Commercial Real Estate & Business News – February 5, 2025

Even with significant headwinds from reduced housing affordability, elevated interest rates, and tight labor markets, Arizona continues to generate solid economic growth. Job gains are far outpacing national growth in the preliminary data and may be growing even faster than the data suggest. Phoenix inflation…»

Novva Data Centers has been cleared to build a $3 billion data center campus across 159 acres in Mesa. The project from Utah-based Novva was approved by Mesa’s Planning and Zoning Board in late January. City staff confirmed Feb. 3 that the project does not have to go before Mesa City Council because…»

The coworking market is evolving rapidly as hybrid and remote work continue to change the traditional office landscape. And, with businesses and professionals increasingly seeking flexible and adaptable workspace solutions, the industry is positioned for sustained growth and innovation. And Phoenix has…»

Elon Musk’s movements around Washington, D.C., last week are causing speculation about potential cuts to the federal government’s workforce and real estate portfolio of owned buildings and leased space in private-sector buildings under the auspices of the Department of Government Efficiency…»

Demand for office space turned meaningfully positive at the end of 2024 for the first time since 2021. Meanwhile, the U.S. office market has entered a period of historically low supply of completions that is expected to last for years. The combination of those two trends could mark the beginning…»