Commercial property prices rose in September, with annual gains for all but one of the major property sectors, MSCI Real Assets reported. The RCA CPPI US National All-Property Index increased 2.6% from a year earlier and rose 2.2% from the second quarter, implying a faster annualized pace of growth of 9.0%. The exception among property types was apartments, for which pricing declined 0.8% year-over-year and 3.3% from Q2. Prices in the multifamily sector are now
PHOENIX — A new real estate venture that developers are calling an industrial condominium development launched on Oct. 20 in Glendale. The 8.5-acre MG Business Park will bring 36 units among five buildings and 84,000 square feet of small-bay industrial space. It is located on the corner of Glendale Avenue and New River Road with immediate access to Loop 101, Interstate 10 and Loop 303. “MG Business Park offers exceptional accessibility and modern
New York-based Gallium LLC is working to develop a $100 million luxury apartment tower in the Warehouse District of downtown Phoenix. The seven-story building at 602 E. Grant Street would be built near the new Phoenix Suns headquarters and Phoenix Mercury training facility, across the street from Arizona State University School of Art’s Grant Street Studios. While Gallium has been developing commercial projects in metro Phoenix for years, this will
Marcus & Millichap’s latest Investor Insights reveals a shift in sentiment — commercial real estate investors are turning bullish again. The data points to a potential new cycle driven by pricing resets and a stabilizing rate environment. CRE Investors are Increasingly Bullish, Hinting at Start of New Cycle. A quartet of factors provide optimism for the future. Commercial real estate investors have an increasingly positive outlook for the industry, with many citing four
To fully understand the current state of the U.S. housing market, it’s essential to consider several major economic developments over the past few years. In 2022, inflation surged dramatically, prompting the Federal Reserve to raise the federal funds rate in an effort to curb consumer spending by making loans and credit more costly. This assertive monetary strategy aimed to bring inflation down from its peak of 9% toward the Fed’s long-standing target of 2%. By late
Investors have begun taking a more bullish approach to commercial real estate, Marcus & Millichap reported. A quartet of macroeconomic factors bodes well for the investment outlook, the company said in a new Research Brief. One is a reset in pricing. With cap rates up by 80 to 130 basis points year-to-date from 2022 levels, investors have often sought out quality assets at below replacement costs. Another is multiple tailwinds across property sectors, including multifamily
Leasing volume in the U.S. office market ticked up in the third quarter, according to preliminary estimates, but remains just shy of its pre-2020 norm. The total square footage leased on new agreements — excluding renewals — is estimated to have reached between 100 million and 110 million square feet, or about 1.2% of inventory. While this marks a modest increase over recent quarters, it still trails the quarterly average of 115 million square feet recorded between
PHOENIX — The University of Arizona and Banner Health, Arizona’s largest hospital system, celebrated a decade-long partnership on Friday that has provided more than $60 billion in economic impact to the state. The partnership was celebrated during an event on UofA’s downtown Phoenix campus, where the Arizona Board of Regents (ABOR) highlighted the work done to improve medical care for Arizona residents. The celebration was attended by UofA President
Online furniture retailer Wayfair opened its first Arizona outlet near the Chandler Fashion Center earlier this month, becoming the latest discount furniture store to set up shop in the East Valley. The big picture: Outlets aren’t just for outdated and overstocked goods anymore. Higher-end furniture stores are getting into the game, offering big discounts on returned items with minor scratches or defects. State of play: Wayfair joins Crate & Barrel and Restoration Hardware
A Swiss company is evaluating Arizona as a potential location for a new facility to embed quantum-resistant cryptographic keys into semiconductor chips. But after saying last year that the Valley would be the site of its U.S. headquarters, the company has widened its search. SEALSQ Corp. (Nasdaq: LAES) said this week that it’s considering both Arizona and California to locate its newest post-quantum personalization center as part of its U.S. expansion strategy
Joey Restaurant Group, a Canadian restaurant company, has proposed opening its first location in Arizona where an office building now stands on Camelback Road near 32nd Street in Phoenix. The restaurant group has proposed an adaptive reuse project for the office building that now stands at the southwest corner of Camelback Road and 31st Street, according to documents submitted to the city of Phoenix. The documents indicate the restaurant would be called
A clearer picture is emerging of how commercial real estate lenders behaved in the first half of 2025, and the shifts suggest how the rest of the year could unfold. According to MSCI, lender composition has changed notably from pre-pandemic norms, signaling a reshaped financing landscape driven by new risk appetites and capital sources. Between 2015 and 2019, the typical lending mix reflected a stable hierarchy: 17% commercial mortgage-backed securities (CMBS), less than
The City of Avondale has selected Blueprints Capital as the master developer for three key parcels within the Park Avenue District of The BLVD, and awarded a fourth parcel to Whitten Development, which plans a hospitality-focused project in the area. “This is an exciting moment for our city,” said Avondale Mayor Mike Pineda. “The selection of development partners brings us closer to realizing the full potential of The BLVD. These projects directly align with City Council’s strategic goals
CSAA Insurance Group has signed one of the largest office leases in the Deer Valley submarket since the pandemic. The company recently inked an eight-year, 41,000-square-foot lease at Terrawest, a Class A office building at 25800 N Norterra Pkwy in north Phoenix that’s owned by Silver Creek Development. The large lease marks the latest win for Silver Creek, which earlier this month executed a 130,000-square-foot lease with SyberJet — which is led by former
A new speculative industrial development is coming to Peoria. Vistancia Commerce Park at Five North is being developed by Barclay Group and will be located within the 320-acre commercial core of the Vistancia master planned community, which amounts to 7,100 acres overall. The area is where Amkor previously planned to build its massive semiconductor packaging and testing facility before relocating to Peoria’s Innovation Core after facing opposition from Vistancia
Construction has begun on Eastmarket at Eastmark, a grocery-anchored shopping center near Ray and Ellsworth roads in Mesa. The 6.6-acre shopping center will be developed by Phoenix-based Common Bond Development Group and anchored by a Sprouts Farmers Market. In total, the development will contain about 45,000 square feet of restaurant and retail space, including the 23,200-square-foot Sprouts store. The developer did not announce any additional tenants planned for the center. “Securing Sprouts at Eastmarket is a
A massive mixed-use master planned community in north Phoenix is facing pushback from residents over an industrial component that could potentially house an expansion of TSMC’s campus. Residents packed a North Gateway Village Planning Committee meeting earlier this month saying they were previously unaware that NorthPark Phoenix would include industrial uses in one of its land use districts, dubbed the Innovation Corridor. “Industrial belongs north of the 303 freeway,” speakers with Stetson Valley Homeowners Association
SCOTTSDALE, AZ – Elevest Capital, a privately held real estate investment firm specializing in multifamily assets, announced the closing of Fund 61, completed in partnership with Rise48 Equity through the acquisition of a 154-unit Class B+ apartment community in Mesa, Arizona. The transaction strengthens their presence across the Sunbelt and underscores its commitment to growth in dynamic, high-demand markets. Ideally positioned in a strong B+ submarket, the property benefits from Mesa’s robust population growth, diverse
Scottsdale keeps growing. At its Sept. 30 meeting, City Council approved a long-planned addition to Scottsdale’s northeast. The approval of a zoning district map amendment paves the way for Ranch Gate, a 32-home subdivision on 40 acres at Ranch Gate Road and N. 128th Street. This is just down the road from the booming, 460-acre Storyrock community of million-dollar-plus homes. The existing Environmentally Sensitive Lands (Rl-130 ESL) zoning would have allowed only 12 lots. The developer successfully pitched a
Just weeks after a downtown Phoenix building finally sold after years of fighting over its historic preservation status, crews are already at the site and ready to start demolition, paving the way for a possible mixed-use redevelopment. Chicago-based investor JRG Capital Partners bought the property, which sits on 1.76 acres and includes multiple buildings, for $8.5 million on Sept. 17 from longtime owner Craig Milum. The city issued demolition permits for the property on Oct. 14 and JRG has started the demo and cleanup process. It has already removed
Common Bond Development Group, the award-winning development team behind the world-renowned Global Ambassador Hotel, Park at 83 in Peoria, and a wide portfolio of best-in-class lifestyle destinations anchored by Fox Restaurant Concepts and Upward Projects, has officially broken ground on Eastmarket at Eastmark, a new, community-focused retail destination in the heart of Mesa’s award-winning master-planned community, Eastmark. Anchored by Sprouts
At the National Association of Business Economics’ annual meeting in Philadelphia last week, economists, executives and policymakers discussed a wide range of topics. Here are a few takeaways from conference speakers on the American consumer, artificial intelligence and immigration and trade policies that may interest the commercial real estate industry. While the labor market has weakened, high-income households remain in a strong position and continue to
Kaos Hospitality is expanding its presence in the Watermark mixed-use development in Tempe with plans to open two new restaurant concepts complex. The company has operated its Asian-inspired steakhouse Three Thirty Three at the Watermark, along Scottsdale Road north of Tempe Town Lake, since late 2024. Now it has leased two other restaurant spaces and is looking to expand its offerings in Tempe. The first of the new concepts to open will be 212° Shabu Shabu, which
A new report by The Pew Charitable Trusts and global architecture, planning, and design firm Gensler shows Phoenix could turn empty offices into housing and help the city address two major challenges: a surplus of vacant offices and a shortage of housing. The report outlines how co-living, dorm-style microunits can be designed and financed to provide lower-cost homes for people earning well below the area median income. Median rents in metro Phoenix have
A joint venture led by Federal Realty Investment Trust has obtained a combined $73.3 million for the refinancing of the Chandler Shopping Center Portfolio, two retail properties in Chandler, Ariz., totaling 616,639 square feet. The financing consists of a $51 million mortgage for the 354,548-square-foot Chandler Festival and a $22.3 million loan for the 262,091-square-foot Chandler Gateway. PNC Bank provided the five-year, fixed-rate loans, public records show. JLL Capital