Commercial Real Estate & Business News 5-1-2025

Apartment demand remained strong during the first quarter, with more than 145,000 units absorbed, which significantly outpaced the new supply of 116,000 units. As a result, the vacancy rate retreated to its lowest level since the fourth quarter of 2022, at 5%, said John Chang, national director of research and advisory services at Marcus & Millichap. “It’s important to note that apartment construction has been at a record high, delivering over 1 million new…»

Retail has offered some much-needed relief during and after the pandemic, with its distress rate dropping by 210 basis points between February and March. While store closures have occurred, many retailers have thrived by adopting omnichannel strategies. Another indicator of the sector’s health: Anjee Solanki, national director of Colliers’ Retail Services & Practice Groups, has noted that there are now waiting lists for entry into shopping centers and…»

Taiwan Semiconductor Manufacturing Co. broke ground Tuesday on the third factory at its north Phoenix campus, coinciding with a visit from U.S. Secretary of Commerce Howard Lutnick. TSMC initially planned to break ground on its third fab — which will utilize 2-nanometer and A16 process technologies — later this year, but the company had been in discussions with the U.S. government to help speed up the permit approval process, TSMC CEO C.C. Wei said on…»

Arizona job growth accelerated in March, but remained down over the year, according to an analysis from Eller Business Research Center. Arizona added 11,400 seasonally-adjusted nonfarm payroll jobs over the month in March. February gains were revised down from 4,300 in the preliminary data to 3,100. The state seasonally-adjusted unemployment rate ticked up from 3.9% in February to 4.1% in March. That was slightly below the U.S. rate of…»

The Phoenix metro continues to be a hot spot for industrial space demand, ranking second across all U.S. cities for square footage under construction in its pipeline, according to a new report from Yardi Matrix. As of March, Phoenix had 15.1 million square feet of industrial space under construction, beaten only by Dallas, which had a whopping 24.8 million square feet. Houston followed Phoenix, with 14.7 million square feet. Year-to-date, Phoenix also had…»