A vacant, desolate one-story building along Mesa’s Main Street could be transformed into an eight-story building with Arizona State University’s partnership. The city is set to release a bid in the coming weeks to redevelop a site in front of the Mesa Arts Center. It’s part of a larger plan to expand ASU’s presence in downtown Mesa, bring in Class A office space and add additional retail opportunities. Downtown Mesa currently doesn’t have Class A office
A $400 million plastics “upcycling” facility that promises more than 100 jobs, hundreds of construction positions and more than $1 billion in projected economic impact is set to open this year in Eloy. The project will position the city as Freepoint Eco-Systems’ Southwest hub for advanced recycling. The Connecticut-based company develops large-scale “advanced recycling” plants that turn waste plastic into an oil-like feedstock for petrochemical manufacturers. During
U.S. apartment rents increased in February, with the national average increasing to $1,716, a 0.1% increase from January’s upwardly revised figure of $1,714, according to Apartments.com’s latest report on multifamily rent trends. The monthly rent increase continues the trend of rising monthly rent changes that began in December 2025, but at a moderated pace. Prior to December, rents were flat or falling for five consecutive months. Annual rent growth eased
The Phoenix construction market is entering 2026 with renewed stability and sector-specific momentum, even as data center and AI-driven infrastructure projects create new labor and equipment pressures, according to LGE Design Build’s newly released Q4 2025/Q1 2026 Construction Delivery Outlook Report. “Phoenix has transitioned from an overheated growth cycle into a more measured and strategic phase,” said Blake Wells, vice president of preconstruction at LGE Design
Led by the office sector, commercial real estate is now “cheap” relative to US equities for the first time in approximately 20 years, according to a new report from MetLife Investment Management’s (MIM) latest U.S. Commercial Real Estate Chartbook. While real estate investors typically use cap rates to value assets, the inverse of a cap rate is roughly equivalent to a price-earnings (P/E) ratio, which is used to value stocks. The P/E ratio compares a company’s share price against
An Arizona commercial trucking company acquired a former FedEx facility in Phoenix for $30 million on Feb. 18. AAA Cooper Transportation – an affiliate of Phoenix-based Knight-Swift Transportation Holdings – bought the property, at 7160 West Sherman St., from EQT Real Estate. EQT had bought the facility from FedEx in 2021 for $24.1 million
Valley apartment rents started the new year on solid footing, following sluggish performance through most of 2025. The average asking rent at Phoenix multifamily properties climbed 0.2% in January 2026, building on December’s 0.1% gain. This marks the first period of positive, consecutive monthly rent growth since the same time a year ago
According to Yardi Matrix research, the average sale price of an office building marked the first increase since 2021 last year — up 6.1% from $172 a year ago to $182 per square foot in 2025. Although most markets are still far below their 2019 values, many have begun to recover after significant increases in average prices last year
The U.S. rental market has officially tipped in favor of tenants. According to the Realtor.com® January Rental Report, the average rental vacancy rate across the nation’s 50 largest metros climbed to 7.6% in 2025, a notable improvement from 7.2% in 2024. The Metro Phoenix rental market says its vacancy rate climb to 8.4% in 2025, a jump from 7.9% in 2024
After years of stability, the multifamily lending market is showing unmistakable signs of strain. By the third quarter of 2025, delinquency rates had climbed to levels not seen since the global financial crisis, signaling, as CRED iQ described, a “new phase of stress” sweeping through the sector
Developers expect to break ground soon on a brand-new Costco store in north Phoenix. The wholesale retailer will be a first user within Halo Vista, a massive master-planned community surrounding TSMC Arizona’s campus. A groundbreaking ceremony is slated for March 26, and the project’s developers said they are hopeful the store will be “selling hot dogs first quarter of next year
A popular grocery store and two apartment complexes are under construction in the East Valley. Whole Foods Market is preparing to open a new store in Scottsdale. A high-rise apartment complex will be among the tallest buildings in Tempe. More than 200 units of multi-family housing are under construction in Gilbert near Banner Gateway Medical Center. Here’s what is being built in metro Phoenix
Mortgage rates are continuing to drop, landing at levels not seen in more than three years and offering a rare boost to housing affordability amid broader economic and policy shifts. According to Freddie Mac, the average 30-year fixed-rate mortgage fell to 6.01%, as of Feb. 19, down from 6.09% the prior week and substantially lower than 6.85% a year ago. Also, the 15-year fixed rate eased to 5.35%, compared with 5.44% in the previous week and 6.04% a year earlier
The national and Arizona multifamily market news has been filled for the past 18 months or so with news of market cooling, deliveries outpacing demand after the post-pandemic rush to build, increased vacancies, declining rents, et cetera. To give some of the most current numbers, in its Q4 2025 Phoenix Multifamily MarketBeat report, Cushman and Wakefield reported a 12.8% year-over-year increase in vacancies for Metro Phoenix
The Greater Phoenix office market’s fourth quarter 2025 posted its strongest net absorption since fourth quarter 2019, totaling 531,893 square feet, according to an analysis from Colliers in Arizona. The uptick in net absorption and 10-year low construction activity led to a decline in direct vacancy to 15.1 percent, according to a report released by Colliers
The Real Estate Roundtable (RER) said its First Quarter 2026 Sentiment Index registered 66 overall, down one point from Q4 2025, as respondents described a market in the early stages of a tentative, uneven recovery. Tariffs and interest-rate uncertainty continue to widen buyer-seller spreads and slow price discovery
Biltmore Fashion Park has signed several new leases and have new tenants opening in Phoenix’s long-running luxury outdoor mall. Red Development, which owns and operates Biltmore Fashion Park, announced this week five new tenants have recently opened or will be opening soon in the mall. Construction is set to start later this month on new spaces for FP Movement, the Free People brand of activewear, and Solidcore, a high-intensity workout studio
The Arizona Cardinals broke ground on a new performance center and team headquarters Thursday, moving forward in an attempt to improve practice facilities that NFL players deemed among the league’s worst in 2025. The north Phoenix development — which is expected to be ready in time for preseason training camp in 2028 — is located on a 217-acre property that was purchased at auction for $136 million
Work on one of Arizona State University’s most significant construction projects is scheduled to start this year, joining a lineup that includes signature new builds to support the community and renovations to improve the student experience. The new ASU Health building, a 200,000-square-foot structure in downtown Phoenix, will house the John Shufeldt School of Medicine and Medical Engineering, the Health Observatory at ASU and the School of Technology for Public Health
Projections for U.S. retail metrics remain unchanged through 2026 in a new forecast from CoStar Group. Consistent with the previous forecast, which had vacancy peaking at just under 4.4%, the metric is expected to rise minimally in the first half of 2026 before falling slightly during the latter half of the year and into 2027. Although receding, store closures are expected to increase in the first half of 2026 as the bifurcated retail sales environment pushes certain tenants to trim locations
Arizona ranked 4th in net domestic migration in 2024, gaining 55,505 new residents, according to an analysis from the Economic and Business Research Center (EBRC), which focuses on applied economic research and community education for Arizona. In 2024, over 7 million Americans changed their state of residence, according to the 2024 1-year American Community Survey (ACS). This substantial movement reflects ongoing demographic shifts reshaping the nation’s population
When the Sprouts Farmers Market headquarters opens this summer, the CityNorth development at Loop 101 and 56th Street will be home to two of the state’s nine Fortune 500 companies. The roughly 100-acre development, led by Crown Realty Group, is also home to waste management company Republic Services’ headquarters, which opened in January, Rick Carpinelli, who leads Crown’s Phoenix operations, said. Republic Services built a 250,000-square-foot headquarters
Major local and national developers could soon battle for prime land in north Peoria at Arizona State Land Department auctions. PulteGroup, Vestar, Sunbelt Investment Holdings and Land Resources have all applied for land in the North Peoria Gateway area – a nearly 1,600-acre swath of property adjacent to the Vistancia master-planned community. “We expect this year to have several land auctions, most of it going to retail, some housing,” Peoria’s economic development
A proposal to build a new extended-stay Hyatt Studios hotel near the entrance to the Taiwan Semiconductor Manufacturing Co. campus in northern Phoenix has cleared a potential zoning hurdle and appears to be in the final steps toward receiving approval. Scottsdale-based CaliberCos Inc. plans to build the 114-room hotel on the corner of Sonoran Desert Drive and 29th Avenue, just east of the intersection of Interstate 17 and Loop 303. On Wednesday, a Phoenix
Retail sales rose modestly in January as consumers continued to show resilience. Core retail sales (excluding restaurants in addition to auto dealers and gas stations) edged up 0.15% month over month in January and were up 5.51% year over year, according to the CNBC/NRF Retail Monitor, released Thursday by the National Retail Federation. Total retail sales (including restaurants but excluding automobile dealers and gasoline stations) rose 0.2% month over month