Data centers in Mesa are starting to build up, not just out. In what could be a harbinger of the future of Mesa’s data center scene, the Mesa Planning and Zoning Board approved plans for three 95-foot-tall data center buildings on 43 acres of land at Elliot Road and Everton Terrace
A developer received the green light to build hundreds of apartments in North Scottsdale. Sandwiched between Grayhawk and One Scottsdale in arguably Scottsdale’s fastest growing neighborhood, Legacy North Apartments at Crossroads plans a three-story, multi-family
Nearly 2,500 acres of land adjacent to the Taiwan Semiconductor Manufacturing Co. campus in far north Phoenix are planned to be sold at auction in late May, which city economic development officials said will contribute to creating one of the largest employment corridors
There were fewer mega industrial leases of 1 million square feet or more signed in 2023 than in 2022. Economic uncertainty and less need for additional product inventory are to blame, based on a report from CBRE. Among the top 100 industrial leases signed in 2023, only 43 were
The results of a recent survey of cities across the U.S. show Scottsdale is the best place for job seekers. Scottsdale came out on top in WalletHub’s 182-city list of the Best Cities for Jobs for 2024 published earlier this month. Tempe also made the top 20 on the list, ranking No. 13, and
GTIS Partners and Clyde Capital have formed a joint venture to develop a $250 million mixed-use, master-planned community in Surprise, Ariz. The Phoenix-area development will feature a build-to-rent residential community, retail space and a medical facility. The property will be
Metro Phoenix is in a crisis of affordable housing, and a variety of options will be required to not only provide safe and affordable places to live but also to persuade communities to welcome those developments. That’s according to Alison Cook-Davis, the associate director of research
Blackstone, the world’s largest commercial property owner, said real estate values are reaching a bottom as inflation has slowed and the Federal Reserve is expected to cut rates this year. The perspective from the private equity giant gives an optimistic sign for the sector that’s been
After a slowdown for commercial and multifamily borrowing and lending last year, increased activity is expected for 2024. According to an updated baseline forecast from the Mortgage Bankers Association (MBA), borrowing and lending is expected to rise to $576 billion, a 29%
Two new Tempe apartment projects near Arizona State University took a step forward this week. An amended planned area development overlay for the seven-story Apache Square and a general plan land-use map amendment for the 15-story Verve Tempe projects each were
The Phoenix Office of JLL has released its Q4 2023 Phoenix Office Insight, noting some persistent, positive trends after a challenging 12 months. In the last quarter of the year, negative absorption slowed, asking rents showed signs of stabilizing and construction deliveries remained subdued
A prominent intersection in the middle of one of the Valley’s top business districts could be getting a new office tower. Santa Monica, California-based Macerich Co. — the owner of some of the Valley’s top shopping malls — filed a proposal to Phoenix’s Planning Hearing Officer to develop
A report from BlackRock Real Estate Research says that investments after periods of downturns tend to perform well afterwards. Specifically, the period starting in 2022 where the Federal Reserve tightened interest rates, which led to lower transactions volumes and declining
Just $374 billion of commercial real estate sold in the U.S. last year, the Wall Street Journal reported Wednesday, citing data from MSCI Real Assets. That’s a 51% drop compared with 2022 and also 14% lower than in 2020, when prospective buyers couldn’t view buildings for most of
Phoenix leads the country in industrial construction in early 2024, usurping the Dallas-Fort Worth region as the nation’s construction hot spot, a throne it has held since 2016. Both markets are contending with record supply additions over the past few years as renewed focus on domestic
Despite national declines, Phoenix stands at the forefront of industrial space occupancy and demand, with a 3% increase in occupied space and the delivery of 16.5 million square feet of industrial product in Q3 2023, as highlighted in LGE Design Build’s newly released
Aging city-owned properties in Mesa could end up being part of an expanding Arizona State University campus thanks to an updated agreement between the city and the school. The City Council has for years dreamed the university could anchor its arts and innovation district and bring
GTIS Partners and Clyde Capital plan to develop 90 acres outside Phoenix into a mixed-use property with hundreds of built-to-rent units as supply issues in both the rental and for-sale housing markets create pricing problems for the metropolitan area. The developers believe
Corrections and clarifications: A previous version of this story inaccurately stated who approves use permits. It is the zoning administrator. The Phoenix City Council approved a policy change to reduce the number of parking spaces required at apartment complexes, four months after
Median three-bedroom rents in the United States are more affordable than owning a similarly sized home in nearly 90% of local markets around the nation, according to ATTOM’s 2024 Rental Affordability Report. While both renting and owning a three-bedroom home continues to pose significant
The James Beard Foundation has announced the semifinalists for its 2024 Restaurant and Chef awards, one of the nation’s most distinguished culinary honors — and just over a dozen of them are Arizonans. Arizona’s honorees appear in seven of the 22 categories for this year’s awards, which
A “world-class surf experience” that has been in the works in Maricopa since 2021 is looking at a significant downsizing and an indeterminate opening date. PHX Surf was supposed to have sandy beaches; a hotel; play pools; and food, beverage, retail and outdoor recreational elements
Total commercial and multifamily mortgage borrowing and lending is expected to rise to $576 billion in 2024, a 29% increase from 2023’s estimated total of $444 billion. That’s according to an updated baseline forecast released Tuesday by the Mortgage Bankers Association
Multifamily market conditions continued to weaken at the start of the year, according to the National Multifamily Housing Council’s quarterly survey for January. However, financing conditions have started to show signs of improvement. Three of the four indices
Tempe’s City Council unanimously approved a deal to revamp Danelle Plaza on Thursday, marking the most significant step to date in the city’s decades long effort to repurpose the deteriorating yet historic 14-acre site. The Plaza sits at the corner of South Mill Avenue