Everywhere you look, you can see Arizona’s incredible growth happening in real time. But what we don’t always stop to fully appreciate is that beyond growing in population, we’ve completely transformed our economy along the way. Once looked down on as a “flyover state,” Arizona has become the place to be for the biggest industries in our economy, from advanced manufacturing to high-tech startups. We are now internationally recognized as the
The Green Street Commercial Property Price Index decreased 0.1% in December 2025. Over the past 12 months, the all-property index has increased 2.3% while remaining down 15.9% from the 2022 peak. “Property prices increased 2% last year, and that’s about where I’d set the line for ’26,” said Peter Rothemund, co-head of strategic research at Newport Beach, CA-based Green Street. “Real estate is fairly valued versus corporate bonds, so unless medium-to-long-term interest rates move
Some of the few remaining structures from Phoenix’s original downtown warehouse district could soon be demolished and repurposed for a high-end corporate headquarters housing Bonafide Beef – an Arizona-based Wagyu beef ranching company. On Jan 12, Phoenix’s Historic Preservation Committee recommended approval for a rezoning request for a 0.57-acre site at the northeast corner of Central Avenue and Jackson Street. The property is home to three structures that are rare remaining
Aldi is continuing to grow across the Valley. It will open 10 new stores in metro Phoenix in 2026, and has plans to build a new distribution center in Goodyear by 2028, according to a Jan. 12 announcement. Aldi originally bought land for the Goodyear distribution center in 2017, but the project had stalled. The locations of the new stores have not yet been released. The move is part of a larger nationwide expansion for the popular discount grocery chain. Aldi will open 180 new locations
Regarding a new hospital, many communities would have two words: “Yes, please!” Here in Scottsdale, it’s a bit more complicated …After purchasing undeveloped land on Hayden Road just south of the Loop 101, Banner Health announced plans to build a smaller “HealthCare Plus” – and a full-service, full-blown hospital. That might seem logical, considering the growth of the area, from the massive Optima McDowell Mountain luxury apartment complex right next door
The Empire Group of Cos. is proposing a new high-rise community called Revelry in Tempe, Arizona, the company announced in a Wednesday press release via its luxury urban Aspirant Development division. The new Class-A mixed-use high-rise community is expected to break ground this spring on the corner of Rural Road and University Drive. Under proposed plans, Revelry would boast 533 residential units across two towers, one with 17 stories and the
What makes a company trustworthy? Forbes broke down trustworthiness into over 50 different metrics in their 2026 ranking of the 300 most trusted companies in the United States. The media company’s list looked at employee reviews on Glassdoor, financial performance, workforce turnover rate and more. Three companies headquartered in Arizona made the list, which only included for-profit companies with at least 10,000 employees. Technology company NVIDIA topped the ranking, followed by
TSMC bought 900 acres of Arizona State Trust Land at auction on Wednesday, teeing up an expansion of the chipmaker’s site off Loop 303 and Interstate 17 in north Phoenix. TSMC paid nearly $200 million for the parcel, which is planned to be part of the much larger NorthPark project that developers say will also include hiking trails and residential units. Phoenix approved the development last month, which will almost double TSMC’s footprint in the area and allow it to add new facilities
After years of rapid expansion, the sector enters 2026 focused on efficiency, power availability and long-term resiliency. Here’s what to watch. As the new year unfolds, the U.S. industrial market is entering a new phase of growth. After several years of unbridled development, fundamentals began to normalize in 2025, shaped by uncertainty around tariffs, interest rates and trade policy. At the same time, physical and operational constraints around construction have shifted, prompting developers
Imagine a symphony of logistics: chugging trains, growling trucks and roaring planes. Proponents of a new type of economic development powerhouse believe such melodies could wake up small-town America and revolutionize domestic supply chains. While seaports may be the economic anchors for the largest cities on the country’s East and West coasts, so-called tradeport hubs can do the same inland, say Adam Wasserman and Lois Yates, consultants at Scottsdale-based Global Logistics Development
The year ended on a positive note as 2025 Greater Phoenix closed single-family home sales climbed 4.5% over 2024, according to data from Phoenix REALTORS®. Nationally, sales were down 1% for the year. Compared with December 2024, sales were up 12.1% in Phoenix and just 4.5% nationally. “Strong. That’s one word to describe the finish to 2025,” said Sammy Glassman, board president of Phoenix REALTORS. “Though we may have started last year with a good dose of cautious optimism
A new Safeway grocery store was set to open its doors on Jan. 9 in Queen Creek. The store anchors the 14-acre Harvest Station development along the southwest corner of Riggs and Gary roads in the town. The nearest grocery store to the Safeway includes a Walmart 3.5 miles south of the location, and Fry’s and Sprouts grocery stores 2 miles east. The first 200 shoppers at the grand opening received free bags of groceries. The Safeway Foundation awarded over $100,000 in grants to local schools and nonprofit
Economic growth is surging, but jobs aren’t following suit—and that has top economists worried. KPMG Chief Economist Diane Swonk called the latest figures “gut-wrenching” and told Fortune, “We’re growing, but we can’t generate jobs.” While the economy’s headline numbers appear healthy, the details reveal cracks. Real GDP grew at an annualized rate of 4.3% in the third quarter of 2025, according to the Bureau of Economic Analysis’ initial estimate released December 23. Yet consumer spending—typically responsible for
A Columbus, Ohio-based healthtech startup is expanding to Arizona with a new pharmacy in Mesa that will create 200 new jobs. Gifthealth announced Thursday it has opened the 43,000-square-foot pharmacy at 4008 S. Signal Butte Road in the Superstition Commerce Park. The six-building, 970,643-square-foot Superstition Commerce Park was developed by Dalfen Industrial, which bought the land from Brookfield Residential in 2022 for $36.2 million, Maricopa County records show. The industrial park is located just a few miles
Tony Christofellis, who founded Salad and Go in the early 2010s, said he wasn’t surprised by the company’s announcement this week to exit Texas, and said the Lone Star State growth strategy was one of the factors leading to he and his wife Roushan parting ways with the business. “The reason why we left is they wanted to grow Texas and blow it up and grow so fast, and we said we weren’t ready for it,” Christofellis told the Business Journal. “They told us, ‘You built a great business, and we don’t need you anymore
Historically, Americans moved in order to find better economic opportunities. But the driver has now shifted from the “Go West, young man” mentality, where free and open land presented that opportunity, to much more personal incentives of family and affordability, according to an annual migration report from United Van Lines. It found Americans are not only choosing to live closer to family, but that they want smaller markets rather than urban cores as they seek cheaper housing and better quality of life. This
A once one-directional multifamily cycle has splintered into a market where mid-tier assets, overlooked regions and a handful of metros with very specific demand drivers are quietly reclaiming pricing power, even as luxury product still works through a historic wave of supply. For investors, the story going into 2026 is less about generic “stabilization” and more about the widening performance gap between assets and markets
Four sisters sold a historic building in downtown Mesa for $1.3 million after the property had been in their family for decades. The 10,600 square-foot Pomeroy Building — which features both retail and office space at 136 W. Main Street — was acquired Jan. 2 by Michael Starkle, who is affiliated with Side Alley Partners LLC, according to Tempe-based real estate database Vizzda LLC. Michel Fluhr
Full-service commercial real estate firm Lincoln Property Company (Lincoln) and Goldman Sachs today announced the sale of the 1.27 million-square-foot “Building C” industrial building at Luke Field to a Fortune 500 company. Walmart is the buyer and the sale price of $152,161,730 marks the highest industrial sale in Arizona of 2025. The deal marks the largest Arizona industrial building sale of the year and is the first tenant commitment at Lincoln’s recently completed Luke
Original story: The city of Tempe may purchase two historic buildings on Mill Avenue. Those buildings include the Tempe National Bank at 526 S. Mill Ave. — built in 1912 — and the Tempe Hardware Building at 520 S. Mill Ave., which was constructed in 1898. Both are listed in the Tempe Historic Property Register and are home to a live music venue, retail shops and offices. Tempe City Council will consider a resolution during its Jan. 8 meeting that would authorize the purchase of the buildings, which sit side-by-side on historic Mill Avenue
Taiwan Semiconductor Manufacturing Co. has snapped up another large swath of Arizona land to support its plans to invest more than $100 billion in the area as it builds additional chips to support the global artificial intelligence boom. The company acquired 902 acres of land through an Arizona State Land Department auction that took place Wednesday. TSMC was the sole bidder for the land and will pay
Those buildings include the Tempe National Bank at 526 S. Mill Ave. — built in 1912 — and the Tempe Hardware Building at 520 S. Mill Ave., which was constructed in 1898. Both are listed in the Tempe Historic Property Register and are home to a live music venue, retail shops and offices. Tempe City Council will consider a resolution during its Jan. 8 meeting that would authorize the purchase
The site where KORE Power had previously planned to build a massive battery manufacturing campus in Buckeye before pulling the plug has a new owner. Phoenix-based Tratt Properties acquired the roughly 214-acre site off Baseline Road and State Route 85 on Dec. 31 for $32.5 million, according to Tempe-based real estate database Vizzda LLC. Tratt, which is an industrial developer and investment company, previously eyed the site and actually had it in escrow before KORE Power
The average asking rent for Phoenix apartment properties fell 3% in 2025, the largest annual decrease since the Great Recession. Last year’s decline comes on the heels of underwhelming performance in both 2023 and 2024, which each saw losses of between 1% and 1.5%. Asking rents are now cumulatively down about 7% from the all-time peak in mid-2022. Persistent supply pressure remains the primary culprit for softening operations. The Valley has been contending with the largest
Banner Health will relocate its corporate headquarters to Bond Phoenix at 3200 E. Camelback Road in Phoenix from Banner Corporate Center – Phoenix Plaza beginning in the fourth quarter of 2026. The health system will occupy 67,000 square feet at Bond Phoenix, compared to the more than 304,000 square feet currently secured at Phoenix Plaza. The move reflects Banner Health’s ongoing commitment to financial stewardship by reducing administrative costs to better focus