Today’s News 9-11-2025

The Phoenix multifamily market is in a persistent state of fundamental imbalance, keeping vacancy elevated and rents on the decline. The average asking rent at Valley apartment properties decreased 0.5% in August, matching the decline in July and marking the seventh-consecutive month with flat or negative rent movement. Last month’s underwhelming performance brings the year-to-date rent…»

Mesa City Council has approved an agreement with Tempe-based Culdesac to develop a 27-acre vacant parcel near University and Mesa drives in downtown Mesa. Called Site 17, the undeveloped city-owned land has been on the city’s drawing board for years, Mesa Mayor Mark Freeman said. “This land has been vacant for more than 20 years,” Freeman said in a statement. “This development…»

For the first time in more than two years, the share of troubled commercial real estate loans on bank balance sheets edged lower in the second quarter of 2025. But while the slight decline offers a measure of relief, the overall rate of distress remains near historic highs, underscoring the pressure still facing the sector, according to a CoStar analysis of Federal Deposit Insurance Corp. data…»

Following the approval from the Village Planning Committee, Vestar, one of the largest privately held retail real estate companies in the western United States, announced today that they are moving forward with plans to develop one of its newest projects — Laveen Towne Center. The open-air shopping center will sit on a 90-acre site in the heart of Laveen, a rapidly growing…»

A Canadian real estate investment trust sold six office properties across the Phoenix area for U.S. $266 million as part of a deal with two U.S. investment firms to take the REIT private. City Office REIT, based in Vancouver, British Columbia, sold the buildings, which total nearly 1.25 million square feet, to the private real estate firm Southwest Value Partners, according to a statement from JLL, which…»