Commercial real estate news and analysis for the Phoenix market.
Aardex has completed an adaptive reuse renovation of a historic retail property in downtown Phoenix, converting the space to meet modern commercial demands. The project highlights the growing trend of repurposing legacy retail buildings in urban cores across the Southwest.
A joint venture between Creation and Horizon Real Estate has secured commitments from four new tenants at The Switchyard in Queen Creek, Arizona, signaling continued momentum for the Southeast Valley's retail sector. The 10-acre mixed-use development continues to attract interest as the submarket experiences population-driven expansion.
Cold-Link Logistics is investing in a substantial expansion of its Providence-area cold storage facility in North Kingstown, Rhode Island, adding 65,000 square feet of freezer space to meet growing regional demand for temperature-controlled industrial real estate.
Caliber Companies is bringing the first Hyatt Studios extended-stay hotel to north Phoenix as part of a 15-hotel pipeline, while a 566,000-square-foot industrial building near Glendale sold for $90.6 million.
Phoenix's industrial vacancy rate fell 90 basis points in Q4 2025, its sharpest quarterly decline since 2021, as logistics and advanced manufacturing tenants absorbed 4.4 million square feet across the Valley.
A 26-story, 458,047-square-foot Class A office tower at 3003 North Central Avenue sold for roughly $70 per square foot after $11 million in capital improvements, highlighting the discount still facing older high-rise office product.