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
A $33 billion data center development proposed in Pinal County, planned for about 3,300 acres, is moving forward. The Pinal County Board of Supervisors unanimously approved a major amendment to its land use plan to allow employment and general public facilities on the site, which is undeveloped. Vermaland is proposing a data center development near Eloy that could bring up to three gigawatts of capacity to the site. The project would bring more capacity than the Valley’s
The Phoenix City Council unanimously approved its “middle housing” ordinance, which could change the look of Phoenix’s historic neighborhoods. The plan aligns with a new state law to allow multifamily homes in areas within a mile of a city’s downtown. Opal Wagner is the co-chair of Save Historic Arizona. “So they were pretty much down to the wire in having to adopt this very significant change in Phoenix’s zoning laws,” she explains. Or risk the development of more middle
Specifically, the councilors unanimously passed a planned area development overlay to allow for the construction of Dorsey Station, a 400-unit, 90-percent affordable project at the site of the Pollack Apache Center mall, according to the Phoenix Business Journal. The project, developed by Dorsey Development Partners in coordination with Palindrome Communities, will span five buildings at 1320 E. Apache Blvd. and 1412 S. Dorsey Lane. The development
When Tacoma-based Columbia Bank chose to expand its footprint in the Valley last year, it saw opportunity to grow beyond its Northwest roots into a market with a booming population and business-friendly climate. Columbia Bank — formerly known as Umpqua Bank — viewed its personalized approach to banking as a differentiator, positioning it to compete with larger, national financial institutions in the Phoenix market. In a little over a year, the bank opened three branches
The dual-branded AC Hotel by Marriott Phoenix North Norterra and Element by Westin Phoenix North Norterra opened this week in north Phoenix, near the northeast corner of West Happy Valley Road and Norterra Parkway. The four-story, 277-room property was developed by Arizona-based Holualoa Cos. and Texas-based Jackson-Shaw. The AC Hotel portion of the project has 182 rooms with the brand’s clean, modern aesthetic
A board of Phoenix City Council-appointed volunteers gave the first approval to a massive development that could include an expansion of Taiwan Semiconductor Manufacturing Co., a move that left some neighbors feeling like their voice wasn’t heard. The development, called NorthPark, is planned for 7,400 acres of land south of Loop 303 and west of Interstate 17. TSMC and PulteGroup are the applicants for the project. The site, which is controlled by the Arizona State Land Department, is proposed to eventually have
Multifamily properties have maintained a multi-year track record of outperforming other property sectors, delivering total annual returns of 5.48% in the third quarter, according to a Newmark multifamily capital markets report. Multifamily returns continue to exceed the NCREIF All Property Index, which registered 4.65%, Newmark said. This marks the sixth consecutive year of sector outperformance since 2020. Continued cap rate
After a period of uncertainty, confidence is returning to Phoenix’s commercial real estate market. According to Arizona State University’s Center for Real Estate and Finance’s latest Commercial Broker Sentiment Index, or CBSI, the Valley posted a reading of 62.7 — signaling the strongest confidence level among brokers since interest rates began rising. The index, which serves as a forward-looking indicator of market health
Home prices in Arizona were up 0.5% year-over-year in October. At the same time, the number of homes sold rose 1.7% and the number of homes for sale rose 9.0%, according to data released from Redfin. But if you’re looking for the Arizona city with the fastest-growing home prices, look no further than picturesque Sedona. In October 2025, home prices in Arizona were up 0.5% compared to last year, selling for a median price
Plans for the $1 billion development of the former CrackerJax site in Scottsdale could move forward if they are approved at a city meeting this week. The Scottsdale Development Review Board will vote Nov. 20 on the first phase site plans for The Parque. Building elevations, lighting, landscape and phasing plans have been recommended for approval by city staff. The Parque’s first phase will include 690,968 square feet of restaurants, retail, fitness and housing situated
Taser-maker Axon will build fewer apartments in north Scottsdale after reaching a deal with city leaders on Nov. 17, ending a monthslong dispute over its planned headquarters project. Following an hours-long debate, the City Council narrowly approved the compromise that will keep Axon’s $1.3 billion corporate campus in Scottsdale and squash a local group’s referendum challenging the project. “This creates finality on this issue,” Mayor Lisa Borowsky said of the new
Following a sluggish first half of the year, the US CRE market posted a strong third quarter. Altus Group’s Q3 2025 report shows a significant uptick in both deal volume and pricing across most property sectors, signaling renewed investor confidence. In total, 45,893 properties changed hands, a 12.6% increase from Q2 and a 6.8% rise from the same period last year. The cumulative dollar volume for Q3 reached $150.6B, marking the highest quarterly total since before the
Vestar, one of the leading privately held shopping center owners and managers in the western United States, announced the completion of Queen Creek Crossing, a 31-acre retail development that broke ground in 2022. Anchored by Costco, Queen Creek Crossing spans more than 400,000 square feet of dynamic retail and dining. The center is 100% leased, including major national and regional retailers, restaurants, and essential services, further enhancing
Home sellers and buyers may be in for a happier year in 2026 if the predictions of Lawrence Yun, chief economist of the National Association of Realtors (NAR), pan out. Yun’s predictions include a 14% boost for existing home sales, and a 5% rise in new home sales. The improvement will be backed by a 4% increase in home prices and a dip in interest rates from 6.7% to 6% that will improve affordability. Continued job gains – 1.3 million more were predicted for
A vacant shopping center at the Dorsey Lane light rail station in Tempe is slated to become affordable housing and a new grocery store, according to a plan approved by Tempe City Council. Tempe owns two noncontiguous parcels near Apache Boulevard and Dorsey Lane. One of the sites contains a now-vacant shopping center that had been anchored by a Food City grocery store. The site is also near the EnVision Tempe, a city-run resource hub that offers programs like employment
A prime piece of state trust land in Buckeye set up for a new mixed-use development is going up for auction Feb. 4. The site encompasses about 272 acres north and south of the I-10 freeway in the West Valley and is next to a growing shopping center hub with over a million square feet of retail space currently underway. San-Diego based Sunbelt Investment Holdings submitted the original application triggering the auction, according to documents filed with the Arizona State Land
The Sheraton Phoenix Downtown, the city’s largest hotel, was purchased by New York-based Brookfield Properties, according to Maricopa County records. “We are honored that Brookfield chose to invest in Sheraton Phoenix Downtown and in our local community,” said Brady Lamar, manager of the hotel. “We look forward to partnering with our new ownership team.” An entity tracing to real estate giant Blackstone Group sold the property, which it purchased in early 2020 from
Just a quick reminder that Phoenix’s vacant hotels and underused offices are turning into rentals faster than ever. The metro area boasts the 20th biggest pipeline of adaptive reuse apartments, according to RentCafe.com’s latest report. Here’s a quick breakdown: The Valley is set to deliver 2,463 apartments through adaptive reuse projects in the years to come. The vast majority (70%) are expected from former office spaces. Across the metro area, seven former office buildings will be
Goodman Real Estate acquired Scottsdale on Main, a 119-unit luxury multifamily community in Scottsdale, Arizona, from Baron Properties for $66.1 million. Completed in 2024, the four-story midrise property at 6901 E. Main St. features four-over-one podium construction with unobstructed views of Camelback Mountain. The community includes studios and one- and two-bedroom units ranging from 643- to 1,290 square feet, with finishes that include quartz countertops, stainless
Dozens of north Phoenix community members packed a village planning committee meeting Thursday night and spoke out against a massive mixed-use development planned near Taiwan Semiconductor Manufacturing Co.’s expanding complex. The development, named NorthPark, is spearheaded by Pulte Homes and TSMC at the southwest corner of I-17 and Loop 303. The North Gateway Village Planning Committee unanimously voted to recommend approving the multiple rezoning
Luxury and upper-upscale hotels across the southern United States entered fall with mixed fortunes. Through September, revenue per available room, or RevPAR, trends reveal a bifurcated landscape, with some cities thriving on strong average daily rate growth, while others struggle under occupancy pressure. Regionally, RevPAR gains outpaced the national average, with top performers such as Chattanooga increasing by 11.3% over the 12-month average, Knoxville by 8.7% and
Christmas came early for the stakeholders of Buckeye master-planned community, Teravalis. They celebrated the ceremonial ribbon cutting and grand opening during a private ceremony on Nov. 14. Buckeye Mayor Eric Orsborn said he is thrilled about the opening and partnering with JDM Partners and Howard Hughes Holdings. “They’re the largest master plan developer in the country,” he said. “You look at their projects that exist and it doesn’t get much better.” Gov. Katie Hobbs
Investor confidence in a Federal Reserve rate cut at the December meeting is fading fast, as policymakers signal a growing divide over whether resilient economic activity still warrants further easing. According to CME Group’s FedWatch tool, what had been a roughly two-to-one likelihood of a cut has now shifted to a narrower 44.4% chance versus 55.6% odds for holding steady. The futures market for Fed funds, often unreliable when projecting well in advance, tends to sharpen its focus as
Preliminary site work has begun on Arizona State University Health’s new headquarters in downtown Phoenix. McCarthy Building Cos. is the general contractor and CO Architects and DFDG Architecture are the architects for the 200,000-square-foot building. The project team also includes Meyer Borgman Johnson, providing structural engineering; Spectrum Engineers, handling MEP engineering; Dibble Engineers, providing civil engineering; TrueForm Landscape Architecture