The Federal Reserve of the United States held its benchmark interest rate unchanged on Wednesday for the second policy meeting of the year, signaling caution as officials weigh the economic fallout of the war in the Middle East. The Fed approved holding rates steady by an 11-1 vote, with Governor Stephen Miran favoring a 25-basis-point cut at this meeting. Wednesday’s decision keeps the benchmark rate at 3.5% to 3.75% as policymakers saw no compelling reason to rush an additional rate
Consumer resilience is expected to continue in 2026, with higher-income households driving the majority of growth in retail spending. That’s according to the National Retail Federation, which forecast that retail sales in 2026 will grow 4.4% over 2025 to $5.6 trillion. (NRF’s forecast is based on its own definition of core retail sales, which excludes auto dealers, gas stations and restaurants.) NRF’s 2026 sales outlook compares with 3.6% average annual sales growth during the last 10 years
To further strengthen international partnerships with Taiwan and Japan — two of Arizona’s top trading partners — the State of Arizona, the City of Kaohsiung, Taiwan, and Kumamoto Prefecture, Japan signed a trilateral Memorandum of Understanding (MOU) to strengthen economic collaboration and advance partnerships in semiconductors, talent development, research and development, and global supply chain integration. The MOU was signed during a ceremony in
The owners of a prominent central Phoenix shopping center have an ambition vision to add apartments to the property. Federal Realty Investment Trust and RED Development are working through plans to build a 255-unit, six-story apartment complex within the Camelback Colonnade shopping center, according to documents filed with the city of Phoenix. They’re targeting a 2.5-acre portion on the southwest side of the shopping center, which is located at Highland Avenue and State
A nearly 100-year-old downtown Phoenix hotel that chronicled the transition of the area from residential to a commercial core and has fallen into disrepair is planned to be demolished. Jonathon Vento, principal of True North Studio, the developer of the Pemberton, the Cambria hotel and other downtown Phoenix projects, is in escrow to buy the Coronado Hotel and an adjacent historic building, the former location of Matt’s Big Breakfast. The buildings are located on First and McKinley
New corporate offices, restaurants and apartments are breathing life into Phoenix’s sprawling CityNorth development. A new 240-room hotel tower will soon join the mix to welcome visitors and spur tourism in the area along the burgeoning Loop 101 corridor. LaPour Partners and Holualoa Cos. — a commercial real estate developer and an investment firm, respectively — are behind the project, which got underway last summer. When complete, the tower will feature the names of two notable
The hotel industry adds billions of dollars in spending to the Phoenix area, according to a report from the American Hotel & Lodging Association. The report, which was released last week, showed that hotel operations in Phoenix and spending by visitors of those hotels produce $7.2 billion in economic activity in the city annually. The American Hotel & Lodging Association (AHLA), which commissioned Oxford Economics to do the research for the report, argues that the data shows hotels
The latest ranking points to a slowdown in activity, with some surprising outliers. Industrial real estate’s next stage of growth will be defined by trade policy decisions and a much bigger need for efficiency across operations. After the speculative surge from 2022 to 2024 resulted in above-average delivery volumes, industrial real estate market trends now point to a more moderate approach. This latest ranking of the top markets for industrial development, based on Yardi Matrix
EdgeCore gained approval from Mesa’s planning and zoning board on March 11 to build out a data center site in the city, according to the East Valley Tribune. The green light comes after the Denver-based developer agreed to shrink its proposed center from 2.1M SF to 1.2M SF. The project will now go before the Mesa City Council. The project covers half of an approximately 90-acre site already owned by EdgeCore in the Eastmark community along the technology corridor. The
Lower mortgage rates and less volatility have been one of the key positive stories in 2026 for the housing market. Until last week, rates were under 6.25% all year and we didn’t see much volatility, which is a key variable for a healthy housing market. However, a lot of that changed last week as the conflict with Iran is still escalating, with no end in sight. For now, our data shows housing demand is still positive year over year, but, as in previous years, whenever we get a mortgage rate spike
A BMX track, luxury apartments and an industrial complex are all under construction in the East Valley. Mesa is building a BMX track at its Signal Butte Park in the eastern part of the city. Hundreds of new luxury apartments are going up in Scottsdale’s historic Old Town district. A two-building Class A industrial complex is under construction, streets away from Interstate 10 and Loop 202. Here’s what is under construction in metro Phoenix and when each project
The Desert Ridge area north of Paradise Valley has turned into a hot spot for developers wanting to scoop up prime state-owned land in recent years. One of the highest-priced state land auctions last year happened when Mortenson outbid Verde Investments for over 200 acres in the area, spending $136 million for a site now planned to become a new Arizona Cardinals training campus. And major national homebuilders turned out to bid on about 53 acres of residential land by the
State Route 30, the Tres Rios Freeway, is poised to play a pivotal role in the West Valley’s growth, influencing transportation efficiency, development patterns, and long-term economic competitiveness across the Buckeye-Phoenix corridor. SR 30 will be parallel to I-10 about 5 miles to the south. “There’s going to be a tremendous number of additional vehicles from just the population growth we’re seeing all over the West Valley, but specifically in Buckeye,” says Buckeye Mayor
Demand is increasingly shifting toward inland and lower-cost markets. After slowing down in 2023 and 2024, leasing demand for warehouses of 500,000 square feet or larger bounced back sharply in 2025, most notably in the second half, according to new research from Cushman & Wakefield. Their Large-Format Deals Return report found that those larger deals surged by 32 percent year-over-year, and that third-party logistics providers (3PLs) and manufacturers accounted for almost
It’s estimated that $7T will be invested worldwide into data center infrastructure over the next four years — with more than 40% of that in the United States alone. Propelled by the advancement of artificial intelligence, commercial real estate’s hottest sector is poised for an era of explosive growth. But to grow and expand at this pace, it’s crucial for owners, developers and end users alike to think about their power usage and storage needs. By the end of 2024, data centers in the U.S.
The K-shaped economy, spending patterns and aspirational shoppers will be vital to both brands and landlords. Luxury retail entered 2026 with a sense of cautious optimism. While luxury spending isn’t as robust as 2023, the market contraction of the past two years has slowed, and landlords and retailers are seeing a period of evolution influenced by a K-shaped consumer landscape. While affluent buyers continue to drive demand, tighter budgets for middle-income consumers
Retail sales grew again in February on both a month over month and year over year basis. Core retail sales (excluding restaurants, auto dealers and gas stations) inched up 0.28% month over month in February and were up 6.24% year over year, according to the CNBC/NRF Retail Monitor released Wednesday, March 10, by the National Retail Federation. Those figures compare with increases of 0.2% month over month and 5.72% year over year in January 2026. Total sales were up
The Desert Ridge area north of Paradise Valley has turned into a hot spot for developers wanting to scoop up prime state-owned land in recent years. One of the highest-priced state land auctions last year happened when Mortenson outbid Verde Investments for over 200 acres in the area, spending $136 million for a site now planned to become a new Arizona Cardinals training campus. And major national homebuilders turned out to bid on about 53 acres of residential
Once a destination for gambling, cheap hotels and all-you-can-eat buffets, Las Vegas is now more known for celebrity chefs, fancy restaurants, hot night clubs and big-name entertainment. About 300 miles southeast of the Strip, a growing number of professionals in the Valley’s hospitality and food and beverage industries are trying out the same playbook — and so far, it has proven successful. The tribal casinos around the Phoenix area have made significant investments and marketed
From hosting PGA tournaments and the kickoff of Taylor Swift’s world tour to an expanding tech sector ecosystem, the Valley’s calendar is packed year-round with events that draw hundreds of thousands of visitors to Phoenix and its surrounding cities. That steady stream of tourism, and the pressure it puts on lodging, has helped fuel a surge in hotel construction across the metro area as developers race to keep pace. “We have a large hotel pipeline right now, and a lot of it has to do
Through smart planning, savvy investing and stakeholder alignment, the Valley’s reputation as a nascent industrial powerhouse is spreading. TSMC’s $165 billion campus in North Phoenix is symbolic of the region’s transformation away from the boom-bust cycle that left it vulnerable during the 2008 financial crisis and towards a more resilient, diversified economy. To help meet the demand generated by TSMC’s substantial investment, Mack Real Estate Group (MREG) and McCourt Partners
Twenty years ago, when we first began talking about transforming the site of a former struggling retail center in south Scottsdale into an innovation hub, more than a few people were skeptical. Could a university-anchored innovation center really thrive in the middle of the desert? Would global companies choose to locate high-wage jobs in a place better known for resorts and retail? Could a public-private partnership anchored by Arizona State University truly spark a new kind
New data shows that Arizona installed a record amount of solar capacity last year Arizona added nearly 2-gigwatts of solar power, bringing the total amount statewide to about 11.5 gigawatts. To put that in perspective, APS’ peak demand last year was more than 8 and a half gigawatts. The gains were the largest among utilities, followed by residential and commercial sectors. While Arizona added a record amount, the rest of the nation saw a decline in solar installation. That drop came
More families are finding homes in their price range, as the Greater Phoenix housing affordability index increased from 71 to 77 in February, and the number of homes in inventory rose 8.3%. This means that 77% of households with an income equal to the region’s median can afford the median-priced home, according to home sales data from Phoenix REALTORS®. “March until May are normally the best months for selling homes in the metro,” said Sammy Glassman, president