DAILY TOP 5

The U.S. apartment market remains highly competitive despite record new construction in 2024, according to RentCafe data. Only 8% of major markets showed signs of easing compared with the same time last year, as there still aren’t enough rentals to go around, said the company. Across the country, nine renters are competing for each vacant apartment, an uptick from

A town with a population of less than 4,000 is on the precipice of bringing its largest commercial project to fruition. But what Carefree lacks in population, it makes up for in disposable income. Under a plan nearly eight years and two developers in the making, a nearly 120,000-square-foot, $40 million project called Carefree Quarter is expected to transform a vacant 24.7-acre

After years of mostly closing stores, bookseller Barnes & Noble announced it is set to open its first new store in the Phoenix area in 20 years. On June 25, Barnes & Noble will hold a ribbon cutting and grand opening for its new store in Phoenix’s The Shops at Town & Country retail center at 2011 E. Camelback Road. The book retailer has taken over the 18,500-square-foot

Cavan Companies announced the sale of The Bungalows at San Tan Village, a 159-unit Build-to-Rent (BTR) community in Gilbert to AEW Capital Management, with a sale price of $415,723 per unit. The sale reflects growing institutional demand for purpose-built, low-density rental communities in high-growth markets. As the developer, Cavan Companies will leverage this

Belgravia Group, Chicago’s award-winning real estate developer with more than 75 years of luxury developments constructed under its brand, announced that it has received public report approval for Atavia, the 88-unit luxury condominium development located in North Scottsdale’s “new luxury corridor” at Loop 101 and Scottsdale Road. The demand for Atavia’s thoughtful, space-maximizing

Although the first half of 2025 has proven rockier and more uncertain than many in commercial real estate were initially predicting, optimism for the second half is pervasive. Industry surveys and economist reports suggest while the second half of 2025 will still have a fair amount of choppiness to navigate, investors may be more willing or able to move forward on deals amid

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