Though the Phoenix labor market notched modestly positive growth over the past year, hiring in traditionally office-using sectors remained in negative territory. Total nonfarm employment climbed 0.6% in the 12-month period ending in May 2025, representing an absolute gain of about 14,300 positions. The private education and health services sector fueled the Valley’s growth, adding 20,300 jobs during that time. Conversely, the office-using segments, which include financial
NexMetro Communities, the nation’s leading developer of build-to-rent (BTR) home neighborhoods, has opened Avilla Vista Norte in North Phoenix representing the developer’s 22nd Valley community. Located just north of Anthem off the I-17 highway, Avilla Vista Norte brings 191 new maintenance-free luxury leased homes in a gated enclave to the rapidly growing North Phoenix corridor. The region’s population growth, high demand for rentals and limited new construction make
Prime Steak Concepts — the group behind Steak 44, Ocean 44 and the recent buyer of Durant’s Steakhouse — has plans to open its newest concept in Scottsdale in the former Chart House seafood restaurant space on Camelback Lake. Chart House opened in Scottsdale’s McCormick Ranch neighborhood in 1984 and is set to close at the end of this month. Prime Steak Concepts — which is run by brothers Michael and Jeffrey Mastro, Dennis Mastro and business partner Scott Troilo
The Arizona economy posted surprisingly slow growth in 2024 and is on course for similar performance in 2025. State job growth was revised down significantly last year, matching the national pace. Even so, the state labor market remained tight, with relatively low unemployment and low labor market churn. Month-over-month job growth so far this year has been solid, but unspectacular
Cranes erecting high-rise apartments have dominated downtown Phoenix’s growing skyline for the past five years. The new housing comes as downtown Phoenix’s population has doubled since 2010, with thousands of new apartments opening since then. People are moving from out of state and in from Valley suburbs to live in Phoenix’s core. Several professional athletes who play
The real estate firm founded by Arizona tech billionaire George Kurtz has made another major Valley investment. Kurtz’s FalconEye Ventures has acquired the 755,000-square-foot Scottsdale Quarter mixed-use development, according to a June 26 announcement. The company is now planning a $100 million capital campaign that will include an expansion of its Class-A office offerings. It has
Arizona’s population has skyrocketed over the past decade — but some of the highest rates of growth have occurred outside the state’s major cities, including Metro Phoenix’s closest neighbor, Pinal County, which grew 7% between 2018 and 2023. This scale of development in Pinal County is reshaping the Phoenix–Tucson corridor into a high-value industrial and innovation engine. With robust infrastructure
Plans to build a passenger rail line between Phoenix and Tucson are picking up steam. The Arizona Department of Transportation is moving into the next phase of a federally backed development program. The Federal Railroad Administration recently approved ADOT’s budget and scope for developing a Service Development Plan — a major step in a multi-year process. That plan will determine
Vantage Data Centers has secured a $735 million refinancing package for three data centers in Goodyear, Ariz., Bisnow first reported. Wells Fargo, Citibank and Goldman Sachs originated the fixed-rate note. The banks intend to sell the loan as a commercial mortgage-backed security in a deal expected to close in July, according to a Fitch Ratings report. Trimont will serve as master servicer
Demand from hyperscalers and cloud service providers fueled record leasing volume in the first quarter of 2025 amid widespread adoption of artificial intelligence and persistent power constraints, CBRE said in its Global Data Center Trends report. Strong demand and limited availability in core markets led hyperscalers to turn to secondary markets, creating new hotspots like
The landscape of American housing is shifting, and nowhere is that more evident than in the booming build-to-rent (BTR) sector. According to RealPage’s latest report, as of early June, roughly 64,200 BTR units were under construction nationwide, all scheduled for completion by the end of 2027. This surge signals a dramatic transformation in how and where Americans are choosing
A majority of U.S. mayors believe housing affordability in their cities will worsen over the next year, according to a new survey of bipartisan mayors conducted by the U.S. Conference of Mayors (USCM) in partnership with the Bipartisan Policy Center and the Capital One Insights Center. The survey includes responses from 68 cities in 30 states and the District of Columbia, representing
While the Axon “mixed-use campus” – featuring nearly 1,900 apartments – is at least a year from beginning, work on a smaller complex has started nearby. Legacy Partners announced the start of construction on Olea Scottsdale, a 433-residence apartment community. Sandwiched between Grayhawk and One Scottsdale in arguably Scottsdale’s fastest growing
The Federal Reserve on Wednesday proposed easing a key capital rule that banks say has limited their ability to operate, drawing dissent from at least two officials who say the move could undermine important safeguards. Known as the enhanced supplementary leverage ratio, the measure regulates the quantity and quality of capital banks should be
New home sales missed sales estimates significantly in Wednesday’s report and we have negative revisions to the previous months. The builders’ profit margins are dwindling, which means housing construction, which has been at early COVID-19 recession levels for some time, could worsen if mortgage rates stay elevated or head even higher. So, instead
Over the past six months, business leaders have felt the economic, and emotional, ups and downs that have characterized 2025. They are looking for a way forward in the second half of 2025 and deciding which goals can be achieved now, which should be postponed, and which should be planned for further down the road. While we don’t know what the economy will look like the rest of the year, businesses should focus on their vision for
PHOENIX — The East Valley city of Mesa recently ranked as the No. 11 best-run city in the country. A study from WalletHub looked into 148 largest U.S. cities and focused on how well city leaders managed and spent public funds. The quality of services city residents received in comparison to a city’s budget was also a factor in the study. Details on Mesa and other best-run city rankings. Other categories that were looked at were rankings in financial stability
The narrative about multifamily is that residents are divided into two categories: Renters by need who rent because of financial constraints. Renters by choice who choose to rent because of lifestyle preferences. According to a recent RentCafe report, one growing demographic in the renter-by-choice category is millionaires. The write-up explained that the number of millionaire rentals has tripled since 2019, “outpacing their home owning
Multifamily housing reflects a tale of two distinct markets, with high-cost cities experiencing elevated construction costs that are limiting new supply, leading to higher rents, while other markets with more moderate construction costs are seeing a surge in development activity that is likely to put downward pressure on rents. This is according to Avison Young’s mid-year multifamily outlook, which pointed to core markets like
A permanent 12% increase in low-income housing tax credit (LIHTC) authority is included in the Senate reconciliation bill. The proposal is in in the legislative text recently released by Senate Finance Committee chairman Mike Crapo (R-Idaho). The Senate plan to permanently increase LIHTC allocations beginning in 2026 differs from the House bill, which calls for a 12.5% increase for four years. The Senate version also seeks to permanently
State land in northeast Phoenix, where the now-defunct Arizona Coyotes once hoped to build a new arena, was sold to a Minnesota-based commercial developer for $136 million. In a bidding war that broke out at the Arizona State Land Department’s public auction last week, Mortenson Co. outbid rival developer Verde Investments for the 217-acre property near Scottsdale
One of the largest home developers in the United States is looking to redevelop a plot of largely vacant agricultural land in South Mountain, one of the southernmost villages in Phoenix. Scottsdale-based Taylor Morrison Home Corp. seeks to turn the 14.37 acres of vacant land into Yardly Baseline, a 188-unit build-to-rent development. One-third of the units will be
The growth of Arizona cities is still outpacing most of the nation. Phoenix remained the fifth-largest city in the U.S. in 2024, based on U.S. Census Bureau city and town population estimates released May 15. The City of Phoenix was also among the top 10 cities for the largest increase in the number of people added between July 1, 2023, and July 1, 2024, given its size, which
Chart House, a high-end seafood and steak restaurant in Scottsdale’s McCormick Ranch neighborhood, has closed after 41 years in business. Houston-based Landry’s sold the restaurant, located on Camelback Lake on the southeast corner of Scottsdale and McCormick Parkway, to Prime Steak Concepts last year. Prime Steak Concepts – the group behind
Federal Reserve Governor Christopher Waller told CNBC Friday that he doesn’t expect tariffs to boost inflation significantly, and therefore policymakers should look to lower interest rates as early as next month. The central banker said he and his colleagues should move slowly but start to ease, since inflation is not posing a major economic threat