Metro Phoenix is the No. 3 housing market in the United States, according to Greg Vogel, founder and CEO of Land Advisors Organization, who cites data from the U.S. Census Bureau showing single-family and multifamily permits totaled 45,000 for the 12 months through September 2024. Says Laura Ortiz, president of Evergreen Devco, “Demand, from a national perspective, continues … [More]
Construction Costs in Commercial Real Estate: A 2025 Outlook
Economic, material and labor market dynamics
Although construction costs are estimated to be relatively flat year over year, with a moderate increase of 5–7% projected, there are many variables that can affect this estimate so early in the year. Construction costs in the commercial real estate sector are driven by a combination of economic, material and labor market dynamics. Factors such as natural disasters, a changing … [More]
Nextwave Tempe Breaks Ground on Former Big Surf Site
Developer Overton Moore Properties and its partner, Invesco Real Estate, have started construction on Nextwave Tempe. The project consists of three Class A industrial buildings totaling 689,000 square feet on 35.5 acres at the former site of the Big Surf Waterpark in northeast Tempe at 1500 North McClintock Drive. The three divisible buildings can accommodate customers from … [More]
Phoenix Small-Office Product Lagging
Over the last four years, small-office product of 20,000–50,000 square feet has outperformed larger product greater than 50,000 square feet. But Cushman & Wakefield Research, using statistics based on leasable office buildings larger than 20,000 square feet in Metro Phoenix, reports this has changed. There are 393 buildings in the 20,000 to 50,000 sf size range, … [More]
February 2025 Guest Editor: Greg Vogel, Land Advisors Organization
Landing the Housing Debate
Housing is a perennial hot topic. Whether analyzed from an economic development standpoint or spotlighted as an aspect of social issues, it is always a sector that is recognized as impacting the broad community. The housing and residential real estate sector is a major contributor to Arizona’s economy, driving growth and development. Arizona consistently ranks among the top … [More]
Dominium Acquires Land for Affordable Homes in Maricopa
Dominium, a leading affordable housing owner, developer and manager, recently closed a deal to acquire land for the development of a new affordable housing community in Maricopa, Arizona. Dominium plans to use the land located at 18260 N. Alan Stephens Pkwy. to construct Saddleback Village at Stonegate, Dominium’s first Built-to-Rent community. Completed, it will bring 215 … [More]
418,000 SF Distribution Center in Surprise
Surprise Pointe Commerce Center, recently completed from Rockefeller Group, is a 418,400-square-foot distribution center on 24 acres in Surprise, Ariz., part of the Southwest Valley industrial submarket. Designed by Ware Malcomb, it can accommodate one to four tenants and includes custom-designed office space. The site has access to both Interstate 10 and Loop 303 and is … [More]
SRP’s New Construction Program Encourages Sustainability and Cost Savings
Booming development throughout Phoenix makes having a partnership that encourages sustainability and lowering costs a major advantage for construction companies. Knowing this, Salt River Project created the New Construction Solutions Program to ensure project teams have the support needed to complete energy-efficient, sustainable and cost-effective buildings. Ryan Companies … [More]
Esplanade Campus Completes $45 Million Renovation
Iconic property revitalized with 30,000 sf of new amenity space
The Esplanade office complex has completed a major renovation and upgrade of the prestigious four building campus in the Camelback Corridor located at 2425, 2525, 2575, and 2555 E. Camelback Rd. The $45 million renovation, added approximately 30,000 square feet of new amenity spaces, including a new conference center, tenant lounge, full-service restaurant, fitness center, … [More]
Premier Retail and Entertainment Destination in Scottsdale Acquired by Joint Venture
Acquisition of The Pavilions at Talking Stick, one of the premier retail and entertainment destinations in Scottsdale, by Pavilions SRPMIC De Rito JV, LLC, is complete. This strategic acquisition marks a significant milestone in the company's growth and commitment to enhancing the retail landscape in the region. Details of the deal were not disclosed. Located at the … [More]
Phoenix Among Top Targets for CRE Investment in 2025, Says Survey
A recent survey of commercial real estate investors ranked Phoenix as a top 10 target among U.S. metros. Phoenix slipped three spots to #10 in CBRE’s 2025 U.S. Investor Intentions Survey. Investors are strategically focusing on gateway markets offering discounts and high-growth Sun Belt markets. Phoenix is recognized by investors for its pro-business environment, strong … [More]
Peoria Mixed-Use ‘Lifestyle’ Center Brings Multiple Restaurants and Retailers
From New American to simple Italian and contemporary Japanese, The Trailhead in Peoria plans to please a plethora of palates. A bevy of restaurants and retailers have signed on to the 40-acre, mixed-use development at 83rd Avenue and Happy Valley Road. Among them is Sparrow, a new concept by Sky Restaurant Group. Sparrow reunites Chef Schuyler Estes and former partner Parker … [More]
New Contractor Association Sets Up in Arizona
The Western States Contractors Association (WSCA), a non-profit association of union contractor companies that specialize in heavy civil construction, has announced its establishment in Arizona. Heavy civil construction encompasses the work required to build roads, highways, bridges and rail projects—the backbone of infrastructure development. Charlie Nobles, executive … [More]
Chicago Developer Closes on Land for Luxury Condominium Project in North Scottsdale
Belgravia Group, Chicago’s award-winning real estate developer with more than 75 years of luxury developments constructed under its brand, has closed on the land for Atavia, an 88-unit luxury condominium development located in North Scottsdale’s “new luxury corridor” at Loop 101 and Scottsdale Road. The land closing is announced alongside robust sales velocity for the … [More]
Queen Creek’s Newest Shopping Center Set to Open Latest Retailers
Vestar, the largest privately held shopping center owner and manager in the western United States, celebrates significant milestones in the development of Vineyard Towne Center, its ground up project in Queen Creek. Several new tenants have officially opened, with more retail and service offerings set to join the open-air shopping center in the coming months. Spanning 260,000 … [More]
Co-Lending Construction Program Launched to Fuel U.S. Hotel Development
Glendale-based AVANA Companies, a direct lender specializing in commercial loans, announces a new co-lending construction program with IHG Hotels & Resorts, one of the world's leading hotel companies. This collaborative initiative aims to accelerate U.S. hotel development within the IHG brand family. Hotel owners and developers seeking to build or convert properties under … [More]
Reimagined Paradise Valley Mall Debuts Elevated Apartment Concept
AVE, the residential real estate brand of Korman Communities, in partnership with RXR, announces the opening of AVE Paradise Valley, a new residential community with 400 apartments in the reimagined Paradise Valley Mall site. The state-of-the-art, mid-rise property becomes the first residential project to open within the vibrant mixed-use development. “AVE Paradise Valley … [More]
Global Fulfillment Center for Illinois-Based Parts Co. Takes Full Building at the C|303 Industrial Park in Glendale
Marks company’s largest, most advanced U.S. fulfillment center to date
Phoenix-based Stevens-Leinweber Construction has completed a state-of-the-art Global Fulfillment Center for Illinois-based Parts Town Unlimited. Spanning a full building at the C|303 industrial park in Glendale, Arizona, the facility establishes Parts Town’s first-ever location in the Southwest and its largest and most technologically advanced U.S. fulfillment center to … [More]
