Commercial real estate lending surged in the first quarter of 2025, driven by higher financing volumes and robust activity from banks, although caution persists due to government policy and economic uncertainty impacting Treasury yields, CBRE said Monday. The CBRE Lending Momentum Index, tracking the pace of CBRE-originated commercial loan closings in the U.S., increased by
In the first quarter of 2025, Phoenix ranked 6th among the nation’s larger office markets, with top 10 placements across several key indicators: The market recorded the 4th-largest slip in vacancy rate; added more than 330,000 square feet of office space, which represented the 4th-largest market expansion as a percent of stock; and ranked 4th for the share of loans expected to
A new study ranks all U.S. states by percentage increase in business investment growth, with Arizona ranked No. 36 in the country. The state experienced a 356% increase in investment growth between 2019 and 2024, from $2.91 billion to more than $13.27 billion. That’s according to the study from BrokerChooser, an online platform that provides business investors with broker comparisons
An industrial property in south Phoenix now belongs to the city, marking a significant step in a long-term project to revitalize the Rio Salado. The big picture: The newly acquired site will become part of Rio Reimagined, a regional project involving the cities of Avondale, Buckeye, Mesa, Phoenix and Tempe, as well as Maricopa County and the Salt River-Pima and Gila River
The number of residential home sales rose for the second month in a row. Year-over-year closed home deals for the Metro Phoenix housing market increased 4.1% compared to the first four months of 2024. “With all the questions about the economy, it’s reassuring to see closings rise again,” said Christy Walker, board president of Phoenix REALTORS®
A surge in commercial mortgage-backed securities issuance is defining the market’s renewed momentum in early 2025, with robust growth fueled by single-asset single-borrower transactions and a notable rebound in conduit deals. This resurgence underscores a central theme: the CMBS market is regaining its dynamism, even as it navigates complex headwinds and evolving investor
Demand from a solid labor market and a weak for-sale home market continues to drive moderate multifamily rent growth. The average U.S. asking rent increased $5 to $1,736 in April, according to the latest Yardi Matrix National Multifamily Report. Year-over-year asking rent growth fell 10 basis points to 0.9%. However, Yardi Matrix said that while solid demand has kept rent growth steady
Queen Creek’s downtown will soon be home to several new restaurants including Postino, Shake Shack and Snooze, as well as office space and 215 luxury apartments. They will all be part of the $120 million mixed-use development called The Switchyard, whose construction will start this month. The project is being spearheaded by Phoenix-based Creation, which won the right to
The number of residential home sales rose for the second month in a row. Year-over-year closed home deals for the Metro Phoenix housing market increased 4.1% compared to the first four months of 2024. “With all the questions about the economy, it’s reassuring to see closings rise again,” said Christy Walker, board president of Phoenix REALTORS®. “New listings are also up again
Developers broke ground on the highly anticipated project dubbed The Switchyard in the heart of Queen Creek’s Ellsworth Loop corridor on May 7. The $120 million mixed-use project developed by Creation and in partnership with Horizon Real Estate Ltd. will transform the fast-growing town’s downtown area and bring in 54,000 square feet of commercial space and a 215-unit luxury
Retail sales rose in April as many consumers continued to move up buying to avoid higher prices expected to result from tariffs. Core retail sales (excluding restaurants, automobile dealers and gasoline stations) increased 0.9% month-over-month in April and 7.11% year-over-year, according to the CNBC/Retail Monitor released by the National Retail Federation, which uses actual
Property appreciation as measured in the NCREIF Property Index turned positive in 2025’s first quarter for the first time since Q2 2022, according to the National Council of Real Estate Investment Fiduciaries. In addition, all seven property types measured by NCREIF saw positive appreciation in Q1, including office. The NPI, which measures 12,813 commercial properties
The American job market surpassed expectations in April, sending stocks soaring while pushing economists’ expectations for Federal Reserve interest rate cuts later into the year. Beyond the headline numbers, though, signs of softening emerged, as job growth related to tariff front-loading is likely to prove fleeting, and more up-to-date data solidifies the picture of an increasingly
Arte Moreno has decided to get in on the action happening in the Southeast Valley. Moreno, owner of the Los Angeles Angeles and one of Arizona’s billionaires, purchased an approximately 21-acre vacant lot in Gilbert for $24.5 million on April 28, according to Tempe-based real estate database Vizzda LLC. The acquisition includes two parcels: a nearly one-acre parcel
Cannon Beach, the premier destination fusing lifestyle and adrenaline in the heart of Mesa, is quickly transforming into a one-of-a-kind hub with 11 exciting tenants already open and more than 20 new businesses on the horizon. From crave-worthy eats to high-energy wellness and retail experiences, Cannon Beach is a playground for all ages and interests. This next-level
The Federal Open Market Committee (FOMC) maintained its policy interest rate at 4.25%–4.50% on Wednesday, keeping rates unchanged since December, when the central bank last reduced borrowing costs. The Federal Reserve has adopted a more pessimistic stance on the economy, even as it continues to characterize the labor market as “solid.” In its revised policy statement, the Fed
Thompson Thrift, a full-service nationally recognized real estate company, announced today the commencement of construction for The Gilmore, a $225 million, 35-acre mixed-use development in the Phoenix suburb of Gilbert. The Gilmore will provide 300 luxury apartment homes, a hotel, and approximately 200,000 square feet of grocery, boutique restaurant and retail
A Scottsdale-based real estate firm is working to bring a new development project to the Scottsdale Airport. YAM Management, part of the YAM Worldwide group of companies owned by GoDaddy founder Bob Parsons, is planning to build six new hangars totaling 148,000 square feet on a 8.9-acre parcel, according to city documents. The proposed project is located at 14930 N. 78th Way in Scottsdale
PHOENIX – On the same day IKEA debuted a new concept in Scottsdale, the Swedish home furnishings giant announced its next move in Arizona. The company revealed plans for a small-format IKEA Phoenix store on Wednesday as it debuted the state’s first “Plan & order point with Pick-Up” location in Scottsdale. “We are thrilled to offer Phoenix metro area residents more ways to shop and experience
Electric vehicle maker Lucid last month bought assets and facilities from another car marker, Nikola Motors; the latter had filed Chapter 11 bankruptcy. Both companies have, or had, major presences in Arizona. As part of the deal, Lucid bought a Nikola manufacturing site in Coolidge and a development center in the Valley. Lucid will also hire an estimated 300 former Nikola employees
According to Colliers in Arizona, the Greater Phoenix industrial market posted 4.1 million square feet of net absorption during the first three months of 2025, continuing a record of strong leasing in the booming city and placing the metropolitan area as the third top market nationally in first quarter. Despite impressive net absorption, the city posted an increase of vacancy
A 29.5-acre industrial property located near the Rio Salado River has a new owner — the city of Phoenix. The city acquired the industrial site in south Phoenix for $29.58 million from Scottsdale-based Atlas Capital Partners LLC, which confirmed the transaction to the Business Journal. OakPoint Real Estate partnered with Atlas on the transaction. A city spokesperson also
A Trader Joe’s in Gilbert has been named one of the best grocery stores in the country. Solitaired, a gaming website, analyzed over 7 million Google reviews of grocery stores in the 100 most populous cities across the United States. Trader Joe’s swept the rankings: Across all grocery store chains, the brand took the top spot nationally. Of the best 50 individual grocery
Phoenix has adopted an agreement for a new development at Central Avenue and Madison Street. The project involves preserving a historic building that dates back to the early 20th century. Denver developer Aardex is planning the construction of a $117 million multifamily apartment-commercial space. The area includes the Pratt-Gilbert Building, which was previously
TSMC will build six fabrication plants in north Phoenix in the coming decades. Photo: Courtesy of Taiwan Semiconductor Manufacturing Company. Taiwan Semiconductor Manufacturing Co. announced earlier this year that it will triple its Phoenix campus over the next decade-plus, positioning itself to become one of Arizona’s largest employers. Why it matters: The Valley rallied to