DAILY TOP 5

The troubles facing the commercial real estate sector might stick around for a little longer. U.S. office vacancy rates could reach a peak of 24% in 2026, as remote-work trends continue to challenge whether office space is a strict need for many companies, according to a Moody’s report published

Orlando, Florida-based ZOM Living was the winning bidder at a Arizona State Land Department auction on June 26. The only bidder at the auction, ZOM Living scooped up more than 54 acres at the northwest corner of 56th Street and Loop 101. Nicholas Rahman, senior development manager of

A joint venture between Trilogy Investment Co. and Mexico-based Cimbra Partners has begun site work on a build-to-rent development in a Phoenix suburb as for-sale home prices in the area steadily rise, pricing many would-be first-time buyers out of the mortgage market. The project, dubbed Rêve at

Bank economists are expressing increased optimism about the outlook for business credit and the prospect of a soft landing for the U.S. economy over the next six months, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest summary of

The Phoenix retail market boasts lower space availability than the United States overall, a trend that has held for more than a year. As the second quarter nears completion, the amount of space available to lease has reached 4.5% of the Valley’s total existing and underway inventory. That share bests the national level,

Subtext, a national student and multifamily housing developer, announced today that it will start construction at 1011 E. Orange St. in Tempe, Arizona for the development of VERVE Tempe, a 15-story student apartment community located within walking distance of the Arizona State University

PHOENIX – The Glendale City Council agreed to sell city-owned land to VAI Resort developers, who plan to build a parking garage on the property. Under the agreement authorized during Tuesday’s meeting, VAI Resorts, LLC will pay just over $7.5 million for an 8.25-acre parcel near the northwest corner of Montebello and

Salt River Project is deploying two new industrial-scale battery storage systems, including the state’s largest so far, to absorb excess energy when it’s not needed for release at later periods when demand spikes. The Tempe-based water and electric utility and Plus Power LLC this week unveiled two new systems, Sierra Estrella

Brett Fleck does not have an easy job. He manages water for a city in the desert. He has to keep taps flowing while facing a complicated equation: The city is growing — attracting big business and thousands of new residents every year — but its main source of water is shrinking. Standing on the edge of a sun-baked canal with palm trees lining its banks,

A major real estate player is looking to capitalize on the market for industrial buildings at key infill development sites across the Valley. Minnesota-based Ryan Cos., which has a big presence in the Valley, closed on more than 30 acres on June 17 near Chandler Municipal Airport on

Renters in the Phoenix area are getting some relief from rising housing costs. Rents dropped in seven metro Phoenix communities during the past year and fell more than 7% in three areas: Scottsdale, Gilbert and Glendale, according to apartment research firm Zumper. Also,

LG Energy Solution in Queen Creek was named Manufacturing Project Of The Year and Arizona was awarded a prestigious “Gold Shovel” award from Area Development Magazine in the 5-8 million population category, marking the state’s fourth consecutive gold shovel. The Shovel Awards

Arizona’s unemployment rate has hit a new record low at 3.4% month over month. Doug Walls is with the Arizona Office of Economic Opportunity. “This rate beat the previous record low, a 3.5%, set back in August 2007 and also marks the fourth consecutive month

In an ironic twist, the same day the Arizona State Land Department canceled an auction for a chunk of property on which the former owner of the Arizona Coyotes wanted to build a new NHL arena, Arizona Gov. Katie Hobbs signed a law that could have helped him fund

Arizona’s State Land Department has come into the spotlight after officials canceled a planned auction for about 100 acres of prime real estate in north Phoenix that the Arizona Coyotes had wanted for a new arena. The State Land Department’s decision to first require

A highly anticipated state land auction has been canceled — throwing into question the future of professional ice hockey in the Valley. The land Alex Meruelo, the owner of the Arizona Coyotes, wanted to buy to build a new arena for the team is no longer for sale, according to a Friday announcement from the

Getting a building permit in Phoenix could get easier, according to the Phoenix Planning and Development Department, which proposed new methods for streamlining approvals. The city plans to target seven areas to better serve the community and

PHOENIX — Arizona was named a recipient of a Gold Shovel award by Area Development magazine, the state’s fourth consecutive gold shovel. Now in its 19th year, Area Development’s Shovel Awards honor states for job creation, economic growth,

When looking at the 25 largest cities in Maricopa County, the City of Phoenix has more than three times as many residents as the next largest city in Maricopa County. The U.S. population was 331.1 million, according to the U.S. Census Bureau’s American

Arizona’s unemployment rate is flirting with historic lows, according to the state’s Office of Economic Opportunity (OEO). The big picture: The seasonally adjusted unemployment rate for May 2024 was 3.4%, according to OEO’s monthly report released Thursday

The amount of space available for sublease has risen quickly in the Phoenix office market since the onset of the pandemic as lower space-per-employee needs and tepid office-using job growth have weakened underlying tenant demand. This has caused many users to reevaluate their footprints and put

Semiconductor packaging company Amkor Technology’s $2 billion plant is likely to receive an economic development and tax incentive, with Peoria City Council unanimously supporting the company’s foreign trade zone application at its June 18 meeting.The move could bring significant tax savings to Amkor

Dallas-based Formation Interests has started construction on a 688,000-square-foot business park adjacent to the future Buc-ee’s convenience store in Goodyear. The overall $100 million development, the company’s first in metro Phoenix, will be built

Mack Real Estate Group (MREG) announced that the initial phase of Mack Innovation Park Scottsdale is fully financed and breaking ground imminently.  Affiliates of MREG have secured approximately $63 million of debt financing for construction of the two-building, 305,400 first phase