PNC Financial Services Group, one of the fastest-growing banks in the United States, has reached a deal that is expected to make it the largest bank in Denver and add almost 100 retail branch locations to its footprint. PNC agreed to pay $4.1 billion for FirstBank, a Lakewood, Colorado-based institution that is one of the largest privately held banks in the country. PNC plans to acquire about $26.8 billion of assets, such as loans and investment securities, as well as 95
Scottsdale-based Sonora West Development, which has $1 billion in projects under its belt, is working on two new luxury developments in metro Phoenix. Plans call for breaking ground this year for 31 homes within a community called Solace in Carefree, where homes will be built on 1-acre lots. Meanwhile, construction already has begun on the first two homes in another community called Camelback Palms, with two more to start within 90 days. The four homes
Eight of the top 10 markets for the strongest retail rent growth last quarter were in the Sun Belt, including two that happen to be in the Southwest and at higher elevations: Las Vegas and Phoenix. While the average asking rent at U.S. retail properties rose 2.4% annually by the second quarter of 2025, Sun Belt metropolitan areas continue to outshine other areas as strong population growth, rising incomes and limited space availability
PHOENIX — HonorHealth, one of the largest nonprofit health care systems in Arizona, announced Tuesday that it has reached an agreement to acquire Evernorth Care Group. Evernorth Care Group, which operates 18 metro Phoenix primary care clinics, currently serves as the medical practice division of Cigna HealthCare of Arizona. HonorHealth already has over 200 primary, specialist and urgent care locations along with
Scottsdale-based Modus Development is breaking ground in November on Papago Village, a luxury build-to-rent community with Camelback Mountain views. Taking over the former Scottsdale headquarters of Vitalant at 6200 E. Oak St. in March 2024, Ed Gorman plans to build 94 luxury rental units on the site. The founder of Modus Development said the $60.2 million project will open in May 2027. The general contractor
Glendale is the most affordable Valley city for renters. The typical one-bedroom in the West Valley city, home to State Farm Stadium where the NFL’s Arizona Cardinals play, rents for $1,050, according to national rent research firm Zumper. Helping renters is the almost 14% percent drop in Glendale’s average rent during the past year. That was the biggest decline among major Phoenix-area cities. Glendale’s median rent
A new ranking of America’s fastest-growing affordable suburbs is giving a better idea of just how influential the Phoenix Metro is on the national stage. Four Metro Phoenix suburbs — Maricopa (#9), Buckeye (#15), San Tan Valley (#16), and Goodyear (#26) — rank among the fastest-growing and most affordable suburbs with home values under $500,000. Using data from Zillow and the U.S. Census Bureau, the study highlights suburbs
Life insurance companies participating in Trepp’s LifeComps index covering commercial real estate loans reported a total return of 1.90% in the second quarter of 2025, comprised of a 1.21% income return and a 0.69% appreciation return. Trepp reported the total return outpaced the National Council of Real Estate Investment Fiduciaries’ Open‑End Diversified Core Equity index by 87 basis points, suggesting that returns on high-quality commercial real estate credit
Mortgage rates reached another 11-month low this past week, as markets are pricing in an expected short-term rate cut from the Federal Open Market Committee later this month. This follows a week where one long-term Treasury rate showed serious volatility. The 30-year Treasury bond posted a yield just shy of 5% during trading on Sept. 3. But the 10-year Treasury, which is used in mortgage pricing because it is more widely available, ended Wednesday about 7
The first tenants have begun to move in at the student housing tower at Central Station, a 2.6-acre development in the heart of downtown Phoenix, as construction activity nears completion on the remainder of the project. Central Station, which totals about 1 million square feet, is under construction south of Civic Space Park in downtown Phoenix at Central Avenue north of Van Buren Street. The project includes two residential towers, one for student housing and
JLL Capital Markets announced today that it has closed the $266 million sale of six Class A office assets totaling 1.247 million square feet in Phoenix, Arizona. JLL represented City Office REIT, Inc. (NYSE: CIO) in the sale of the properties to Southwest Value Partners. The transaction is the first closing in the sale of City Office REIT, Inc’s. Phoenix portfolio, which also includes Pima Center that is expected to close at a later date, subject to the company obtaining certain
Three mid-sized industrial buildings in the West Valley traded hands from Link Logistics to an entity connected to INDUS Realty Trust, in a deal totaling $116.7 million. The first building, located at 4 S. 84th Ave. in Tolleson, is a 232,922-square-foot manufacturing facility built in 1989. It includes 10 rail-loading doors and 60 dock doors, and sold for $35,637,057. It previously sold in 2015 for $18 million. The next property, Tolleson Commerce Park II, is right across
Investing.com — Federal Reserve Governor Christopher Waller reiterated his support for an interest rate cut at the September meeting, citing weakening labor market conditions. “I think we need to start cutting rates at the next meeting, and then we don’t have to go in a locked sequence of steps,” Waller said Wednesday in a CNBC interview. “We can kind of see where things are going, because people are still worried about tariff inflation.” Waller indicated that the
Arizona has been a reliable and long-standing national leader in job growth. But so far this year, the state has taken a big step backwards. Through the first seven months, Arizona has ranked 46th in bringing in new jobs. Despite the steep drop, it doesn’t indicate yet that the state is spiraling toward a recession. But it does surprise economic experts and signal a bit of a slowdown. There is still a bright side to The Arizona Republic’s annual employment report. Job growth can be seen
New apartment construction in the U.S. continues to be elevated in 2025, with an estimated 506,353 units expected for delivery by the end of the year, Yardi’s RentCafe reported. Although the figure is lower than the estimated 518,000 new units delivered in 2024, it remains significantly higher than the annual totals for each year since 2015. “Accordingly, even with the historic wave now cresting, the volume of new deliveries remains considerably higher than average
Nearly 1,000 acres of the sprawling Red River Ranch property once owned by Hollywood icon John Wayne have been sold to a developer planning to build a massive master-planned community that could be incorporated into a larger master plan with tens of thousands of homes. CLB Real Property Holding Co. LLC, an entity tracing to Tempe-based W Holdings, paid $29 million for 925.46 acres to a partnership between Scottsdale-based El Dorado Holdings Inc. and
TSMC Arizona has broken ground and begun construction this month on a planned 15-acre Industrial Reclamation Water Plant (IRWP). The IRWP is designed to achieve “Near Zero Liquid Discharge” which means the company will have the ability to reuse nearly every drop of water. At start-up, the IRWP will reach 85% recycling rate with a plan to reach 90% or better. The start of construction on the IRWP reflects the company’s commitment to sustainable operations and coincides
Metro Phoenix renters signing leases right now could get a break. Rents are down in the Valley, according to new research. One-bedroom renters are seeing the biggest declines. The median rent on a one-bedroom Phoenix-area apartment has dropped almost 8% to $1,220, according to the latest Zumper National Rent Report. That decline is from August 2024 to August 2025
Americans are on the move. In 2024, a total of 25.87 million Americans (or 7.8% of the U.S. population) moved to a new home, whether to buy their first house, to leave the family nest for the first time, or simply to seek a change of scenery. MovingPlace has created a report which looks at the most popular U.S. ZIP codes so far in 2025 by analyzing 6.3 million moves, including the Top
Tempe-based Amkor Technology Inc. will break ground at its brand-new factory location Sept. 2 after Peoria’s City Council hastily – and unanimously – approved a land swap and new development agreement.. A special meeting was held on Aug. 28 to approve the deal, the day after the city won a state trust land auction for 834 acres in north Peoria where it has been planning to
PHOENIX – Society Swan, the latest venture from noted local restaurateur Sam Fox, is set to debut next month at Scottsdale Fashion Square. Reservations for the new restaurant, which is taking over a two-level space formerly occupied by Kona Grill, are now available ahead of the Oct. 15 opening date. “Society Swan is all about bringing a little glamour to everyday
To conduct our first-ever real estate agent survey, ResiClub partnered with Zoodealio, a cash-offer platform and iBuyer-management software designed for real estate agents. Among the 238 agents who took the survey, half (50%) have been real estate agents for 15 years or more. The Zoodealio-ResiClub Real Estate Agent Survey was fielded between July 28 and August
Federal Reserve Governor Christopher J. Waller, who cast one of two dissenting votes at the July meeting of the Federal Open Market Committee, reiterated his support for a reduction in the central bank’s benchmark interest rate. Speaking Thursday evening at the Economic Club of Miami, Waller said, “Since I last spoke on the economy and monetary policy on July 17, economic data have reinforced my view of the outlook and my judgment that the time has come
An estimated 506,353 apartments are expected to come online this year. While it’s lower than the over 640,000 units delivered last year, it’s still above the annual totals recorded each year since 2015. Based on Yardi data, RentCafe.com breaks down the top regions and metros for new multifamily construction in 2025. The South, which has seen strong migration trends since before the pandemic, leads with over half the national total. Top destinations
Amkor Technology Inc. plans to change sites for its huge West Valley factory — but it’s not moving far. Until now, Tempe-based Amkor has been poised to build its $2 billion semiconductor chip packaging and testing facility in the master-planned community of Vistancia, that attracted growing opposition from area residents along the way. It’s now planning to relocate the plant to a swath of land the city is setting up as the Peoria Innovation Core, following an Arizona