing assets continue to attract demand while others struggle with

What will happen with interest rates in the second half? Which asset classes will outperform? How should you adjust your strategy? Our midyear outlook examines what’s shifting and what those changes will mean for deals, capital and risk as we head into the second half of the year. Expect to gain new insights to help you better prepare your business for the opportunities and challenges ahead. You’ll also have an opportunity to ask the questions that matter most to you. Hear predictions

U.S. multifamily growth is likely to remain modest for the remainder of the year, according to a new market analysis from Yardi Matrix. While demand is positive, it’s not strong enough to make more than a dent in the nearly 1.3 million units in lease-up around the nation. “Nationally, multifamily advertised rents increased modestly in the first half of the year, but if the post-pandemic pattern is a guide, full-year growth is likely to be limited,” noted the analysis. “Demand is positive, but with a ceiling

K. Hovnanian Homes plans to break ground by the end of the year on a 234-home single family development in the bustling Desert Ridge area, where it bought roughly 53 acres of state land last fall. The homebuilder has been working its way through city channels over the past several months after filing a conceptual site plan with the city of Phoenix in January, according to public documents. The New Jersey homebuilder won a competitive state land auction on Sept. 23, when

The U.S. apartment market is beginning to stabilize as supply pressures ease, with improving conditions emerging in a growing number of markets. A new update to CoStar’s multifamily momentum index shows where improvements are occurring most quickly, highlighting markets where apartment vacancy is falling, renter demand is catching up, and supply pressures are beginning to recede. To better understand where market momentum is building, CoStar’s analytics team

The Metropolitan, the long-awaited redevelopment of Metrocenter Mall, will begin vertical construction in early 2027, but the Colorado-based homebuilder that was planned to lead the effort has withdrawn from the project. Oakwood Homes had planned to build the residential portion of the project, including both rental and for-sale townhomes. However, the company was not going to be sufficiently staffed in Phoenix to move as quickly as the redevelopment process will require, Steve

Phoenix’s construction market continued to gain momentum throughout Q2 2026, driven by sharpening industrial fundamentals, accelerating tenant improvement activity and a tightening supply picture across retail and office, even as tariff-driven cost pressures on metals and long-lead electrical equipment require early procurement planning, according to LGE Design Build’s newly released Q2 2026 Construction Delivery Outlook Report. “Industrial demand in Phoenix is as strong

Employment in the Arizona Construction sector dramatically led those with gains in May, posting an increase of 2,700 positions, according to the latest report published by the Arizona Office of Economic Opportunity. The jump in employment cut the sector’s year-over-year losses down to 900. The state’s seasonally adjusted unemployment rate, however, nudged up to 4.8% after sitting at 4.7% for March and April. The national unemployment rate held the 4.3% rate seen in March and

San Tan Valley has always been a place defined by possibility. Long before it became Arizona’s newest municipality, the community was a patchwork of farmland, homesteads and ranchettes stretching across western Pinal County. Master-planned neighborhoods, cul-de-sacs and families arrived in waves during the housing boom of the late 1990s and early 2000s. Yet despite its rapid growth, San Tan Valley remained something of an outlier — large, vibrant and

The U.S. apartment market is beginning to stabilize as supply pressures ease, with improving conditions emerging in a growing number of markets. A new update to CoStar’s multifamily momentum index shows where improvements are occurring most quickly, highlighting markets where apartment vacancy is falling, renter demand is catching up, and supply pressures are beginning to recede. To better understand where market momentum is building, CoStar’s analytics