In today’s interconnected world, airports facilitate the flow of people and goods that are essential for society to function. Phoenix-Mesa Gateway Airport is a prime example of how these pieces of critical infrastructure are not only economic powerhouses in their own right — it contributes $1.8 billion to Arizona’s economy annually, according to
Not all tariffs on foreign goods have taken effect in the United States, but the uncertainty is already leaving its mark on demand for industrial property. Warehouse owners say tenants are delaying decision-making on new leases as a result of the tariffs — both enacted and proposed — as they wait for a clearer picture on how potential price hikes from
Steadier conditions will prevail in this year’s shifting multifamily investment market as new inventory creates investment opportunities. The asset class’s transaction activity gained momentum last year, but buyers have been steering clear of Class B and Class C assets in recent years, according to Northmarq’s 2025 national outlook. Multifamily
A trio of mixed-use developments proposed in Phoenix could reimagine underutilized parcels near future Valley Metro Rail extensions. Two requests for proposals (RFPs) and a development agreement were unanimously recommended by Phoenix City Council’s Economic Development and Housing Subcommittee on March 26. One of the two RFPs is a proposal
The average asking rent for Phoenix apartment buildings declined 0.1% in February, snapping a two-month winning streak that began in December 2024. Though rents modestly retreated last month, the 0.5% increase in the opening month of 2025 keeps growth for the year in positive territory. Midpriced buildings led all segments, notching a 0.3% gain for the month of February. Lower-tier complexes
Multifamily absorption is set to be more modest this year after demand for rental units significantly outperformed forecasts during the past 12 months, according to Northmarq’s 2025 national sector outlook. Renters moved into about 480,000 units on net last year, nearly double the total in 2023. The surge in renter demand occurred in most major metropolitan areas and offset
Buckeye may get yet another major development in one of the Valley’s hottest corridors. Sunbelt Investment Holdings Inc., the developer behind the 411,000-square foot Buckeye Commons with a portfolio of more than 2,200 acres of vacant land in the Valley, has proposed a new 160-acre mixed-use project in Buckeye that would feature both multifamily and single-family housing
A bill that would pave the way for Taser maker Axon to build its campus in north Scottsdale cleared its first hurdle, but the company’s desire to build apartments remains the crux of a controversy in which neither side is willing to budge. Opponents to the bill, which would loosen zoning laws to allow apartments and hotels to be built as ancillary developments to corporate global headquarters
The joint venture between Lincoln Property Co. and Goldman Sachs Alternatives have secured a refinancing loan for the second phase of Park303, a 2.4 million-square-foot industrial park in Glendale, Ariz. Affinius Capital provided the note that amounts to $133 million, according to Maricopa County public records. Previous debt included a $164 million construction loan originated by Allianz in 2022
The second phase of construction has been completed for a mixed-use development in the Phoenix area billed as the “first walkable community of its kind.” Culdesac Tempe has been selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards for multifamily development of the year for Phoenix. Culdesac Tempe is designed to
The hotel will include three dining spaces, a rooftop pool and a fitness room. The ground floor will have a recessed two- and three-story lobby that will feature a sculptural stair, art and a lively café intended to be visible from the street and enhance the overall pedestrian experience, according to the developer’s description submitted to the city. A large entry canopy will provide
An increasing percentage of industrial occupiers are choosing to buy rather than rent their facilities, according to a CBRE study. Property sales to industrial occupiers grew 32% last year to 2,504, resulting in a 5% increase in the average sale price to $152.42 per square foot, said CBRE. The third quarter saw the most sales at 682 and the highest price per square
Discount giant Dollar Tree is offloading Family Dollar at a bargain basement price, roughly $1 billion, after spending about a decade of unsuccessfully trying to turn around the chain and finally searching for a buyer. Chesapeake, Virginia-based Dollar Tree on Wednesday said it had reached an agreement to sell Family Dollar to Brigade Capital Management and Macellum
Phoenix-based TerraWest Communities just paid $10 million in cash for a 210-acre parcel in the West Valley. Funded by New York-based JEN Partners LLC’s private equity real estate fund, TerraWest bought the vacant land near 219th Avenue and Sun Valley Parkway in Surprise from entities tracing to Wayne R. Moretti, according to Tempe-based real estate data firm Vizzda LLC
A $145 million retail development that will include a Whole Foods and a Dick’s House of Sport will begin construction in Gilbert, part of a development that will include restaurants, retail and entertainment. The development, called Signature at SanTan Village, will include 30 acres and about 300,000 square feet of retail and restaurant buildings, by the time all
Less than three years after the Camelback Collective changed hands, the 115,838-square-foot Phoenix office building is up for sale again. Humphreys Capital, an Oklahoma City-based firm, purchased Camelback Collective for $66.35 million in 2022 from Tucson-based Holualoa Cos. and LaPour Partners for a record $573 per square foot, per previous
Arizona job growth numbers have been revised down significantly in 2024, according to an analysis. Arizona added 7,400 seasonally adjusted jobs over the month in January 2025, up from a revised increase of 6,500 in December 2024. The state seasonally adjusted unemployment rate ticked up from 3.8% in December to 3.9% in January. That was just below the national
Lenders continue to extend loans into the future, with $384 billion worth carrying over into 2025. That surpasses the total of loans extended in 2024, which was $270 billion, according to Mortgage Bankers Association data. Extensions now account for 40% of debt maturing this year, said Colliers’ research director for capital markets, Aaron Jodka. Colliers benchmarked
A 24-story apartment tower called “The Whitney” is being built on 3.3 acres. The developer plans to construct an “L-shaped” building, with the tower on the hard corner of the site, and lower-rise commercial space along McDowell Road. The facility will have 320 units: 80 studios, 175 one-bedroom units, and 65 two-bedroom units. Amenities will include a rooftop
U.S. commercial property lending rose last year, helped by a surge in loans from insurance companies. The level of commercial and multifamily mortgage debt outstanding at the end of 2024 was 3.7% higher than at the end of 2023, according to the latest report from the Mortgage Bankers Association. The rise reflected
Phoenix is falling behind other U.S. cities when it comes to industrial construction as the Valley’s pipeline of new projects shrinks. Savannah, Georgia, had the most industrial real estate under construction during the first quarter of this year, followed by Dallas Fort-Worth, according to a new report from CommercialSearch
Rents have been on a decline in the top 50 metros for over a year, but low multifamily permitting activity is making way for higher rent prices, according to the Realtor.com February rent report. In fact, within the top 50 metros only 294,000 multifamily units were permitted in 2024, which is well below
The momentum that young Americans once had in the housing market is now stalling, with new data from Redfin revealing that homeownership rates among Gen Z have remained flat in recent years. The report found that just over one-quarter (26.1%) of Gen Zers owned their home in 2024, a figure that has
It’s been a tough five years for office owners and investors. After Covid closures, the work-from-home and hybrid trends, followed by rising prices, elevated inflation and interest rates all caused pain. The good news is that the market may have hit bottom. Although not everywhere. But there’s been a
Over 900 new apartments may be developed in Buckeye’s rapidly growing Verrado area. Buckeye City Council on March 18 unanimously approved rezoning a 46-acre site from planned residential to planned area development, marking a key step in Greenlight Communities’ plans to build 934 residential units just a block away from a Costco