DAILY TOP 5

A handful of data releases last week painted a broad-brush picture of a relatively resilient U.S. economy managing to muddle through a temporary energy price shock. But a closer look at the details reveals a more nuanced picture, showing the balance of economic activity shifting toward capital investment as consumer spending weakens. Consumers remain largely employed and continue to open their wallets, but revisions to earlier data showed spending was slower than initially

Electric vehicle maker Rivian Automotive Inc. has received a key approval as it plans to open a Scottsdale service and repair facility. Scottsdale City Council on July 1 voted 6-0 in favor of rezoning a 5.4-acre portion of land to allow the Irvine, California-based auto manufacturer to operate a vehicle service facility at 17771 N. Pima Road within the Mack Innovation Park, which is being developed by Mack Real Estate Group. The land was previously zoned light industrial, which didn’t permit

The U.S. industrial real estate sector is facing another source of supply chain uncertainty after the U.S.-Mexico-Canada Agreement missed its July 1 renewal deadline, leaving the trade pact that underpins North America’s manufacturing and logistics networks subject to annual review rather than receiving a 16-year extension. According to Yardi Matrix, the added uncertainty comes as trade policy has already weighed on decision-making for industrial tenants, investors and developers for more

On July 1, NAIOP announced a new name for the organization: the Commercial Real Estate Development Association, or CREDA. According to CREDA, the new moniker better communicates the broad scope of commercial real estate work members engage in, such as multifamily housing, retail destinations, logistics and fulfillment facilities, offices, mixed-use developments, data centers and more.  “Commercial real estate development is about far more than buildings — it is about creating the

A Safeway-anchored shopping center will begin construction early next year in Buckeye, bringing the first grocery store to the Festival Ranch community in the northwest Valley. The development, called Festival Ranch Marketplace, will be built by Pederson Group, the developer of several other grocery-anchored shopping centers around the Valley. The site is located at the northeast corner of Canyon Springs Boulevard and Sun Valley Parkway, about 12 miles away from the

NexMetro Communities, a national leader in cottage-style build-to-rent (BTR) home neighborhoods, is opening Avilla Foothills this month, a new 108-home luxury rental community in Surprise. Located on a 9.3-acre site at 12350 N. Cotton Lane, the gated neighborhood expands housing options in one of the fastest-growing areas of the Phoenix metro region. Avilla Foothills features a collection of single-level, mostly detached homes designed to offer residents more space, privacy and

A nationwide surge in data center development is driving a significant increase in demand for workers with the skills needed to get these facilities up and running, according to a report from Avison Young. The real estate services firm said U.S. data center development in established and emerging markets is fueling strong demand for electricians, plumbers, telecom line workers and installers of heating and cooling systems, among other positions. Employment in those occupations rose

Amazon is taking over vacant storefronts and other small properties in the Valley to boost its 30-minute grocery delivery operations. In Phoenix, the company has filed liquor license applications under the name “Prime Now/Amazon Fresh” for two addresses: at 1945 E. Indian School Road, and at 1746 W. Fillmore Street, with other city documents confirming the properties would be used for Amazon’s grocery delivery service and enable it to sell alcohol. The retail giant also

After months of “stickily low” rents in markets weighed down by new supply, the latest Zumper National Rent Report shows the median national one‑bedroom rent rising 0.5% month-over-month in June to $1,526, which is up 0.4% year-over-year. That marks the first positive annual reading for one‑bedroom units since May 2025 and suggests that a long stretch of flat or declining rents may be giving way to a new phase of gradual growth. Two‑bedroom units followed their smaller unit

Fluidstack, a rising tech company with heavyweight artificial intelligence clients including Anthropic and Nvidia, is expanding to west Phoenix. The New York-based company signed on to lease the entirety of two warehouses at Lincoln Property Co.’s Luke Field industrial park in Glendale, Arizona, for a total of 1.1 million square feet. One building encompasses 695,750 and the other 454,761 square feet. A financing statement recorded in Maricopa County names Fluidstack Int LLC and

Location: Southeast corner of Country Club Drive and Main Street in Mesa. Description: A long-anticipated housing and commercial development is underway at the west entrance of downtown Mesa. Club and Main Apartments is a 423-unit apartment complex with about 5,000 square feet of commercial and retail space facing Main Street. The project has been under consideration since 2023 and is finally under construction. OZ Development and Juniper Mountain Capital, a

The East Valley city of Mesa is one of the best-run municipalities in America, a new analysis has concluded. Mesa ranked No. 10 in the nation in the 2026 Best- & Worst-Run Cities in America report released this month from WalletHub. It was Arizona’s clear leader, ahead of No. 40 Phoenix and No. 61 Tucson. The report ranked the nation’s 148 largest cities based on an analysis of quality of services and amounts spent. Six other categories were measured and ranked as well: financial stability,

Following 20 years with no activity, amendments to the 3,212-acre Sandia Planned Area Development have been approved by the Coolidge City Council. The project was first annexed and zoned in 2005 and 2006. There were issues with the ownership groups, however, and the project owners, LeSueur Investments and Andersen Capital Partners, were unable to reassemble the property until 2015. The original plan called for nearly 11,000 residential units, 156 commercial acres, 73 acres of parks

One emerging Arizona suburb is now among the wealthiest neighborhoods in America, even though it wasn’t in the top 50 last year. According to a new study by MoneyLion, one of Arizona’s wealthiest suburbs has grown into one of the wealthiest in the nation, comparable to popular Silicon Valley and Westchester neighborhoods. Many of the suburbs on the top 10 list are long-standing neighborhoods where generational wealth has lived, setting this Arizona suburb apart as a relatively

The first industrial development proposed for the 2,400-acre Halo Vista master planned area in north Phoenix has been submitted to the City’s review and approval process. Halo Vista is under development by a partnership of Mack Real Estate Group and McCourt Partners. Documents call for a three-phase development totaling almost 800KSF and targeted toward Taiwan Semiconductor Manufacturing Company suppliers. Timing of the phased development will depend on

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