Nonfarm payrolls for March beat estimates with 228,000 jobs added, according to data published by the Bureau of Labor Statistics, versus the estimate of 140,000. The unemployment rate ticked up to 4.2%, a three-year high, from 4.1%. Employers added 117,000 in February, which was revised from 151,000. Average hourly earnings increased by 0.3% in March, aligning with both the
Apartment rents across the United States are expected to accelerate at a quicker clip in the second quarter as demand remains solid and the number of units completed continues to slow. Nationally, year-over-year multifamily asking rents grew 1.1% this year through March, according to a report from Apartments.com, owned by CoStar Group
Apartment demand during the first quarter was well ahead of average, boosting sector fundamentals back into a more normal range, according to a RealPage analysis. The report noted that the recent generational apartment supply wave began to ebb slightly during the first quarter, which indicates that the impact of high supply will start
Fresh data from Colliers and MSCI reveals a positive February for commercial real estate sales, with overall volume up 30% year-over-year at $24.4 billion. Year-over-year price changes for office, industrial, retail, and multifamily (leaving out hospitality) were up 1%. On volume growth, every category was positive except industrial, which was flat at $5 billion
The Trump administration’s sweeping tariffs threaten to increase costs for building data centers needed to support artificial intelligence, a move some technology and real estate industry analysts said could disrupt a surge in development. A 25% tariff on steel and aluminum — materials used in these digital hubs — took
Arizona job growth was down over the year in January and February, according to an analysis. Arizona added 4,300 seasonally-adjusted jobs over the month in February, up from a revised increase of 1,700 in January. The preliminary estimate for January was an increase of 7,400. The state seasonally-adjusted unemployment rate
Glendale City Manager Kevin Phelps would like to see the $1.2 billion VAI Resort and Mattel Adventure Park welcome guests before he leaves the city in 2026 for his next career move. The hospitality project, which kicked off construction in 2021 in Glendale’s sports and entertainment district, is the single project Phelps said he’s
Still going strong, the Arizona economy added large numbers of new jobs and residents last year. Nominal taxable retail plus remote sales expanded slowly, while personal income growth decelerated. Single-family permits increased significantly but housing affordability remained low. The labor market remains very tight
The new owner of Big Lots is relaunching the chain it rescued, starting to reopen the more than 200 stores it acquired as part of the retailer’s bankruptcy. Henderson, North Carolina-based Variety Wholesalers plans to kick off the first wave of openings of its newly purchased Big Lots locations Thursday with nine stores across six
The project also includes a park that will be an amenity for both workers in the buildings and the surrounding community. In total, the project will include five buildings on 44 acres, according to real estate database Vizzda. The project is being developed as a partnership between Formation Interests and Crescent
Chris Walton, the CEO of ATLAS Capital Partners LLC, is taking a “contrarian” position with his company’s latest acquisition and planned Mesa Industrial project. The Scottsdale-based real estate development and investment firm closed March 27 on the $13.8 million acquisition of a 38-acre property near the intersection
At the Americas Lodging Investment Summit in January and the Hunter Hotel Investment Conference in March, brokers and lenders were optimistic that 2025 would see healthy growth in asset trades. If the first quarter is an indication of the year to come, industry optimism may have been premature, as only $2.8 billion in U.S. hotel assets changed hands. The $1.2 billion decline from last year equates to a drop of roughly 30% in asset
Office-to-apartment conversions are at a new all-time high, with the pipeline reaching 70,700 units as of 2025. More than two-thirds (68%) of all future apartments retrofitted from offices are located in 20 metros — and Phoenix is one of them, ranking as the nation’s 11th major retrofitter. Let’s dive into the details: Phoenix’s office-to-apartment conversions pipeline encompasses 1,634 units. Phoenix is behind Atlanta with 600 units,…Read More→
Fort Lauderdale, Florida-based ZOM Living has started work on a 416-unit luxury apartment project in north Phoenix, called Azola Desert Ridge. The developer paid $27.1 million for a 20-acre parcel at the northwest corner of 56th Street and Loop 101, according to Tempe-based Vizzda LLC. This sale resolves the Arizona State Land auction on June 26, 2024, where ZOM Living was the winning bidder of 54 acres for $6.62 million
The sale of Arches at Hidden Creek in Chandler led the biggest commercial real estate deals in March. Here are the 10 biggest deals in Metro Phoenix commercial real estate from February of 2025, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine. 1. Arches at Hidden Creek Price: $95,446,000 Sector: Multifamily…Read More→
In 2025, industrial development is expected to continue decelerating, in response to the rapid expansion seen early in the decade. But the good news for Valley residents is that the Phoenix industrial pipeline ranks No. 3 among the largest in the U.S. CommercialSearch’s newest report highlights the markets with the newest industrial supply underway, as well as the largest properties scheduled for delivery this year. For this, we used
The five years since the onset of the COVID-19 pandemic and subsequent economic disruption intensified the southward and westward movement of the United States labor market. Over the past year, however, a handful of states in seemingly moribund regions have seen substantial recoveries, while most post-pandemic winners have seen job growth slow. According to
As Optima McDowell Mountain takes shape in North Scottsdale, award-winning real estate firm Optima is setting a new benchmark for sustainable luxury with its $1 billion mixed-use community, featuring meticulously designed residences, cutting-edge green building techniques, expansive open space and community-driven amenities designed for modern desert living
At this point, there’s little surprise that the increased tariffs scheduled to start today will negatively impact commercial real estate. CBRE, CommercialEdge, and S&P Global Ratings have all projected this. There are obvious concerns such as increased construction costs, additional financial pressure on retailers or multifamily tenants from higher business or living expenses
The largest private equity players in commercial real estate are in buying mode and several are zeroing in on large multifamily REITs in what may become a crescendo of mega-deals. According to Willy Walker, CEO of Walker & Dunlop, these impending acquisitions may rival in size and scope Blackstone’s $13B all-cash transaction in 2022, when the firm swallowed
Hi Noon Hospitality — the company behind Buck & Rider and Ingo’s Tasty Food — is preparing to open its third restaurant concept and has released more details about the new eatery. Expected to open in the fall of 2025, Pinyon will be a new Mediterranean-inspired restaurant, focused on serving up seafood from the entire Mediterranean region. The new restaurant will be at
The macroeconomic environment has been marked by unusual trends, with short- and long-term interest rates diverging in behavior, as CBRE recently observed. Despite these complexities, there are reasons for optimism in the commercial real estate market, particularly regarding cap rate compression. CBRE anticipates some degree of cap rate compression
A joint venture plans to create a mixed-use development surrounding a semiconductor fabrication campus in Phoenix. Halo Vista has been selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards for sale/acquisition of the year for Phoenix. New York-based Mack Real Estate Group secured the development
The vision for The Ranch — a billion dollar mixed-use development in Gilbert — is coming into focus nearly two years after its zoning was approved. Las Vegas-based IndiCap and Salt Lake City-based Colmena Group, along with project investor Langley Properties, have long been seeking to transform a 311-acre parcel on the corner of Elliot and Power Roads
PhoenixNAP Global IT Services is doubling down on its presence in the Valley in response to the region’s strong demand for data centers. PhoenixNAP’s “phase two” project will begin construction in four months on a 530,000-square-foot data center and will bear the name PHX02, JLL Executive Managing Director Mark Bauer told the Business