We’re just beginning to understand what it means that one of the world’s most powerful companies is planning the largest foreign direct investment in U.S. history here in metro Phoenix. TSMC (Taiwan Semiconductor Manufacturing Company) is making a $165 billion play in the Arizona
Months after its developer received final zoning approval from the city of Mesa, the former Fiesta Mall site is now formally in the hands of a single owner. Verde Investments, the real estate firm owned by billionaire Ernest Garcia II – the richest person in Arizona – in February completed the final
As renter demand continues to catch up to new multifamily supply, some markets are seeing a greater impact on vacancy and rent. Luxury rent growth, defined as rent in four- and five-star-rated apartments, has contracted the most in several Sun Belt markets, including Denver, Phoenix and
Hey, Phoenix homebuyers! If you’re in the market for a home, it might feel like you’ve walked into a maze of confusing information. With mortgage rates fluctuating, prices stabilizing, and the constant chatter about market trends, it’s easy to get lost. The truth is, owning a home could be closer
The pandemic’s lasting impact on Phoenix is perhaps most evident in our elevated home prices. The big picture: Phoenix’s market was already climbing before 2020, but when employees were given remote work options, many fled the coasts for the relative affordability of the Valley. Demand outpaced supply and prices surged. “The pandemic just supercharged everything,” Zillow senior economist Kara…Read More→
Wall Street is on edge as concerns about an impending recession continue to grow, fueled by market volatility, new trade tariffs imposed by the Trump administration, and fears that a slowdown could force the Federal Reserve to cut interest rates. Investors are closely watching how these developments could impact the
Renter demand is expected to exceed apartment supply this year, according to Berkadia’s 2025 Multifamily Powerhouse Poll Outlook. Fifty-nine percent of the 320 Berkadia investment sales advisors and mortgage bankers surveyed expect this, with Class A and Class B rental housing and affordable housing properties
Some 67 percent of top multifamily housing executives believe that the national vacancy rate will decline, according to the findings of a Walker & Dunlop survey conducted during the recent NMHC Apartment Strategies Conference. Only 47 percent of respondents believe office space conversions are a viable solution
With the International Day of Happiness coming up on March 20, the personal-finance website WalletHub today released its report on 2025’s Happiest Cities in America, as well as expert commentary, in an effort to find out which cities provide the best conditions for Americans’ mental and physical well being
As the tumult surrounding U.S. tariffs on essential raw construction materials creates more uncertainty, executives with some prominent businesses operating in the Valley say they feel equipped to handle the shifting landscape after their experiences with previous supply chain disruptions. Over the past six
A proposal to bring 1,000 residential units and up to 50,000 square feet of retail to city-owned land in downtown Mesa will likely get the council’s green light. The 25-acre site on the southwest corner of Mesa and University drives has sat dormant for decades after numerous failed
Location: Lindsay Road and Lexington Street in Gilbert Description: A five-story apartment complex with 352 units is under construction along Lindsay Road and Lexington Street in central west Gilbert, just north of the Loop 202. The project, dubbed Stillwater Atwood at Rivulon, is part
What does $165 billion look like? It only takes a few minutes of driving west on Loop 303 from I-17 to get a glimpse. Emerging from the desert of North Phoenix, TSMC Arizona is already a colossal sight from the freeway, even at this early stage. The first fab, now producing chips
Arizona State University has revealed the location of its ASU Health headquarters, which includes its new medical school and other health colleges. Plans call for building a 200,000-square-foot structure on a campus in the heart of the Phoenix Bioscience Core campus in downtown
Phoenix leaders recently voted to include a stretch of Seventh Avenue into the downtown core. The move paves the way for taller buildings and more density. “Seventh Avenue is a gateway to our downtown, as are the streets in this area,” said Mayor Kate Gallego. “This is a chance to do some pretty
Following a meeting at the White House today, President Trump and TSMC Chairman and CEO C.C. Wei announced a historic expansion of TSMC’s advanced semiconductor operations in Arizona. TSMC will invest at least an additional $100 billion to build three additional semiconductor fabs in Arizona as well as an
Metro Phoenix has emerged as one of the nation’s “elite” locations for energy-thirsty data centers and will remain prominent if projects planned or under construction pan out, according to a new report. The local region ranks fourth nationally for data centers, measured by the capacity of electricity they consume,
The Trump administration is moving at a record pace on a varied list of priorities, but insiders hope a focus on housing will remain at the top of the agenda in 2025. With housing affordability a central focus, bills addressing zoning, permitting, workforce development, and taxes are taking
The manufacturing sector continues to expand, with over 100 million square feet delivered since 2022 and another 100 million under construction as of January, according to the latest CommercialEdge industrial report. Construction spending for the sector has tripled since 2021, driven by reshoring efforts
Mesa’s latest major retail development is quickly coming together. Medina Station, a 64.5-acre mixed-use development, will break ground next week with two major national retail anchor tenants in the fold. Medina Station developer SimonCRE on March 5 announced Dick’s Sporting Goods
Crafts giant Joann recently announced plans to close its entire fleet of roughly 800 stores in the United States. Eleven are in the Phoenix metropolitan statistical area, with 10 in Maricopa County and one in the Pinal County city of Casa Grande. The average rentable building area of the impacted
Major Western office markets continue to struggle with high vacancies, with the Bay Area experiencing the steepest annual increase, as shown in our latest office report. Notably, Phoenix saw a 3.2% year-over-year growth in office asking rents, highlighting that the office sector in the area remains
Fiesta Redefined developers Verde Investments Inc. closed on the sale of the remaining 34 acres of land for nearly $24 million in February. The fate of the 80 acres that once housed the 1.2-million-square-foot Fiesta Mall has long been a question for Mesa residents and February’s sale solidifies Verde
GLENDALE — Local leaders on Thursday celebrated the opening of a new West Valley affordable housing project that received support from a state program that is in danger of expiring. Centerline on Glendale offers 368 mixed-income apartment units near 67th Avenue and Glendale Road in Glendale.