Commercial Real Estate & Business News 6-17-2025

The downtown Phoenix skyline is quickly changing as several new high-rise apartment buildings have sprung up in recent years, with a handful of others planned or already underway. Some 1,581 new residential units opened downtown from 2023 to 2024, while 2,940 units were under construction and 3,309 units were in predevelopment, according to data from the City of Phoenix’s Community and Economic Development Department…»

For more than five years, the fate of a mixed-use development in downtown Mesa hung in the balance. The project formerly known as The Grid faced headwinds from the start amid the Covid-19 pandemic before stalling out for good last year. About 15 months later, the 3.3-acre downtown project has new life after Mesa City Council unanimously authorized a ground lease agreement…»

A 521,302 square-foot building in Goodyear has nabbed a new tenant, marking the second largest industrial lease in the Valley this year. The unnamed tenant is in the warehousing and distribution space, according to brokers involved in the deal, and is leasing all of building C at Litchfield Palms Logistics Park. The tenant expects to occupy the facility at 200 South Litchfield Road and start operations this…»

Investment firm EQT Real Estate acquired a Phoenix distribution center from Blackstone in the region’s largest industrial deal of the past year, at a time when high construction levels have raised industrial vacancy in one of the nation’s fastest-growing regions. Radnor, Pennsylvania-based EQT acquired Sarival Logistics Center, spanning more than 1.1 million square feet…»

Nationwide, more office space will be torn down or converted to new uses than built this year, and Phoenix is among the top markets where space is being converted. According to a report from Global Commercial Real Estate Services, Phoenix has 15 projects totaling about 3 million square feet of office space to be either razed or converted. The metro ranked 9th for the total square…»