DAILY TOP 5

Phoenix has adopted an agreement for a new development at Central Avenue and Madison Street. The project involves preserving a historic building that dates back to the early 20th century. Denver developer Aardex is planning the construction of a $117 million multifamily apartment-commercial space. The area includes the Pratt-Gilbert Building, which was previously

TSMC will build six fabrication plants in north Phoenix in the coming decades. Photo: Courtesy of Taiwan Semiconductor Manufacturing Company. Taiwan Semiconductor Manufacturing Co. announced earlier this year that it will triple its Phoenix campus over the next decade-plus, positioning itself to become one of Arizona’s largest employers. Why it matters: The Valley rallied to

Commercial real estate raked in $93.5 billion of investments during the first quarter across all major asset classes, a 17% increase from a year ago. However, that came on fewer transactions as asset trades were down 12% from last year, according to a Colliers market update penned by US capital markets research director Aaron Jodka. The report noted that recent

A barren construction pipeline and increasing clarity over future real estate needs has meant companies are setting aside any broader economic concerns in order to plant a stake in the premium office market. The owners behind properties at the highest end of the market are setting new post-pandemic leasing records, with Atlanta-based Cousins

Kayne Anderson’s real estate unit and BKM Capital Partners are partnering to spend $1.5 billion on industrial light-related acquisitions. Through a joint venture, they are targeting both mid and small bay multi-tenant properties, particularly on assets that can be acquired at a discount or replacement costs. This includes middle market opportunities

Commercial real estate prices in the United States may not be as stable as they appear, according to a recent report by the Federal Reserve. The central bank cautions that the recent flatness in transaction-based prices could mask deeper problems within the sector. The report states that “transaction-based prices may not fully reflect conditions

SCOTTSDALE, AZ — The city of Scottsdale is looking to hire outside legal counsel to oversee potential legal recourse nearly two weeks after Arizona Gov. Katie Hobbs signed the bill that paved the way for Axon Enterprise Inc. to build its proposed headquarters project. A proposed resolution on Scottsdale City Council’s May 6 agenda looks to hire outside counsel

The U.S. effective asking rent is expected to grow at an average annual rate of about 2.3% across the country this year, according to a RealPage market forecast. Of the 50 largest markets studied by RealPage, seven are expected to stand out with rent growth exceeding 3.4%. Those markets include Richmond, Virginia, and West Palm Beach, Florida, representing the South region; Kansas City, Missouri, representing the Midwest region

Plans for a two-tower, 20-story student housing development across the street from Arizona State University could move closer to reality when they go before the city of Tempe’s Development Review Commission later this month. The student housing project, called The Leo, will go before the Tempe subcommittee on May 13. If recommended for approval, it will head to Tempe City Council for full approval. Up Campus Properties

As businesses look for ways to encourage workers to come to offices more often, one Phoenix developer is betting big on a new strategy: make the office feel like a resort and sign a local celebrity chef to run the on-site restaurant and catering. George Oliver, a Phoenix-based commercial real estate firm, recently completed construction on Bond, the revamped version of a 40-year-old

The sale of a shopping complex in Mesa led the biggest commercial real estate deals in April. Here are the 10 biggest deals in Metro Phoenix commercial real estate from April of 2025, according to data collected by the commercial real estate tracking website Vizzda and AZRE magazine

After stalling during January and February, a surge in March activity reversed the early dip. That brought office demand up 4.6% year-over-year at the end of the first quarter, according to the March VTS Office Demand Index (VODI) report. The decline seen in February marked the first time in 20 months that demand in the sector failed to increase year-over-year. VTS attributed the initial slowdown to growing economic uncertainty, recent

Apartment demand remained strong during the first quarter, with more than 145,000 units absorbed, which significantly outpaced the new supply of 116,000 units. As a result, the vacancy rate retreated to its lowest level since the fourth quarter of 2022, at 5%, said John Chang, national director of research and advisory services at Marcus & Millichap. “It’s important to note that apartment construction has been at a record high, delivering over 1 million new

Retail has offered some much-needed relief during and after the pandemic, with its distress rate dropping by 210 basis points between February and March. While store closures have occurred, many retailers have thrived by adopting omnichannel strategies. Another indicator of the sector’s health: Anjee Solanki, national director of Colliers’ Retail Services & Practice Groups, has noted that there are now waiting lists for entry into shopping centers and

Taiwan Semiconductor Manufacturing Co. broke ground Tuesday on the third factory at its north Phoenix campus, coinciding with a visit from U.S. Secretary of Commerce Howard Lutnick. TSMC initially planned to break ground on its third fab — which will utilize 2-nanometer and A16 process technologies — later this year, but the company had been in discussions with the U.S. government to help speed up the permit approval process, TSMC CEO C.C. Wei said on

Arizona job growth accelerated in March, but remained down over the year, according to an analysis from Eller Business Research Center. Arizona added 11,400 seasonally-adjusted nonfarm payroll jobs over the month in March. February gains were revised down from 4,300 in the preliminary data to 3,100. The state seasonally-adjusted unemployment rate ticked up from 3.9% in February to 4.1% in March. That was slightly below the U.S. rate of

The Phoenix metro continues to be a hot spot for industrial space demand, ranking second across all U.S. cities for square footage under construction in its pipeline, according to a new report from Yardi Matrix. As of March, Phoenix had 15.1 million square feet of industrial space under construction, beaten only by Dallas, which had a whopping 24.8 million square feet. Houston followed Phoenix, with 14.7 million square feet. Year-to-date, Phoenix also had

The commercial real estate market in 2024 saw a notable resurgence in lending and borrowing activity, with $498 billion in transactions – an increase of 16% from the $429 billion recorded in 2023, according to the Mortgage Bankers Association. While these figures reflect 2024’s performance, the momentum and trends that emerged are expected to persist into 2025, given the underlying drivers

While the first quarter started out strong, economic disruptions led to softening hotel performance, Hilton’s chief executive said. During the company’s first-quarter 2025 earnings call, Hilton President and CEO Chris Nassetta said its hotels saw systemwide revenue per available room grow by 2.5% year over year during the quarter, driven by the strong momentum seen at the end of 2024 and strong performance

Scottsdale-based ATLAS Capital Partners (ATLAS) has sold a prime infill parcel to the City of Phoenix for $29.58 million. The city has earmarked the land for revitalization as part of its regional Rio Reimagined initiative and the RIO PHX plan, which will promote 20 miles along the Rio Salado/Salt River corridor as a local and regional destination. Located at 3030 S. 7th St. in Phoenix, the 29.4-acre

Amkor Technology Inc. is evaluating options that could accelerate construction of its advanced semiconductor packaging facility in Peoria, the company’s top executive said on an earnings call Monday. Tempe-based Amkor (Nasdaq: AMKR) is on track to break ground on the Peoria manufacturing facility in September, but the company is looking to scale up faster than initially anticipated

Thompson Thrift put the first shovels into the ground Monday at The Gilmore — Gilbert’s latest mixed-use development. The Indianapolis-based firm will build the 35-acre development’s 213,656 square feet of commercial space at the same time it constructs 300 luxury apartments, with one facet of The Gilmore’s two luxury apartment buildings coming online first, Thompson Thrift Managing

The uncertainty surrounding tariffs has started to ripple through the commercial real estate sector, reaching even one of the largest players in the industry, CBRE. In its most recent earnings release, CBRE acknowledged that tariffs were casting a shadow over its outlook, making the future “less clear” and causing its project pipelines to shrink compared to previous

One-bedroom apartments are taking over Phoenix: Developers built a whopping 13% more of this unit type in the last decade. Now, they make up half of the new apartments in your city. While these smaller living spaces offer convenience, renters won’t be pleased to know they got even more
compact. Additionally, this shrinking Phoenix apartment size trend is evident all over the metro area