DAILY TOP 5

One year after multifamily investor sentiment took a sharp dive, it has reversed course and now reflects improved fundamentals and a growing optimism about the sector’s near-term performance, according to a first-quarter report from Altus Group. The report said elevated mortgage rates and constrained for-sale housing inventory continue to redirect people toward rentals, which is reinforcing occupancy and rent stability. As new

Retailers so far appear to be forging ahead with their roll-outs of new stores, even after telling investors how potential tariffs and spending-weary consumers may end up dinging their bottom lines. This week a variety of major chains — including off-price retailer Burlington Stores and apparel seller Abercrombie & Fitch — reported their earnings. They didn’t say they planned to slow their expansion plans at this time, but rather will continue

Sexy Roman, the new restaurant overseen by a Los Angeles company that will be in charge of all food and beverage offerings at Old Town Scottsdale’s W Scottsdale hotel, is set to open June 2. Alliance Hospitality Group, the company behind the eatery concept, said in a May 30 announcement that the new restaurant – as is somewhat apparent in its name – is a “mischievous Italian restaurant.” While the main focus will be dinner, Sexy

Location: West Rio Salado Parkway and south Hardy Road near downtown Tempe. Description: A 319-unit apartment tower called Modera Rio Salado has been under construction for nearly two years. The seven-story building near Tempe Town Lake features one-, two- and three-bedroom apartments with an average size of 996 square feet. Community amenities include a rooftop pool and spa, fitness studio, pet park, workspace and

The rising costs of living have impacted affordability for renters across the country. Nationwide, renters today need to earn more than $80,000 to comfortably afford the typical rental, up from $60,000 just five years ago. In eight major metro areas, renters now need to make six figures to comfortably afford rent, a new Zillow® analysis reveals. In Metro Phoenix, the income needed to afford

The Phoenix office market is continuing to evolve as demand for upgraded Class-A space drives a surge in tenant improvement projects, according to LGE Design Build’s newly released Q2 2025 Construction Delivery Outlook. “Phoenix’s growth trajectory is still strong, but we’re now seeing more selective investment as developers and owners react to new market signals,” said Blake

President Donald Trump has reignited debate over the future of Fannie Mae and Freddie Mac, stating he wanted to end their conservatorships. However, in a subsequent social media post, he clarified that he would favor the U.S. government retaining oversight and maintaining the “implicit guarantees” that have long underpinned the two mortgage giants. How such a guarantee

Arizona Land Consulting has teamed up with other prominent investors, such as former Facebook executive and venture capitalist Chamath Palihapitiya, to turn a West Valley site into a mega data center project. The investment fund led by Arizona Land Consulting CEO Anita Verma-Lallian closed on roughly 2,000 acres for $51 million on May 23. It’s the latest major land deal for

A penthouse residence designed by renowned architectural firm Olson Kundig has been listed for $10.3 million, making it one of Arizona’s highest-priced condo listings ever. Called Penthouse 1301, the luxury condo is part of the last phase of the Ascent at The Phoenician luxury condominium community. Ascent’s owner, Replay Destinations, tapped Seattle-based Olson Kundig

Newly released data from the U.S. Census Bureau provides a more granular look at which cities and towns within the Phoenix metropolitan statistical area (MSA) have powered the Valley’s strong demographic momentum. In the four-year period from July 1, 2020, to July 1, 2024, the Phoenix MSA’s total population grew by 311,300 people, the fourth-most in the nation. That amount equates to a 6.4% increase, the 10th-most in the United States among metropolitan

The Phoenix metro has become one of the most aggressively built apartment markets in the nation, and vacancies are climbing as the new supply coming online is outpacing demand. The recent Q1 2025 Multifamily Market Report for the Phoenix market from real estate investment firm Matthews found that about 23,000 apartment units were under construction during the first quarter, which amounted to 5.5% of existing inventory in the market. That share made Phoenix

Jerry Colangelo’s JDM Partners is planning to redevelop its Biltmore area office into a high-end condominium development that will include a new restaurant. According to plans submitted to the city, the development, called 2400 Biltmore, will include up to 203 for-sale luxury condo units, ranging from one to four bedrooms, with an average size of more than 2,000 square feet per unit. The project will include razing three office buildings on the site, which have

In 2025, some economic forecasters have been bracing for trouble, as their outlooks darkened by a confluence of warning signs. Moody’s highlighted rising consumer delinquencies, declining corporate earnings and surging yields on the 10-year Treasury note as evidence that the economy was teetering toward a downturn. By April, the specter of tariffs returned, stoking fears that inflation could reignite and tip the country into recession. Adam Posen, president of the

Location: Along the east side of Loop 101, between Pima and Bell roads, in north Scottsdale. Description: Mack Real Estate Group is building a 1.2 million-square-foot light industrial development called Mack Innovation Park. The complex will feature 11 buildings, nine of which will be industrial structures spanning over 1 million square feet. Mack is building the project in multiple stages, with the initial phase set to span 124 acres and include two of the industrial buildings

Commercial activity has been mixed during the first quarter, according to Altus Group Ltd.’s quarterly report on CRE investment and transactions. The firm described the market activity as “generally subdued,” although pricing trended higher and multifamily and office drew more capital than a year ago. The average price per square foot on transacted single properties inched up by 0.1% quarter over quarter, with increases across all sectors except for

When President Trump announced on social media that he was considering releasing Fannie Mae and Freddie Mac from government conservatorship last week, the financial markets responded swiftly. Fannie Mae’s stock surged by more than 44%, while Freddie Mac climbed nearly 37%. However, the implications for real estate are far less optimistic. According to Bloomberg, removing Fannie and Freddie from conservatorship could add over $40,000 in

Within the next year, Valley-based restaurant group Clive Collective will open five new restaurants across the Phoenix area. Clive, which is led by partners Mikis Troyan, Justin Massei and Beau MacMillan, is the company behind hit concepts Cala in Old Town Scottsdale and Tell Your Friends, an underground speakeasy in North Scottsdale. The group also opened Neon Spur, its dive bar concept in Tempe, earlier this year. The Clive leadership

The first set of renovations at a Camelback Corridor office complex are now complete. Holualoa Companies along with Plaza Companies constructed eight new spec suites and transformed the outdoor space surrounding the expansive 2.5-acre water feature, a defining characteristic of the class A office complex. More than $10 million in completed and ongoing renovations — including six more spec suites — have been invested into the

Location: At 502 W. Van Buren Street, on the north side of the block, between Fifth and Sixth avenues in downtown Phoenix. Description: Toll Brothers Apartment Living, the multi-family arm of the national homebuilder, is constructing a seven-story, 313-unit luxury apartment complex called the Henri. The mid-rise rental community will comprise a mix of studio, one- and two-bedroom floor plans. According to the company, the units will

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