The government’s latest annual job revision landed with a thud, wiping out 911,000 positions from the previous count—a 0.6% drop that marks the steepest adjustment in a decade. The sheer size of the revision is rattling economists, raising fresh questions for commercial real estate and the broader economy, even if the full impact remains difficult to pin down. “This is the biggest one in 10 years,” Christine Cooper
Christine Mackay could never have predicted how her home metro would change when she started her first job in economic development decades ago. When she got hired in Chandler, one of her first big projects was landing a new call center in the city. It’s a far cry from companies she’s since shepherded to build or expand in the Phoenix area — a roster that includes Taiwan Semiconductor Manufacturing Co
Location: 7550 E. Legacy Blvd., along the northern block just east of Scottsdale Road in Scottsdale. Description: Construction of a large multifamily project called Legacy North Apartments at Crossroads is underway. The Dinerstein Companies, a Texas-based developer, is building the nearly 19-acre community in north Scottsdale’s burgeoning Loop 101 corridor, where the 120-acre master-planned
A looming cluster of commercial real estate maturities is shaping up to be one of the biggest tests for U.S. banks in recent memory. Recent analysis from Moody’s reveals that almost 63% of banks’ CRE loans are set to mature by the end of 2025—a figure that matches the “tangible common equity” held by these institutions. With refinancing pipelines already under strain from higher interest rates and ongoing
Arizona’s economy lost steam last year, with very slow job gains. That weakness has continued into 2025, according to the preliminary data. This has been matched by modestly rising unemployment and rapidly falling hire rates. Overall, the labor market appears to be on a knife-edge, if the preliminary data are correct. Income growth was also slow to start the year, but taxable retail sales growth has firmed
The Phoenix multifamily market is in a persistent state of fundamental imbalance, keeping vacancy elevated and rents on the decline. The average asking rent at Valley apartment properties decreased 0.5% in August, matching the decline in July and marking the seventh-consecutive month with flat or negative rent movement. Last month’s underwhelming performance brings the year-to-date rent
Mesa City Council has approved an agreement with Tempe-based Culdesac to develop a 27-acre vacant parcel near University and Mesa drives in downtown Mesa. Called Site 17, the undeveloped city-owned land has been on the city’s drawing board for years, Mesa Mayor Mark Freeman said. “This land has been vacant for more than 20 years,” Freeman said in a statement. “This development
For the first time in more than two years, the share of troubled commercial real estate loans on bank balance sheets edged lower in the second quarter of 2025. But while the slight decline offers a measure of relief, the overall rate of distress remains near historic highs, underscoring the pressure still facing the sector, according to a CoStar analysis of Federal Deposit Insurance Corp. data
Following the approval from the Village Planning Committee, Vestar, one of the largest privately held retail real estate companies in the western United States, announced today that they are moving forward with plans to develop one of its newest projects — Laveen Towne Center. The open-air shopping center will sit on a 90-acre site in the heart of Laveen, a rapidly growing
A Canadian real estate investment trust sold six office properties across the Phoenix area for U.S. $266 million as part of a deal with two U.S. investment firms to take the REIT private. City Office REIT, based in Vancouver, British Columbia, sold the buildings, which total nearly 1.25 million square feet, to the private real estate firm Southwest Value Partners, according to a statement from JLL, which
The Phoenix industrial market is at the tail end of a historic construction boom that has dramatically reshaped the Valley’s landscape. Since the start of 2023, about 80 million square feet of gross industrial space was completed in Phoenix, outpacing the market’s cumulative construction total from 2008 to 2019, as well as the entire existing inventory of Palm Beach, Florida. The 19% increase in industrial stock during that time ranked Phoenix as the fourth-fastest-growing market
A firm connected to Arizona-based billionaire Arte Moreno has scooped up a 1.47-acre Phoenix property for $11 million. The parcel contains a pocket park that rests between a historically significant Chase Bank location at 4401 E. Camelback Road and a commercial center anchored by The Henry, a popular restaurant and meeting spot from Sam Fox’s Fox Restaurant Concepts — which also has its corporate offices in the complex. The Moreno-affiliated company already owns the
Apartment rents have dipped slightly as occupancy softens, heralding the return of mild annual rent cuts following recent resiliency, according to a RealPage analysis. The average effective rent across the country fell 0.2% year-over-year in August, and 0.4% month-over-month, to $1,882. Annual price increases have been negligible for some time, noted RealPage. This is the first time annual rent cuts have emerged since March 2021. The decrease comes as occupancy fell to
Sunbelt Investment Holdings, Inc. (SIHI) “We are incredibly excited about the swift progress at Buckeye Commons West and the caliber of tenants it continues to attract,” said David Dawson, SIHI Assistant Vice President of Asset Management. “The strong interest from leading national brands for these high-quality pads underscores the immense demand and strategic importance of this location. We’re eager to see these new businesses open their doors and serve
The office construction activity in Phoenix remained sluggish during the first half of the year, according to the latest Yardi Research Data. The metro’s pipeline ranked seventh among its peers, while only three properties came online, marking a notable year-over-year drop in office deliveries. Similarly, office transactions in The Valley placed it sixth among peer markets, while average sale prices and rents were below the national level. However, Phoenix’s office vacancy rate
A new retail and restaurant development, a rehabilitation hospital and a senior living facility are among the notable developments underway in the West Valley. Here is a look at some of the projects that will bring a trendy soda shop, expanded health care options and specialized housing to Glendale, Goodyear and Buckeye. The Shops at the Cardinal: The project is a $20 million retail and restaurant development that will include Swig, a popular soda shop; Señor Taco, an Arizona-based
The Phoenix construction market is seeing targeted growth across industrial, retail, healthcare and office improvements, as developers adapt to shifting demand and new tariff pressures, according to LGE Design Build’s newly released Q3 2025 Construction Delivery Outlook. “Phoenix’s construction market remains active, but developers are moving forward with a sharper focus,” said Blake Wells, vice president of preconstruction at LGE Design Build. “With new tariffs and duties
After showing early signs of recovery earlier this year, commercial real estate prices have hit a wall, with momentum now reversing in several sectors. The latest data from Trepp paints a picture of a market stuck in neutral, caught between the drag of new tariffs and the potential lift of Federal Reserve rate cuts. According to Trepp’s Q2 2025 Trepp Property Price Index, prices are “largely stalling or even slightly receding” across almost all asset classes. Just three months earlier, signs
PNC Financial Services Group, one of the fastest-growing banks in the United States, has reached a deal that is expected to make it the largest bank in Denver and add almost 100 retail branch locations to its footprint. PNC agreed to pay $4.1 billion for FirstBank, a Lakewood, Colorado-based institution that is one of the largest privately held banks in the country. PNC plans to acquire about $26.8 billion of assets, such as loans and investment securities, as well as 95
Scottsdale-based Sonora West Development, which has $1 billion in projects under its belt, is working on two new luxury developments in metro Phoenix. Plans call for breaking ground this year for 31 homes within a community called Solace in Carefree, where homes will be built on 1-acre lots. Meanwhile, construction already has begun on the first two homes in another community called Camelback Palms, with two more to start within 90 days. The four homes
Eight of the top 10 markets for the strongest retail rent growth last quarter were in the Sun Belt, including two that happen to be in the Southwest and at higher elevations: Las Vegas and Phoenix. While the average asking rent at U.S. retail properties rose 2.4% annually by the second quarter of 2025, Sun Belt metropolitan areas continue to outshine other areas as strong population growth, rising incomes and limited space availability
PHOENIX — HonorHealth, one of the largest nonprofit health care systems in Arizona, announced Tuesday that it has reached an agreement to acquire Evernorth Care Group. Evernorth Care Group, which operates 18 metro Phoenix primary care clinics, currently serves as the medical practice division of Cigna HealthCare of Arizona. HonorHealth already has over 200 primary, specialist and urgent care locations along with
Scottsdale-based Modus Development is breaking ground in November on Papago Village, a luxury build-to-rent community with Camelback Mountain views. Taking over the former Scottsdale headquarters of Vitalant at 6200 E. Oak St. in March 2024, Ed Gorman plans to build 94 luxury rental units on the site. The founder of Modus Development said the $60.2 million project will open in May 2027. The general contractor
Glendale is the most affordable Valley city for renters. The typical one-bedroom in the West Valley city, home to State Farm Stadium where the NFL’s Arizona Cardinals play, rents for $1,050, according to national rent research firm Zumper. Helping renters is the almost 14% percent drop in Glendale’s average rent during the past year. That was the biggest decline among major Phoenix-area cities. Glendale’s median rent
A new ranking of America’s fastest-growing affordable suburbs is giving a better idea of just how influential the Phoenix Metro is on the national stage. Four Metro Phoenix suburbs — Maricopa (#9), Buckeye (#15), San Tan Valley (#16), and Goodyear (#26) — rank among the fastest-growing and most affordable suburbs with home values under $500,000. Using data from Zillow and the U.S. Census Bureau, the study highlights suburbs