During a potential recession, several segments of the commercial real estate market could face challenges. While retail properties might seem particularly vulnerable, one subtype is showing notable resilience: salon suites. Jason Olsen, founder and CEO of IMAGE Studios, which manages salon suite properties nationwide, points to this sector’s unique strengths. Olsen, who
A shopping center in Buckeye right off Interstate 10 has sold for $54.3 million to Continental Realty Corp, a Baltimore, Maryland-based company making its debut investment in the Valley. Sundance Town Center, at 466 South Watson Road, sits on roughly 32 acres, includes over 200,000 square feet of retail space, and opened in 2008. The shopping center includes nearly
U.S. multifamily construction starts dropped sharply in May as the industry copes with economic and tariff uncertainty, as well as elevated interest rates. Even so, permits rose, offering the sector what one trade group considers a positive sign. Apartment starts were down 30% from April, according to monthly data released by the U.S. Census Bureau. The May start rate for units
The American Dream perhaps takes for granted that most people who can afford a house would want to buy one, but there’s a growing segment of high earners in Phoenix who prefer to rent. A new analysis from national apartment search platform RentCafe pegged Phoenix as a trending metro for millionaire renters, ranking it No. 6 in the nation for its growth factor. Across the
Conditions in the Phoenix office market have been disrupted over the past five years as evolving workplace arrangements and weaker office-using job growth weighed on underlying space demand. And though the overall sector has shown recent signs of stabilizing over the past few quarters, there has been one segment that has consistently outperformed since the onset of
Empire Group of Companies, through its luxury urban infill division Aspirant Development, and Brinkmann Constructors have officially broken ground on The Osborn, the first high-end senior living community in Old Town Scottsdale to offer walkability to the area’s rich array of dining, retail, and cultural amenities. The 226-unit, 420,000-square-foot project will deliver a full continuum of
As U.S. tariff policy continues to create uncertainty, the future of commercial real estate values in 2025 has become a pressing question for investors and industry observers alike. A recent report by Invesco delves into this issue, drawing on the Federal Reserve’s April 2025 Senior Loan Officer Opinion Survey (SLOOS) to shed light on what lies ahead for the market. As GlobeSt.com previously
Ever since Mack Real Estate Group acquired a 124-acre site in north Scottsdale and plans emerged for the Mack Innovation Park, Toy Barn Principal Jason Phillips and the rest of his firm wanted to be a part of it. A project three years in the making is beginning to take shape as the luxury storage facility company on June 12 closed on a 10-acre site within the yet-to-be completed
The downtown Phoenix skyline is quickly changing as several new high-rise apartment buildings have sprung up in recent years, with a handful of others planned or already underway. Some 1,581 new residential units opened downtown from 2023 to 2024, while 2,940 units were under construction and 3,309 units were in predevelopment, according to data from the City of Phoenix’s Community and Economic Development Department
For more than five years, the fate of a mixed-use development in downtown Mesa hung in the balance. The project formerly known as The Grid faced headwinds from the start amid the Covid-19 pandemic before stalling out for good last year. About 15 months later, the 3.3-acre downtown project has new life after Mesa City Council unanimously authorized a ground lease agreement on June 2 with its new developer
A 521,302 square-foot building in Goodyear has nabbed a new tenant, marking the second largest industrial lease in the Valley this year. The unnamed tenant is in the warehousing and distribution space, according to brokers involved in the deal, and is leasing all of building C at Litchfield Palms Logistics Park. The tenant expects to occupy the facility at 200 South Litchfield Road and start operations this
Investment firm EQT Real Estate acquired a Phoenix distribution center from Blackstone in the region’s largest industrial deal of the past year, at a time when high construction levels have raised industrial vacancy in one of the nation’s fastest-growing regions. Radnor, Pennsylvania-based EQT acquired Sarival Logistics Center, spanning more than 1.1 million square feet
Nationwide, more office space will be torn down or converted to new uses than built this year, and Phoenix is among the top markets where space is being converted. According to a report from Global Commercial Real Estate Services, Phoenix has 15 projects totaling about 3 million square feet of office space to be either razed or converted. The metro ranked 9th for the total square footage
When Mat Sherman, an Arizona State University graduate, was launching his first company, PubLoft, about a decade ago, he quickly learned there wasn’t much of a network for venture capital in Phoenix. And that was a long-standing problem here. It mattered because such seed money is a measure of a region’s economic vitality. He ended up getting funding from an investor in the Bay Area, a common path for startup founders. Now, he works as
Phoenix suburbs are quietly undergoing a change as thousands of new renter households have moved in over just five years — signaling that the traditional city-suburb divide is starting to blur. The latest Point2Homes analysis of U.S. Census data reveals how rising housing costs and shifting lifestyle preferences are driving renter growth deep into suburban areas, even in metros like Phoenix that haven’t yet seen a renter-majority flip
Lunar space station testing in Gilbert. Air taxi development in Phoenix. Billion-dollar missile manufacturing in Tucson. These Arizona-based endeavors — being shepherded by Northrop Grumman, Honeywell Aerospace Technologies and Raytheon, respectively — reside on the bleeding edge of a defense and aerospace boom that already employs thousands in the Grand Canyon State. These futuristic initiatives are inching closer
Northwest Phoenix, a once-vast expanse of desert scrub, has transformed into a hub of industrial development and employment growth in the city, making it the world’s next high-tech mecca. Huge companies, capitalizing on available land and a pro-business civic outlook, are building a giant new complex that produces the microscopic devices that power almost all modern electric products. The area boasts more industrial space under construction than
General Motors is moving some of its production from Mexico to the U.S. in the months after President Donald Trump’s tariff on vehicles manufactured abroad. The $4 billion investment over the next two years will boost domestic manufacturing, according to the company. That investment includes adding production lines currently based in Mexico to plants in the U.S. Trump’s 25% tariff on foreign-made cars threatens to hurt
The recent U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reports that, at the close of the first quarter of 2025, the top five markets with the largest hotel construction pipelines are led by Dallas with 203 projects/24,496 rooms, a new all-time-high room total representing 9% project and 11% room growth year-over-year (YOY). Following Dallas is Atlanta with
Along the Phoenix-Scottsdale city border, a two-story strip mall will make way for a proposed seven-story luxury apartment complex in Paradise Valley Village. The Residences at Scottsdale Crossing, the name of the proposed multifamily luxury project, will feature 315 dwelling units with a mix of studios, one-bedrooms, two-bedrooms and three-bedrooms. The seven-story
The U.S. apartment vacancy rate finally peaked at the end of last year and is forecast to maintain downward momentum through 2025 and beyond. An abundance of new developments in lease-up is expected to drive absorption in coming quarters, likely chipping away at the nation’s elevated overall vacancy rate. While rental demand is still growing at an above-average
After seven years of work and more than $18 million invested, Harbour Village, a new affordable housing development in Carlisle, Pennsylvania, officially opened its doors in January. The 40-unit rental development came together thanks to Safe Harbour, a housing nonprofit based in Carlisle. By the time Safe Harbour started screening prospective tenants, there were over 400
Large-scale office transactions are sending a powerful signal that the U.S. office market is in the midst of a meaningful recovery. In the first four months of 2025, single-asset office sales over $100 million have generated nearly 50% more volume than the same period last year, with at least 20 such properties trading hands compared to just 11 in early 2024, according to
Uncertainty in the economy and financial markets has created minimal impact on multifamily fundamentals, Yardi Matrix reported. The average U.S. multifamily advertised rent rose by $6 in May to $1,761, a 1% year-over-year increase. “Occupancy rates are slipping in some metros due to the heavy supply pipeline, but the drop is slow, as demand remains strong in high-supply metros,”
Phoenix is one of the nation’s top draws for corporate headquarters, according to a new report from CBRE. The report ranked Phoenix No. 4 in the U.S. for gaining the most corporate headquarters between 2018 and 2024. During that time, the Valley added 31 new HQs, which was the same amount gained by Houston. Only Dallas, Austin and Nashville came in ahead of the Phoenix metro