So, it’s official. Scottsdale, Arizona, is now Fat Cat City — America’s fastest growing metro for millionaires, according to the USA Wealth Report 2025, released in May by investment consulting firm Henley & Partners. As reported on Realtor.com, Scottsdale hit a new gear and has overtaken Austin, Texas, as the fastest growing megaplex for millionaires. “Scottsdale has grabbed the attention of high-earning households over the last decade as luxury buyers flock to the area
A Phoenix suburb ranks second among the nation’s fastest-growing, most affordable cities to live in 2028, according to a new analysis. Researchers at GOBankingRates examined the latest U.S. Census and Bureau of Labor Statistics data to determine which cities have the best combination of rapid population growth and a manageable cost of living. Most affordable cities to live in Arizona; Goodyear ranks second in the nation, due to a
Tariffs will have a major impact on how consumers spend their money. Seven-in-10 (70%) consumers say that they will reduce overall spending once new tariffs on imported goods go into effect, according to a new survey from e-commerce platform ESW. Millennials top the list of those planning spending cutbacks, with 78% indicating a reduction. More than half (54%) of baby boomers say they plan to stop buying certain imported goods to avoid higher prices
The combination of speed, breadth, and uncertainty in following the plans of the Trump administration is “novel in almost every way,” Charlie Smith, managing director of Geopolitical Strategy Consulting at Newmark, tells GlobeSt.com. “And a lot of that speed is driving the uncertainty,” he emphasized. Ultimately, tariffs will “reach an end state,” as will deregulation. There is always a limit on time and resources. But where they will eventually settle is
A seven-building office park off Interstate 17 and Peoria Avenue is one of several slated for an office conversion project as part of an ongoing real estate trend in the Valley and across the country. Dallas-based developer Formation Interests bought the business park for $28 million on June 2, according to documents filed with Maricopa County. The company plans to turn it into a four-building, 425,000 square-foot industrial park called Formation Park 17. The demolition
We are in the thick of summer and the “hot” time of year for home buying and selling. Many of our clients are checking in with us to ask, “Are we going to see interest rates trend down? Is demand increasing and the market changing to a buyer’s market?” So, we’ve wrapped up all of those common questions and provided our insights and thoughts about the residential real estate market 2025 for you below. What’s the overall analysis? According to
It’s a homebuyer’s market nationally — if you can afford it — and in few places is that truer than the Phoenix Valley. The big picture: There are nearly 500,000 more sellers than buyers in the U.S. housing market, Redfin estimates. Why it matters: That’s the widest gap on record — and a big reversal from just a few years ago, when buyers were desperate to find a place to live, sending prices into the stratosphere, Axios’ Emily Peck reports. By
Today, the ADP jobs report was released, marking the second of four jobs reports we’ll get during this jobs week. The numbers came in significantly weaker than anticipated, leading to lower mortgage rates. Does this imply that the big jobs report on Friday will come in as a miss, too? As someone who believes that for mortgage rates to go lower, we need weaker labor data, the setup for jobs Friday just got more interesting. Shortly after the report came out, President
In the first quarter of the year, construction activity remained low due to ongoing oversupply, while rents increased in 29 of the 30 major markets we analyzed. The industrial real estate sector remains stable, though upcoming policy changes in global logistics and manufacturing could introduce new challenges. And according to an analysis, Phoenix was the No. 1 industrial market in first quarter of 2025. In an effort to capture the current trajectory of
More office space is planned to be demolished or converted than built this year across the country, as the market adapts to changing work habits and preferences among office users during the post-pandemic return to work. About 23.3 million square feet of office space is set to be demolished or converted this year nationally, while about 12.7 million square feet is expected to be constructed, according to a new report from CBRE research, including
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