Over the last decade, Arizona residents have seen a growing number of eye-popping headlines announcing massive new real estate developments that add jobs, draw in residents and attract new businesses to our state. While the biggest is the transformational $165 billion investment Taiwan Semiconductor Manufacturing Company is making in North Phoenix, here are 10 major Arizona real estate developments shaping the state’s future: Teravalis: City: Buckeye
A $100 million apartment and restaurant project is planned for a parking lot in the warehouse district of downtown Phoenix. A New York-based developer, Gallium, is partnering with Colorado-based Elevate Companies to develop the complex called Amara, which will contain about 300 luxury apartment units. The building is planned to be seven stories tall on the 2.3-acre site. It was designed by New York-based DXA Studio. The land, located at Sixth and Grant streets
Hadrian’s new factory in Mesa is projected to create hundreds of jobs. The city and state may pay the weapons manufacturer to fill them with locals. Mesa City Council voted Oct. 20 to sign a development agreement with the company to reimburse $750 for the first 100 employees it hires that live in town, after the plant hits buildout and workforce milestones. The facility, which will make components of missiles, jets, rockets and other munitions, is
Empty downtown Phoenix office buildings could be converted into affordable dormitory-style housing for a fraction of the cost of traditional apartments, according to a new report from the Pew Charitable Trust and architecture firm Gensler. Why it matters: Phoenix’s office vacancy rate sits higher than the national average at 23%, while the Valley continues to face a housing shortage that’s driving up rents. “[This is] a really interesting way to kill two birds
U.S. office projections have been slightly upgraded for the next four quarters in a revised forecast from CoStar Group, although the long-term outlook still calls for less space per employee than pre-pandemic. The near-term U.S. office outlook now calls for 10 million square feet of positive absorption over the next four quarters. The previous forecast anticipated negative absorption of four million square feet. “The revised forecast accounts for the strongest
The Federal Reserve cut interest rates for the second time in as many months, easing monetary policy just as commercial real estate markets snap back to life. But Chairman Jerome Powell said members of the central bank had widely different views on what to do moving forward. Wednesday’s widely expected decision offers a bit of clarity as the government shutdown drags into its fifth week and the White House digs in on the trade war that kicked off
Blackstone’s deal momentum is building as the world’s largest alternative asset manager sees improving investor sentiment and a more favorable capital environment in commercial real estate. “This is an exciting time for the firm and our investors,” Blackstone CEO Jon Gray said during the company’s third-quarter 2025 earnings call on October 23. “The deal dam is finally breaking, and we have a bunch of secular tailwinds driving us forward as well.” According to
The National Council of Real Estate Investment Fiduciaries (NCREIF) said the NCREIF Property Index (NPI) posted a quarterly return of 1.22% for the third quarter of 2025, essentially unchanged from 1.23% in Q2. However, the index has now stayed in positive territory for four consecutive quarters, with the four-quarter total return at 4.72%. The positive 1.22% quarterly total return represented 1.16% of income and 0.06% of property appreciation. NPI property
The current level of data center demand has brought the industry to a never-before seen dynamism. The state of the market means that any data center, whether it’s an older or smaller site or a newer mega-scale facility, is likely to sell quickly, Amy Polvado, chairwoman of the U.S. PropTech Council and founder & CEO of Facilimax, told Commercial Property Executive. “There was an older government office for sale in Austin that
New York-based Gallium LLC and Denver-based Elevate Cos. are working to develop a $100 million luxury apartment community in the Warehouse District of downtown Phoenix. The seven-story building at 602 E. Grant Street would be built near the new Phoenix Suns headquarters and Phoenix Mercury training facility and across the street from Arizona State University School of Art’s Grant Street Studios. While Gallium has
Commercial property prices rose in September, with annual gains for all but one of the major property sectors, MSCI Real Assets reported. The RCA CPPI US National All-Property Index increased 2.6% from a year earlier and rose 2.2% from the second quarter, implying a faster annualized pace of growth of 9.0%. The exception among property types was apartments, for which pricing declined 0.8% year-over-year and 3.3% from Q2. Prices in the multifamily sector are now
PHOENIX — A new real estate venture that developers are calling an industrial condominium development launched on Oct. 20 in Glendale. The 8.5-acre MG Business Park will bring 36 units among five buildings and 84,000 square feet of small-bay industrial space. It is located on the corner of Glendale Avenue and New River Road with immediate access to Loop 101, Interstate 10 and Loop 303. “MG Business Park offers exceptional accessibility and modern
New York-based Gallium LLC is working to develop a $100 million luxury apartment tower in the Warehouse District of downtown Phoenix. The seven-story building at 602 E. Grant Street would be built near the new Phoenix Suns headquarters and Phoenix Mercury training facility, across the street from Arizona State University School of Art’s Grant Street Studios. While Gallium has been developing commercial projects in metro Phoenix for years, this will
Marcus & Millichap’s latest Investor Insights reveals a shift in sentiment — commercial real estate investors are turning bullish again. The data points to a potential new cycle driven by pricing resets and a stabilizing rate environment. CRE Investors are Increasingly Bullish, Hinting at Start of New Cycle. A quartet of factors provide optimism for the future. Commercial real estate investors have an increasingly positive outlook for the industry, with many citing four
To fully understand the current state of the U.S. housing market, it’s essential to consider several major economic developments over the past few years. In 2022, inflation surged dramatically, prompting the Federal Reserve to raise the federal funds rate in an effort to curb consumer spending by making loans and credit more costly. This assertive monetary strategy aimed to bring inflation down from its peak of 9% toward the Fed’s long-standing target of 2%. By late
Investors have begun taking a more bullish approach to commercial real estate, Marcus & Millichap reported. A quartet of macroeconomic factors bodes well for the investment outlook, the company said in a new Research Brief. One is a reset in pricing. With cap rates up by 80 to 130 basis points year-to-date from 2022 levels, investors have often sought out quality assets at below replacement costs. Another is multiple tailwinds across property sectors, including multifamily
Leasing volume in the U.S. office market ticked up in the third quarter, according to preliminary estimates, but remains just shy of its pre-2020 norm. The total square footage leased on new agreements — excluding renewals — is estimated to have reached between 100 million and 110 million square feet, or about 1.2% of inventory. While this marks a modest increase over recent quarters, it still trails the quarterly average of 115 million square feet recorded between
PHOENIX — The University of Arizona and Banner Health, Arizona’s largest hospital system, celebrated a decade-long partnership on Friday that has provided more than $60 billion in economic impact to the state. The partnership was celebrated during an event on UofA’s downtown Phoenix campus, where the Arizona Board of Regents (ABOR) highlighted the work done to improve medical care for Arizona residents. The celebration was attended by UofA President
Online furniture retailer Wayfair opened its first Arizona outlet near the Chandler Fashion Center earlier this month, becoming the latest discount furniture store to set up shop in the East Valley. The big picture: Outlets aren’t just for outdated and overstocked goods anymore. Higher-end furniture stores are getting into the game, offering big discounts on returned items with minor scratches or defects. State of play: Wayfair joins Crate & Barrel and Restoration Hardware
A Swiss company is evaluating Arizona as a potential location for a new facility to embed quantum-resistant cryptographic keys into semiconductor chips. But after saying last year that the Valley would be the site of its U.S. headquarters, the company has widened its search. SEALSQ Corp. (Nasdaq: LAES) said this week that it’s considering both Arizona and California to locate its newest post-quantum personalization center as part of its U.S. expansion strategy
Joey Restaurant Group, a Canadian restaurant company, has proposed opening its first location in Arizona where an office building now stands on Camelback Road near 32nd Street in Phoenix. The restaurant group has proposed an adaptive reuse project for the office building that now stands at the southwest corner of Camelback Road and 31st Street, according to documents submitted to the city of Phoenix. The documents indicate the restaurant would be called
A clearer picture is emerging of how commercial real estate lenders behaved in the first half of 2025, and the shifts suggest how the rest of the year could unfold. According to MSCI, lender composition has changed notably from pre-pandemic norms, signaling a reshaped financing landscape driven by new risk appetites and capital sources. Between 2015 and 2019, the typical lending mix reflected a stable hierarchy: 17% commercial mortgage-backed securities (CMBS), less than
The City of Avondale has selected Blueprints Capital as the master developer for three key parcels within the Park Avenue District of The BLVD, and awarded a fourth parcel to Whitten Development, which plans a hospitality-focused project in the area. “This is an exciting moment for our city,” said Avondale Mayor Mike Pineda. “The selection of development partners brings us closer to realizing the full potential of The BLVD. These projects directly align with City Council’s strategic goals
CSAA Insurance Group has signed one of the largest office leases in the Deer Valley submarket since the pandemic. The company recently inked an eight-year, 41,000-square-foot lease at Terrawest, a Class A office building at 25800 N Norterra Pkwy in north Phoenix that’s owned by Silver Creek Development. The large lease marks the latest win for Silver Creek, which earlier this month executed a 130,000-square-foot lease with SyberJet — which is led by former
A new speculative industrial development is coming to Peoria. Vistancia Commerce Park at Five North is being developed by Barclay Group and will be located within the 320-acre commercial core of the Vistancia master planned community, which amounts to 7,100 acres overall. The area is where Amkor previously planned to build its massive semiconductor packaging and testing facility before relocating to Peoria’s Innovation Core after facing opposition from Vistancia