Through smart planning, savvy investing and stakeholder alignment, the Valley’s reputation as a nascent industrial powerhouse is spreading. TSMC’s $165 billion campus in North Phoenix is symbolic of the region’s transformation away from the boom-bust cycle that left it vulnerable during the 2008 financial crisis and towards a more resilient, diversified economy. To help meet the demand generated by TSMC’s substantial investment, Mack Real Estate Group (MREG) and McCourt Partners
The Desert Ridge area north of Paradise Valley has turned into a hot spot for developers wanting to scoop up prime state-owned land in recent years. One of the highest-priced state land auctions last year happened when Mortenson outbid Verde Investments for over 200 acres in the area, spending $136 million for a site now planned to become a new Arizona Cardinals training campus. And major national homebuilders turned out to bid on about 53 acres of residential land by the
Twenty years ago, when we first began talking about transforming the site of a former struggling retail center in south Scottsdale into an innovation hub, more than a few people were skeptical. Could a university-anchored innovation center really thrive in the middle of the desert? Would global companies choose to locate high-wage jobs in a place better known for resorts and retail? Could a public-private partnership anchored by Arizona State University truly spark a new kind
New data shows that Arizona installed a record amount of solar capacity last year Arizona added nearly 2-gigwatts of solar power, bringing the total amount statewide to about 11.5 gigawatts. To put that in perspective, APS’ peak demand last year was more than 8 and a half gigawatts. The gains were the largest among utilities, followed by residential and commercial sectors. While Arizona added a record amount, the rest of the nation saw a decline in solar installation. That drop came
More families are finding homes in their price range, as the Greater Phoenix housing affordability index increased from 71 to 77 in February, and the number of homes in inventory rose 8.3%. This means that 77% of households with an income equal to the region’s median can afford the median-priced home, according to home sales data from Phoenix REALTORS®. “March until May are normally the best months for selling homes in the metro,” said Sammy Glassman, president
Following five years of disruption, the Phoenix office market took a step toward recovery in 2025. The vacancy rate for traditional office buildings fell from a record high of over 24% in 2024 to 23.3% by the end of last year. While the improvement was gradual and kept vacancy in the Valley’s office market above levels seen during the worst of the Great Recession, the inflection point is an important sign that conditions are no longer worsening and that the long road to recovery
per Trillium Management president Kenneth Losch. A swanky, landmark hotel in north Phoenix that’s been shuttered for several years will get new life as “attainable luxury” apartments near the planned Metrocenter mall redevelopment. Why it matters: That area of north Phoenix is in the midst of a massive transformation and the redevelopment of the Sheraton Phoenix Crescent will add to the area’s renewal. The big picture: Foundation 8, a partnership between Trillium Management
Chicago-based Belgravia Group topped out the first phase of Atavia, its 88-unit Scottsdale luxury condominium project it’s developing across the street from its 112-unit Portico. Upon completion, Atavia will total 14 four-story buildings with homes priced between $860,000 and $1.7 million in a gated community within DMB Associate Inc.’s $1 billion One Scottsdale mixed-use project at the northeast corner of Scottsdale Road and Loop 101. Homes will range between 1,570 and 3,015
Arizona is outpacing the nation on income and hiring even as U.S. job growth stumbles, according to research from the Economic and Business Research Center (EBRC). Total U.S. nonfarm payroll employment slid 92,000 in February, and the unemployment rate changed little at 4.4%, based on the Bureau of Labor Statistics employment situation release. Employment decreased in health care (-28,000), information (-11,000), federal government (-10,000), and transportation
New data shows that Arizona installed a record amount of solar capacity last year. Arizona added nearly 2-gigwatts of solar power, bringing the total amount statewide to about 11.5 gigawatts. To put that in perspective, APS’ peak demand last year was more than 8 and a half gigawatts. The gains were the largest among utilities, followed by residential and commercial sectors. While Arizona added a record amount, the rest of the nation saw a decline in solar
Phoenix-based retail developer Vestar has its sights set on two pieces of vacant desert land owned by the state of Arizona that it wants to scoop up at auctions sometime this year. Both sites are just east of Interstate 17 – across from TSMC Arizona’s sprawling campus and in an area slated for millions of square feet of new commercial development and thousands of new housing units. The first property Vestar wants to develop totals about 186.8 acres, spanning from Dove Valley
Location: 85th and Grand avenues in Peoria. Description: It may not look like it, but a 200-unit apartment and townhome complex that had its groundbreaking ceremony in May 2025 is still planned for downtown Peoria. Peoria Gateway will have 15 three-story buildings, according to a website dedicated to the project by real estate investment firm Viking Capital. There will be 120 one-bedroom units, 56 two-bedroom units and 24 three-bedroom units. The complex was previously going
The Arizona Office of Economic Opportunity has released its Arizona 2025-2027 Projected Employment Report, and the Construction sector falls toward the middle of the pack with an annualized percentage change of 0.3%. Overall job growth across sectors is set at an estimated 0.7% annually from Q2 2025 to Q2 2027. In its sector summary, the report says, “Construction is expected to add 1,296 jobs (0.3% annually) from 228,097 in Q2 2025 to 229,393 in Q2 2027. Continued
BPR Companies announced the official groundbreaking on EQT Real Estate Commerce 303, a 497,234-square-foot cross-dock speculative warehouse strategically located in the rapidly expanding West Valley industrial market. Situated on a 70-acre site at 15600 W. Camelback Rd., Glendale, Arizona 85340, Commerce 303 is designed to meet the evolving needs of modern logistics and distribution users. The state-of-the-art facility will feature 40-foot clear heights, tilt-up
Foreign investment into U.S. real estate remains resilient, though over the past year some investors have paused to recalibrate their strategies. Others are sitting on the sidelines amid geopolitical uncertainty, currency fluctuations and shifting return expectations. Cross-border acquisition volume reached approximately $31 billion, down 11 percent from $34.7 billion in 2025, according to James Nelson, principal & head of U.S. investment sales at Avison Young. “This pullback
After several years of low returns, investors have shown greater interest in commercial real estate. While 2023 and 2024 were challenging years, the downturn was largely capital markets-driven, shaped by higher interest rates and constrained liquidity rather than by deteriorating underlying supply-and-demand fundamentals. In 2026, improving debt capital markets are beginning to create a clearer path forward. A revival is underway even as overall transaction volumes remain
Morgan Stanley’s real estate investment division has raised $2.9B for a new opportunity fund, one of the largest fund-raises of this real estate cycle. This was the first close for the North Haven Real Estate Fund XI Global, PERE reported. The fund-raise was disclosed in a Securities and Exchange Commission filing last week. The fund is targeting a total equity raise of $4B, PERE reported, which would be almost a third more than the $3.1B it raised for its tenth opportunity
In December, the non-seasonally adjusted civilian labor force in the Phoenix-Mesa-Chandler MSA (Phoenix MSA) grew 2.6% over the year to 2.8 million, continuing an upward trend. September and November recorded similar year-over-year gains of 2.7% and 2.9%, respectively. The Phoenix MSA’s labor market showed solid strength in December, as non-seasonally adjusted resident employment climbed 2.1% year-over-year to 2.7 million. September and November both posted similar
Arizona attracted the most industrial investment dollars in 2025 among U.S. states, according to Avison Young’s industrial investment tracker. There were 10 industrial real estate projects across the state that attracted nearly $520B in investments last year, the report says. Texas followed Arizona, securing the No. 2 spot with $373.5B of investments. “Arizona’s become a top spot for manufacturing because it’s business-friendly, has a strong logistics infrastructure, and the federal incentives
As Taiwan Semiconductor Manufacturing Co.’s $165 billion chipmaking complex in north Phoenix continues to expand and developers start to launch major projects all around it, a busy freeway interchange in the vicinity is getting an upgrade to match the growth. Work is underway in earnest on the main component of a $129 million project to build an interchange at the Loop 303 and Interstate 17 that will include four direct-connecting ramps and added lanes between
Location: Southwest corner of 56th Street and Deer Valley Drive, just north of Loop 101 in Phoenix. Description: A 240-room hotel is under construction in north Phoenix’s new CityNorth development. The hotel, which is dual-branded — AC by Marriott and Element by Westin — will be eight stories tall and include 5,500 square feet of meeting and conference space. LaPour Partners and Holualoa Cos. are developing the project to fit within CityNorth’s 100-acre footprint, neighboring
Sales volume for Phoenix commercial real estate properties increased 13% year over year to about $14 billion in 2025. This marks the second consecutive year with accelerating deal flow, building on 2024’s 33% gain. The pickup in investment activity was broad-based, with each of the four primary property classes posting increases last year. The retail segment led the way, climbing 21% annually to about $2.4 billion in 2025. Phoenix was one of the top 10 best-performing retail
Commercial real estate prices are moving again. Green Street’s latest Commercial Property Price Index shows U.S. all‑property values up 0.2% in February and 2.5% over the past year, a profile that the firm characterizes as consistent with “fair” pricing and largely stable cap rates. Beneath that modest headline figure, the index paints a market still digesting the post‑2022 reset, with aggregate values 15.8% below their 2022 peak and a wide spread in performance across property
An 11.5-square-mile chunk of desert in northeastern Peoria took one vital step closer to becoming the long-promised ‘Innovation Core,’ after the Planning and Zoning Commission unanimously recommended allowing industrial, commercial and residential uses there. The seven-member commission voted with minimal opposition from the public at its March 5 meeting. The decision paved the way for the city to create the Peoria Innovation Core Planned Community
Phoenix’s quarterly segmentation data illustrates a market increasingly defined by demand rotation, event concentration and pricing discipline rather than growth across all major segments. Short-term travel demand was the primary catalyst behind the strongest quarters of 2024, especially in the winter-driven first and fourth quarters as leisure travel and major events filled more room rooms. This momentum allowed hotels to raise prices, reinforcing the segment’s role