Major office landlords, after a cautious start to the year, are now shedding some of their wariness as leasing momentum across the country heads back to pre-pandemic levels. Some of the nation’s largest owners, such as Piedmont Office Realty Trust and Highwoods Properties, are reporting an amount of leasing not seen since COVID-19 sent workers home and upended demand for the office sector. Data backs this up. A CoStar analysis shows new leasing volume
For some multifamily developers, raising rents has been difficult due to the influx of supply that has entered to keep up with the demand. But in many markets, including Phoenix, construction has been starting to slow. In fact, according to a first-quarter report from Northmarq, deliveries in Arizona’s capital started to peak in the fourth quarter, as 3,288 units hit the market by the end of March. With net absorption at 3,750 units, that marked the first time
Dollar General Corp. got off to a strong start in fiscal year 2025 and is raising its guidance for the full year as it plans to mitigate any potential tariff impact. On the earnings call, CEO Todd Vasos said that while Dollar General has relatively low exposure, it is “working diligently” to mitigate the impact of current tariffs on its business as much as possible using many of the same tactics that it used successfully in 2018 and 2019. These actions include
After several years of deep distress, the beleaguered U.S. office market has reached an inflection point. This year, office conversions and demolitions will exceed new construction for the first time in at least 25 years. Simply put, more office space is being removed than added, shrinking the overall office footprint, according to exclusive new data
After years of pandemic-induced turmoil and mounting pressure on commercial real estate lending, banks are cautiously returning to the market—but the path back is anything but straightforward. The landscape they left behind has shifted dramatically, and the question now is whether banks can reclaim their former dominance and how long
Historically high inflation has put a strain on municipal budgets, with the rising costs of labor, goods and services, and materials. In general, local governments made it through the COVID-19 pandemic relatively well, with the help of billions of dollars in federal aid. The economic aftermath, however, continues. And some cities continue to struggle
This morning, the Eller College of Management hosted its annual Breakfast with the Economists presented by JP Morgan Chase. Held at the Westin La Paloma Resort, the event featured keynote speakers George W. Hammond, PhD, research professor and director of the Eller Economic and Business Research Center, and Anthony Chan, former chief
National Association of Realtors® Chief Economist Lawrence Yun has said that he believes home sales will pick up in the second half of the year and that national median home prices will grow 3% in 2025. Speaking at the Realtors Legislative Meetings in Washington, DC, on Tuesday, Yun argued that overall home prices will continue to grow
Consumer confidence improved in May after five straight months of declines as Americans grew more hopeful about prospects for a trade deal between the U.S. and China. In preliminary readings for May, The Conference Board’s Consumer Confidence Index increased by 12.3 to 98.0, up from 85.7 in April. The Present Situation Index — based on
Office conversions and demolitions in 2025 will exceed new construction for the first time in at least 25 years, CNBC’s Diane Olick reported Monday, citing CBRE data. Across the largest 58 U.S. markets, 23.3 million square feet of space is slated for demolition or conversion to other uses by year’s end, compared to completed development of 12.7 million
For some multifamily developers, raising rents has been difficult due to the influx of supply that has entered to keep up with the demand. But in many markets, including Phoenix, construction has been starting to slow. In fact, according to a first-quarter report from Northmarq, deliveries in Arizona’s capital started to peak in the fourth quarter, as 3,288 units
Location: Country Club Drive and Main Street in Mesa Description: A five-story 198-unit apartment complex with 19,000 square feet of commercial space along 2 acres at Country Club Drive and Main Street is under construction. The project, called Residences on Main, sits on a roughly 2-acre parcel at the corner of Country Club Drive, which was left
April home sales grew 11.3% over March but were 1.4% lower year over year, according to the REMAX National Housing Report. The month-over-month home sales growth continued a steady trend since January for the 51 metro areas surveyed. New listings rose 6.2% over March and 7.5% year over year. Inventory similarly increased 7.0% over March
A $25 billion data center development is slated for 2,100 acres in Tonopah, following a Phoenix investment group’s purchase of the land. Arizona Land Consulting, led by Anita Verma-Lallian, paired with venture capitalist Chamath Palihapitiya, CEO of Social Capital, to buy the site in a $51 million deal. The deal is the first real estate investment for Palihapitiya, Verma-Lallian said. “He has a lot of tech experience, he’s never invested in real
One year after multifamily investor sentiment took a sharp dive, it has reversed course and now reflects improved fundamentals and a growing optimism about the sector’s near-term performance, according to a first-quarter report from Altus Group. The report said elevated mortgage rates and constrained for-sale housing inventory continue to redirect people toward rentals, which is reinforcing occupancy and rent stability. As new
Retailers so far appear to be forging ahead with their roll-outs of new stores, even after telling investors how potential tariffs and spending-weary consumers may end up dinging their bottom lines. This week a variety of major chains — including off-price retailer Burlington Stores and apparel seller Abercrombie & Fitch — reported their earnings. They didn’t say they planned to slow their expansion plans at this time, but rather will continue
Sexy Roman, the new restaurant overseen by a Los Angeles company that will be in charge of all food and beverage offerings at Old Town Scottsdale’s W Scottsdale hotel, is set to open June 2. Alliance Hospitality Group, the company behind the eatery concept, said in a May 30 announcement that the new restaurant – as is somewhat apparent in its name – is a “mischievous Italian restaurant.” While the main focus will be dinner, Sexy
Location: West Rio Salado Parkway and south Hardy Road near downtown Tempe. Description: A 319-unit apartment tower called Modera Rio Salado has been under construction for nearly two years. The seven-story building near Tempe Town Lake features one-, two- and three-bedroom apartments with an average size of 996 square feet. Community amenities include a rooftop pool and spa, fitness studio, pet park, workspace and
The rising costs of living have impacted affordability for renters across the country. Nationwide, renters today need to earn more than $80,000 to comfortably afford the typical rental, up from $60,000 just five years ago. In eight major metro areas, renters now need to make six figures to comfortably afford rent, a new Zillow® analysis reveals. In Metro Phoenix, the income needed to afford
The Phoenix office market is continuing to evolve as demand for upgraded Class-A space drives a surge in tenant improvement projects, according to LGE Design Build’s newly released Q2 2025 Construction Delivery Outlook. “Phoenix’s growth trajectory is still strong, but we’re now seeing more selective investment as developers and owners react to new market signals,” said Blake
President Donald Trump has reignited debate over the future of Fannie Mae and Freddie Mac, stating he wanted to end their conservatorships. However, in a subsequent social media post, he clarified that he would favor the U.S. government retaining oversight and maintaining the “implicit guarantees” that have long underpinned the two mortgage giants. How such a guarantee
Arizona Land Consulting has teamed up with other prominent investors, such as former Facebook executive and venture capitalist Chamath Palihapitiya, to turn a West Valley site into a mega data center project. The investment fund led by Arizona Land Consulting CEO Anita Verma-Lallian closed on roughly 2,000 acres for $51 million on May 23. It’s the latest major land deal for
A penthouse residence designed by renowned architectural firm Olson Kundig has been listed for $10.3 million, making it one of Arizona’s highest-priced condo listings ever. Called Penthouse 1301, the luxury condo is part of the last phase of the Ascent at The Phoenician luxury condominium community. Ascent’s owner, Replay Destinations, tapped Seattle-based Olson Kundig
Newly released data from the U.S. Census Bureau provides a more granular look at which cities and towns within the Phoenix metropolitan statistical area (MSA) have powered the Valley’s strong demographic momentum. In the four-year period from July 1, 2020, to July 1, 2024, the Phoenix MSA’s total population grew by 311,300 people, the fourth-most in the nation. That amount equates to a 6.4% increase, the 10th-most in the United States among metropolitan
The Phoenix metro has become one of the most aggressively built apartment markets in the nation, and vacancies are climbing as the new supply coming online is outpacing demand. The recent Q1 2025 Multifamily Market Report for the Phoenix market from real estate investment firm Matthews found that about 23,000 apartment units were under construction during the first quarter, which amounted to 5.5% of existing inventory in the market. That share made Phoenix