Building housing that families can afford has continued to be a challenge in Arizona, especially as the cost of construction materials and labor has continued to steadily rise. But one developer is proposing a different solution: build the housing in Mexico, where materials and labor are significantly cheaper, then ship and assemble them to the United States. The company, Tudo Capital, recently completed construction on its first apartment project in Arizona
Recent performance in Northern Arizona’s hospitality market is shaped by a pronounced decline in Canadian inbound travel, the disruptive impact of the North Rim fire and the region’s distinctive hotel inventory mix. According to the International Air Travel Statistics Program APIS I-92 Data, Canadian arrivals to Phoenix fell by 24% year over year as of July, following a string of monthly contractions that began in April. Airlines have shifted schedules, and industry contacts
Institutional investor appetite for single-family rentals has notably cooled, yet the purchasing power of these investors remains a pivotal force, keeping certain segments of the market out of reach for traditional consumers. Even as the market resets, investor firepower continues to help buoy prices despite rising for-sale inventories and a growing trend of price reductions in both single-family and multifamily sectors, according to Ivy Zelman—who, as executive vice president
Sunbelt Investment Holdings, Inc. (SIHI), a leading retail developer and owner, has experienced substantial leasing progress at Buckeye Commons West, a key extension of its Buckeye Commons development. The project has achieved significant milestones with sitework now complete. Pads have been delivered to a strong lineup of major brand tenants, emphasizing a drive-thru pad tenant format. These include highly anticipated national brands such as In-N-Out
One highlight from this month’s Office Report from CommercialCafe reveals that Phoenix saw its first increase in sales price per square foot in more than three years. Vacancy rates remained above the national average of 19.4% in most of the Western U.S. markets we surveyed. In July, the highest vacancy rate in the region was in Washington state, where 27% of office space in Seattle was unoccupied. San Francisco was not far behind, however, as data showed
Land buys in the West Valley represented 53% of all land transactions across metro Phoenix, representing $3.234 billion in sales over the past 12 months, according to a new study by Land Advisors Organization. The East Valley represented 33% of land transactions totaling $2.03 billion, while Pinal County took 14%, representing $829 million, according to the firm’s research. Breaking out land transaction volume by category, 47% of the land
A weakening labor market is making consumers increasingly worried about their continued employment prospects, while higher prices are making it more difficult for some to make ends meet, adding to crumbling sentiment and threatening their ability to weather leaner times. A handful of recent surveys reveals the growing unease, after the release last week of revisions to payroll growth that wiped away more than half of the jobs initially estimated
The Federal Reserve cut its benchmark interest rate by 25 basis points Wednesday. The widely expected move was the first bit of relief the Fed offered to borrowers this year. It comes amid signs of a softening economy that has left the central bank grappling with both sides of its dual mandate of maintaining maximum employment and price stability. All but one member of the Federal Open Markets Committee voted in favor of Wednesday’s decision
Taiwan Semiconductor Manufacturing Co.’s plans to expand in north Phoenix could give the technology giant a footprint of more than three square miles. The chipmaker signed on to a zoning application for 6,400 acres of land south of Loop 303 at Interstate 17, directly south of where the company is already building its massive campus. TSMC would specifically be eyeing the roughly 900-acre “innovation corridor” in the proposed
A site formerly slated for a courthouse in Glendale has a developer signed on to repurpose the property for a new retail center. Roughly 16 years ago, the city of Glendale prepared a site at the southwest corner of 47th and Glendale Avenues for a new courthouse, with an underground parking garage constructed first. Then the 2008 recession hit, and the project was abandoned. Years later, the garage was found structurally unsound
Investors are seeing opportunities in multifamily markets with durable job growth and limited new deliveries, but they remain highly selective about where they choose to invest, according to Crexi’s August 2025 report. Median cap rates for multifamily properties sold rose slightly to 6.36% while asking cap rates slipped to 7.19%. The spread between the two indicated ongoing price discovery and selective bidding for quality “even as multifamily proves to be a less risky
Nearly 900,000 square feet of industrial space across more than 40 Phoenix-area buildings has been acquired in a $168 million transaction. Institutional investor BKM Capital Partners, which focuses on multi-tenant light industrial real estate, bought the Valley portfolio alongside Kayne Anderson Real Estate, according to a Sept. 10 announcement. An affiliate of Equus Capital Partners Ltd. was the seller of the portfolio, which includes eight properties in Phoenix and Tempe. CBRE’s
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 change to negative 1.4%, a meaningful weakening compared to 2023 and 2024
Office work across the nation is taking a turn toward technology, and the fastest-growing office occupations in the Phoenix metro show that trend is true of the Valley as well. Those are among key findings in Yardi Kube’s Most Popular Office Occupations in the U.S. report, which ranked jobs’ popularity by their speed of growth between 2019 and 2024. In the Phoenix-Mesa-Chandler metro, occupations in data and mathematical sciences have been growing the fastest
The expansion of remote work in recent years has altered perceptions around the purpose of an office. People whose daily commute was a simple fact of life suddenly found themselves performing their duties from the comfort of their own home. But in some professions, being physically present is the only way to be successful, and other businesses discovered that these arrangements come at the cost of culture and collaboration. That’s exactly why it’s important to identify the 10
The Bureau of Labor Statistics recently released a preliminary look at its benchmark revision of annual job data, estimating that total U.S. nonfarm employment in March 2025 was 911,000 jobs lower than previously reported. While the 0.6% downward revision was the largest since 2009, not all geographies were impacted equally. Eleven states saw an upward adjustment to their payrolls, led by Arizona and New York, which were both undercounted by 1.1%. A
New retail development across the United States is in the midst of a dramatic slowdown, but fast-growing Phoenix continues to see activity with a multibillion-dollar project about to get off the ground. Developer Vestar on Monday unveiled plans for Legacy Park, a roughly 9.4 million-square-foot mixed-use complex slated for a vacant 200-acre site in Mesa, in the East Valley area of the greater Phoenix market. The first phase, estimated to cost more than $1 billion
Sprouts Farmers Market Inc.’s Valley expansion is continuing with a new store planned in Mesa. The Phoenix-based specialty grocer (Nasdaq: SFM) on Sept. 9 presented details about the planned location, at the intersection of West Southern Avenue and South Alma School Road, to Mesa’s Design Review Board. The 90,000-square-foot commercial center is set to receive a façade upgrade to accommodate the new Sprouts, according to a presentation
National multifamily developer Wood Partners has expanded its presence in Phoenix with the opening of Alta 87 in Gilbert. This marks the company’s third community in the region and the Town’s first with a structured parking garage. Alta 87 is now leasing, offering two months of free rent along with other exclusive specials. “The opening of Alta 87 marks an important milestone for Wood Partners as we continue to expand our footprint in the fast-growing Phoenix
Commercial real estate is piping hot in Deer Valley, according to some local real estate experts. The latest — a two-building office park in Deer Valley sold for $22.5 million, CBRE announced. The office park is near Seventh Avenue and Loop 101. The single-story buildings “occupy 7.22 acres and were constructed in 2001,” according to a press release
New apartments were rented slightly faster in the first quarter of 2025 than in the second half of 2024, offering a brief but significant pause in what had been a long downward trend in absorption rates. In the first quarter, 48 percent of newly built apartments were leased within three months, inching up from 47 percent and 46 percent in the previous two quarters, according to a Redfin analysis of Census Bureau data. While the
Vestar has plans in the works for another major mixed-use development, this time in north Phoenix. The developer is proposing a mixed-use project including a 544-unit hotel, a nearly 86,000 square-foot fitness center and 437,000 square feet of retail space, called Dove Valley Towne Center. A rezoning request was introduced at the North Village Planning Committee meeting Sept. 11. The goal is to set up the over 100-acre site for
More student housing is coming to the East Valley, as well as a new Target and townhomes. A 479,388-square-foot building will house nearly 800 students near Arizona State University in Tempe. It will also have space for ground-floor retail. National retailer Target will anchor phase two of Vineyard Towne Center in Queen Creek. The center also includes Arizona’s first Zaxby’s. And, a 38-unit townhome community is under construction
Taiwan Semiconductor Manufacturing Co. is eyeing land south of Loop 303, across the freeway from its north Phoenix campus, for expansion. The semiconductor giant signed on as an applicant of a massive rezoning in north Phoenix, which was first submitted by PulteGroup in late 2024. The land, which is owned by the Arizona State Land Department, must also go through a due diligence process and be sold at a public auction
Following the onset of the pandemic, Arizona managed to further diversify and expand its economy, cementing its reputation as a top-tier commercial hub — bringing both prosperity and new problems. As residents and businesses poured into the Valley, demand for multifamily housing outstripped supply, leading to higher rents and diminished affordability across the region. Developers responded with a burst of apartment construction