When market volatility is high, each day brings fresh uncertainty for the economy, making for a challenging environment. A new CBRE report examines how commercial real estate property categories performed in the first quarter of 2025 and considers how shifting economic conditions—such as ongoing tariff uncertainty, a softening labor market, rising prices, declining consumer confidence, federal budget and tax changes and persistent recession fears
On a bright mid-May morning in downtown Phoenix, construction workers labor at the base of the X Phoenix luxury apartment development. But in a cruel twist, the workers seem to be moving in reverse on the ambitious project’s half-finished second tower. One person pulls apart the metal rods that make up the project’s ground-floor scaffolding, while another carefully stacks the pieces in the bed of a pickup truck. The remnants of a once-bustling work
Developers are planning to transform a dated office park near the Arizona Biltmore into a 203-unit luxury condo complex, according to documents filed with the city of Phoenix. The mixed-use project, called 2400 Biltmore Residential, would have one, two, three and four bedroom units, along with 5,000 square feet of ground-level restaurant space and 11,000 square feet of office space. JDM Partners LLC, the developer of the Arizona Biltmore, is leading the
If tariffs lead consumers to feel financial stress, the fallout could surpass the benefits of a tight retail property market, according to Naveen Jaggi, president of retail advisory services for the Americas at JLL. While demand is strong as companies seek new locations at a time of little availability, shifts in U.S. trade policy have created unpredictability that could hurt consumers, Jaggi explained in an interview at the ICSC Las Vegas industry convention
After years of delays and questions about the future of a 10-acre lot in downtown Gilbert, developers celebrated the start of construction on a $500 million project on May 22. Developers of the empty and gated patch of dirt at the north entrance of Gilbert’s Heritage District promise a “dynamic” mix of restaurants, retail and residential products at the project dubbed Heritage Park. It’s one of the last largest parcels left in downtown Gilbert to develop
As developers weigh their next investments, a close look at the leading cities for renting and homeownership can offer valuable insight into where demand is strongest and what housing opportunities are most likely to yield returns. The housing landscape across the United States is marked by stark contrasts, with some urban centers dominated by renters and others by homeowners, each shaped by local economics, amenities, and lifestyle
Banner Health has broken ground on its new Scottsdale medical campus. Work commenced May 21 on the project’s first phase, which centers on a 120,000-square-foot building that will include an ambulatory surgery center, pharmacy, imaging center, cancer care facilities and other primary and specialty physician services. The new facility is being called Banner Health Center Plus. It will also include Banner Urgent Care, which will be open year-round with
A mixed-use development with 357 apartments with a garage and office space is being proposed at the southeast corner of Val Vista Drive and Pecos Road along Market street. Gilbert planning staff said the 12.27-acre parcel lies in the town’s Central 202 Core Growth Area and the development will consist of three buildings comprising a total 461,344 square feet. At a Gilbert Planning Commission study session on May 7, commissioners gave
Heritage Park, one of the East Valley’s most anticipated mixed-use developments, breaks ground today at the northern gateway of Gilbert’s Heritage District, marking the first phase of this 10-acre downtown destination that promises a dynamic mix of restaurants, retail, luxury residential and a community-focused town square. Creation, in partnership with Crescent Communities – a nationally recognized, market-leading real estate investor, developer
A new report from Colliers, drawing on data from CoStar, Green Street, MSCI, Moody’s and NCREIF, reveals that commercial real estate values may be reaching their lowest point, signaling the start of a recovery. Aaron Jodka, director of national capital markets research at Colliers, told GlobeSt.com that the investment cycle shifted when the Federal Reserve began raising short-term interest rates in response to inflation. This policy change marked
A Chandler property just became one of the largest luxury apartment sales of the year. The 392-unit Zaterra luxury apartments was purchased last week in an all-cash, $137.5 million transaction, according to Tempe-based real estate database Vizzda LLC. It marks the second significant sale of luxury apartments this month, following the $97.5 million sale of
Less than 18 months after EdgeCore Digital Infrastructure received approval for a site plan modification from the city of Mesa for its data center expansion, the Denver-based developer acquired nearly 44 acres in the Valley city. EdgeCore purchased the 43.87 acres, paving the way for its 2.1 million-square-foot campus expansion at the southwest corner of Elliot Road
Portfolio investment success often hinges on small differences—fractions that can make or break performance. Gaining an edge is always a matter of percentages, but fractions play another crucial role in financial outcomes. The so-called denominator effect occurs when changes in the value of a portfolio’s components alter the percentage each
American consumers are hunkering down, a slew of data releases showed last week. Consumers spent March loading up on the big-ticket imported items most at risk of facing price spikes due to higher tariffs in the on-again, off-again trade war with China. For the rest of the first four months of the year, though, they were busy paying down credit card
Here are the Top 10 commercial real estate developers in Arizona, based on public voting for the 2025 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona is based purely on opinion and ranks companies based on how voters answer this simple question: with whom would you recommend doing business
A quarter of all post-pandemic apartments constructed in Phoenix was concentrated downtown. Impressively, this resulted in more than 5,200 new units, positioning the city center as the 21st fastest growing downtown nationwide. Our Downtown Construction Report looks at the 50 largest U.S. cities to highlight those betting big on the revival of their urban cores
After a delay of more than 10 years, a Scottsdale developer has secured a Southeast Valley retail center with plans to fill out the rest of its commercial space. Pennant Development LLC along with Realm LP acquired the remaining parcels of Skyline Ranch Marketplace in SanTan Valley for $10 million from WinCo Foods on May 14, The Scottsdale-based development firm and
Trinity Investments has sold the JW Marriott Phoenix Desert Ridge Resort & Spa to real estate investment trust Ryman Hospitality Properties for $865 million. Trinity bought the 950-room hotel from Blackstone in 2019 for $602 million and invested $100 million into a renovation, which was completed in 2023. The renovation added a waterpark complex and two signature restaurants
Investor sentiment at CBRE’s multifamily summit in Nashville was overwhelmingly positive, and the long-term outlook for the sector remains strong despite macroeconomic uncertainty. In fact, investors polled at the summit ranked government policy and tariffs among their lowest concerns. CBRE noted that trade barriers may cause fewer new properties to be developed, which would
Optima, an internationally acclaimed architecture and real estate development firm, announced today the launch of sales for the first luxury condominium tower at Optima McDowell Mountain—a $1 billion, design-forward community in North Scottsdale that has already secured close to $27 million in early reservations ahead of its public release. Optima McDowell Mountain represents
LAS VEGAS-At the ongoing ICSC show here, a clear theme emerged from the insights of three leading executives: the retail and service landscape is being reshaped by a relentless focus on meeting consumers where they are-both physically and in terms of evolving expectations. The pandemic, shifting consumer values, and the accelerating pace of
Surfing has long been a symbol for an aspirational coastal lifestyle. Now, with improvements in artificial wave technology, real estate firms are bringing the sport to unexpected areas including the Phoenix desert and the Denver mountains. Among the more ambitious firms is Aventuur, a Los Angeles-based development company that wants to build ground-up projects
Healthcare facilities drive development in cities in numerous ways. Hospitals and health campuses need construction crews to build the campus, creating jobs in that sector. Once construction is complete, hospital staffing needs continue to increase employment as well. Beyond creating a powerful economic engine, these centers of healing provide hope to
Here are the Top 10 home builders in Arizona, based on public voting for the 2025 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona is based purely on opinion and ranks companies based on how voters answer this simple question: with whom would you recommend
The City of Phoenix’s plan to revitalize the downtown area and bring it back to the halcyon days before a mass suburban exodus in the 1970s has been nearly 10 years in the making. Through the first half of 2025, city government and private investment have utilized a number of tools at their disposal to reignite economic