Phoenix’s Real Estate Surge: Investment Trends

Positioning Phoenix in the National CRE Landscape

Phoenix has cemented its status as a powerhouse in U.S. commercial real estate, drawing keen interest from both national and international investors. In CBRE’s latest Investor Intentions Survey, Phoenix ranked among the top 10 U.S. metros for planned real estate investment – a testament to its pro-growth policies, rapid population gains, and robust demand across asset classes. Investors are attracted by Arizona’s business-friendly climate, where taxes and regulations are relatively light, and the economy is booming on multiple fronts. This Sun Belt standout offers many of the advantages of larger gateway markets without the high costs, positioning Phoenix as a compelling alternative for capital. According to market analysts, strong job creation and inbound migration have made the Sun Belt region grow over 3.5× faster than the rest of the U.S. in the past decade, a trend exemplified by Phoenix’s explosive growth in both people and property demand ( Brevitas – Sun Belt CRE Surge (2025)). In short, Phoenix is no longer an “up and coming” market – it’s now firmly on the radar of major institutional investors and global developers ( AZ Big Media – Phoenix Top 10 CRE Market (2025)).

Geographic and Demographic Advantages: Part of Phoenix’s appeal lies in its strategic Southwest location and expanding population base. The metro area surpassed 5 million residents recently, fueled by waves of newcomers from expensive coastal markets. Companies and workers find that Phoenix offers the best of both worlds – proximity to California’s economic engine, but with far lower costs and less congestion. The region’s abundant land has enabled sprawling growth, and the climate (while hot in summer) provides year-round sun that attracts retirees and remote workers alike. Phoenix’s cost of living remains significantly more affordable than Los Angeles or the Bay Area, allowing businesses to tap into a growing talent pool at a fraction of the expense. These factors have made Greater Phoenix a magnet for migrating families, young professionals, and corporate expansions seeking a friendly business environment. Maricopa County – home to Phoenix – has led the nation in net in-migration in recent years, often adding over 50,000 new residents annually, as people flock to Arizona for its relative affordability and opportunity.

Sun Belt Powerhouse Comparison: Phoenix’s emergence as a Sun Belt powerhouse is frequently mentioned in the same breath as Dallas, Austin, and Las Vegas – other high-growth Western metros. Like those cities, Phoenix has benefited from macroeconomic tailwinds such as remote-work relocations and corporate moves out of higher-tax states. In many ways Phoenix offers a middle ground between the tech-driven boom of Austin and the entertainment-centric growth of Las Vegas. Phoenix’s economy is more diversified than Las Vegas (which relies heavily on tourism) and has a larger population and industrial base than Austin, albeit with a less singular focus on software and tech. Phoenix also rivals Dallas–Fort Worth in attracting logistics and financial firms, though Dallas remains larger with more Fortune 500 headquarters. What sets Phoenix apart is the scale of its ongoing expansion: it was the fastest-growing big city in the U.S. by population for much of the last decade, and its metro GDP and development activity now put it in the upper tier of Sun Belt markets. In short, Phoenix is part of the same growth narrative as Dallas, Austin, and others – a story of lower cost, high-opportunity cities – but it brings its own strengths like a booming semiconductor manufacturing sector and a unique quality of life that blends Southwest culture with urban amenities.

Macroeconomic & Migration Tailwinds: Arizona’s pro-business stance and favorable climate have created strong tailwinds propelling Phoenix’s real estate surge. The state’s population growth and job creation consistently outpace national averages, underpinning healthy demand for commercial space. Ongoing inbound migration (often from California, the Midwest, and international markets) is expanding the labor force and consumer base, which in turn boosts occupancy across apartments, industrial warehouses, and shopping centers. Moreover, major public investments in infrastructure – from highways to transit to a modernized airport – are supporting Phoenix’s capacity to grow. The momentum shows little sign of slowing: even amid higher interest rates nationally, most investors remain bullish on Phoenix due to its long-term fundamentals. As one senior capital markets executive observed, Phoenix’s pro-growth policies and demographics have placed it “among the best-performing markets in the country” and made it a preferred target for both income-focused and value-add real estate strategies ( AZ Big Media – Phoenix Top 10 CRE Market (2025)). In sum, Phoenix’s rise is buoyed by a virtuous cycle: population and jobs are up, fueling real estate demand, which draws more investors and businesses, reinforcing the region’s prosperity.

Core Economic Drivers Behind Phoenix’s Surge

Population Growth and Demographic Trends

One of the fundamental drivers of Phoenix’s real estate surge is its remarkable population growth. The Phoenix metro area has been among the fastest-growing in the United States for years, recently surpassing the 5-million population mark. Maricopa County (which encompasses Phoenix and its suburbs) led all U.S. counties in numeric population increase from 2021 to 2022 – a clear indicator of the region’s magnetic appeal. This growth is not limited to one demographic segment; it spans remote-working millennials seeking affordable lifestyles, retirees escaping harsher winters, and young families drawn by job opportunities and reasonable housing costs. Phoenix added tens of thousands of residents even during the pandemic years, benefitting from internal migration as people left expensive, dense cities in favor of Arizona’s space and sunshine. The influx of residents from California and other high-cost states has been especially pronounced – in 2024, roughly half of Arizona’s net new residents were Californians relocating for lower costs and better quality of life ( REBusiness – Colliers Phoenix Industrial Report (2025)). This sustained population boom translates directly into real estate demand: more residents mean greater need for housing, which boosts multifamily and single-family development, and a larger workforce and consumer base, which drives absorption of office, industrial, and retail spaces.

Demographically, Phoenix’s growth trend brings a relatively young and dynamic populace. The metro’s median age is younger than the national average, thanks in part to an influx of early-career professionals and the presence of large universities (like Arizona State University). At the same time, Phoenix continues to be a top destination for retirees, especially “snowbirds” and affluent seniors who may live seasonally in Arizona. This diverse demographic mix – from students and tech workers to families and empty-nesters – creates broad-based demand across property types. For example, rising numbers of college graduates and young professionals feed into the rental apartment market and entry-level homebuying, while the retiree inflow supports active adult communities and healthcare-related real estate. Crucially, Phoenix’s population growth shows no signs of abating; even as some coastal markets see slowing migration, the Valley of the Sun is projected to keep expanding rapidly through the next decade. For investors, such demographic momentum provides a long runway for growth and helps insulate the market from short-term economic blips.

Business Relocation and Employment Expansion

Another core pillar of Phoenix’s surge is the expansion of its employment base, fueled by corporate relocations and major investments from industry leaders. In recent years, Greater Phoenix has seen an influx of companies establishing significant operations – from Fortune 500 firms to high-tech manufacturers – which is transforming the metro’s economic profile. A marquee example is the semiconductor industry: Intel launched a $20 billion expansion of its Chandler campus (adding multiple new chip fabs), and Taiwan’s TSMC is investing an estimated $40–60 billion to build a massive semiconductor manufacturing campus in North Phoenix. TSMC’s commitment, one of the largest foreign investments in U.S. history, is a game-changer that cements Phoenix as a new epicenter for advanced manufacturing ( KJZZ – TSMC Investment & Impact (2024)). These projects bring tens of thousands of high-paying jobs and have catalyzed an entire ecosystem of suppliers, housing developments, and infrastructure upgrades in their vicinity.

Alongside high-tech manufacturing, Phoenix is attracting expansions in logistics, e-commerce, finance, and beyond. Major employers like Amazon have built expansive distribution centers across the Valley (taking advantage of Phoenix’s one-day trucking proximity to Southern California), and logistics firms continue to absorb industrial space along the I-10 corridor. Financial and professional services companies have also grown their footprint – for instance, nationwide insurers and banks have regional headquarters or back-office hubs in the area, drawn by the lower cost of operations. Moreover, the region’s universities and educated workforce are fostering a budding tech scene. Phoenix may not yet rival Silicon Valley or Austin for software headquarters, but it has seen companies like DoorDash, Zoom, and others open satellite offices or engineering centers. Startups and data center operators are also taking advantage of relatively cheap power and real estate, with Greater Phoenix becoming one of the top data center markets in the country. Altogether, these business migrations and expansions have boosted metro Phoenix’s employment to record levels. By late 2024 the local workforce had grown by roughly 43,000 jobs year-over-year, a ~1.7% increase, reflecting broad gains in sectors from manufacturing to healthcare ( REBusiness – Colliers Phoenix Industrial Report (2025)). Such employment growth not only fills new office and industrial buildings with tenants, but also drives housing demand and consumer spending – a virtuous cycle underpinning the region’s real estate strength.

Arizona’s Tax and Regulatory Environment

Arizona’s business-friendly tax and regulatory climate is a key tailwind that sets Phoenix apart from many peer markets. The state has deliberately crafted an environment to attract investment: there is no corporate franchise tax, no tax on business inventory, and a relatively low flat corporate income tax (recently reduced to 4.9%) ( Gilbert, AZ Economic Development – Tax Climate ). Compared to neighboring California – with its high corporate taxes, onerous regulations, and costly mandates – Arizona offers companies a streamlined alternative. This extends to personal taxes as well: Arizona’s top marginal income tax rate has been cut to 2.5%, and the state has no estate tax, making it appealing for high-net-worth individuals and business owners. On the regulatory side, Arizona generally maintains a light touch. There are fewer labor and environmental regulations than in California or the Northeast, and the permitting process for new development is often faster and more predictable. The state legislature and local governments pride themselves on being pro-growth, frequently partnering with developers on incentives for big projects.

One example of Arizona’s pro-development approach is the use of public-private incentive tools in the Phoenix area. The city of Phoenix and its suburbs have successfully deployed mechanisms like GPLET (Government Property Lease Excise Tax) agreements, which temporarily abate property taxes for developers in exchange for significant new projects downtown and in targeted zones. This tool has spurred high-rise office and multifamily construction in Phoenix’s urban core by improving project feasibility. Additionally, Arizona’s legal environment tends to favor property owners and landlords. There are no statewide rent control laws, eviction processes are relatively efficient, and for commercial properties the state allows remedies like non-judicial foreclosures that make lending less risky for financiers. These legal advantages, while less headline-grabbing than a big tax cut, contribute to investor confidence – landlords know they can enforce leases and lenders know they can recover collateral if needed. Overall, Arizona consistently scores as one of the most business-friendly climates in the nation, which has been instrumental in drawing companies and real estate capital away from higher-cost states. Phoenix’s rise is not an accident; it’s supported by a policy foundation that actively encourages growth and investment.

Sector-Specific CRE Growth in Greater Phoenix

Industrial: Logistics and Warehousing Boom

Phoenix’s industrial real estate sector has been nothing short of red-hot, emerging as one of the most robust in the country. With its ample land and strategic location, the Phoenix metro leads the nation in new industrial development – at one point recently over 33 million square feet of industrial space was under construction locally, far outpacing any other U.S. market ( Brevitas – Sun Belt CRE Surge (2025)). The demand behind this boom comes from multiple sources. E-commerce and retail distribution have been major drivers, as Phoenix sits at a crossroads of the Southwest: the I-10 and I-17 highway corridors connect Southern California’s ports and population to the rest of the Sun Belt, making Phoenix an ideal regional logistics hub. Huge fulfillment centers for companies like Amazon, Walmart, UPS, and FedEx now dot the West Valley, handling the flow of goods to tens of millions of consumers in the western states. Meanwhile, manufacturing and high-tech industries are also gobbling up space – from semiconductor supply chain facilities to electric vehicle and battery factories. The result has been unprecedented absorption of industrial space in the metro. Even as developers deliver millions of square feet of new warehouses, tenants have kept pace. For example, Phoenix saw over 15.5 million square feet of net industrial absorption in 2024 alone, a massive figure indicating that new space is being quickly occupied by expanding businesses ( REBusiness – Colliers Phoenix Industrial Report (2025)).

This voracious demand pushed vacancy rates to historic lows in recent years and drove rents sharply higher. Industrial vacancy in Greater Phoenix fell to around 4% at its tightest point in 2022, with key submarkets near capacity – areas like Goodyear and Tolleson in the West Valley at one stage had essentially no large blocks of space available. Even with a wave of new speculative construction that nudged vacancy up into the high single-digits by late 2024, the market remains landlord-favored and rents are up roughly 60% from just three years prior ( REBusiness – Colliers Phoenix Industrial Report (2025)). Industrial lease rates in Phoenix now routinely top $1.10 per square foot (per month triple-net for modern space), which, while still cheaper than Los Angeles or the Inland Empire, represent record highs for Arizona. High-quality logistics facilities with 32’+ clear heights, abundant trailer parking, and freeway adjacency command premium pricing as occupiers scramble for efficiency gains in their supply chain. The I-10 corridor stretching west through Goodyear and Buckeye has become a particularly important distribution artery, with new mega-projects like a 2.3 million sq. ft. Ross Stores regional distribution center recently completed in Buckeye. Likewise, the southeast Valley (around Mesa and Chandler) has seen strong industrial activity, partly tied to the tech manufacturing ecosystem. Overall, Phoenix’s industrial sector exemplifies the market’s surge – rapid growth, tightening fundamentals, and intense investor interest. Industrial assets in Phoenix have become prized national investments, with cap rates compressing as institutional buyers bet on sustained long-term demand for warehouse and production space in the region.

Multifamily: Surging Renter Demand and Build-to-Rent Communities

The Phoenix multifamily sector has ridden the wave of population growth to record heights. A massive influx of new residents, coupled with barriers to homeownership like higher interest rates, has kept apartment demand extremely strong. Over the last few years, Phoenix frequently led U.S. metros in rent growth – at times seeing annual rent increases over 15% – as vacancies hit multi-decade lows. Although rent growth has moderated from its peak, occupancy remains solid and development of new multifamily properties continues at a healthy clip. In urban submarkets such as Downtown Phoenix, Tempe, and Scottsdale, a building boom of luxury Class A apartments has added thousands of units. Many of these new developments feature high-end amenities like resort-style pools, co-working lounges, and rooftop decks to appeal to the influx of well-paid young professionals and students. Areas around Tempe Town Lake and Scottsdale’s Waterfront, for example, now boast sleek apartment towers that did not exist a decade ago, indicating the metro’s urbanization.

At the same time, one of the defining trends in Phoenix multifamily has been the build-to-rent (BTR) revolution in the suburbs. Phoenix has become the number one U.S. market for new built-to-rent single-family home communities – a concept where entire subdivisions of detached houses or townhomes are constructed specifically as rentals rather than for sale. In 2024, Phoenix added roughly 4,460 new build-to-rent homes, the most of any metro, bringing its total BTR housing inventory to over 12,000 units delivered since 2020 ( AZ Big Media – Phoenix Build-to-Rent Surge (2025)). These communities (often gated and amenity-rich, with pools, dog parks, and gyms) cater to residents who want the space and feel of a single-family home but choose to rent for flexibility or affordability reasons. They have been especially popular with young families and relocating professionals who may not be ready to buy a house. Developers and investors are keen on BTR because they can achieve scale and operational efficiency by owning an entire neighborhood, and yields have been attractive given Phoenix’s consistent rent demand. Major national players and REITs have poured capital into Phoenix’s BTR sector, viewing it as a long-term growth play. As a result, suburban towns from Buckeye to Queen Creek have seen “horizontal apartment” communities spring up alongside traditional for-sale subdivisions.

By mid-2025, the overall apartment vacancy rate in Greater Phoenix hovers in the mid-6% range – up slightly as a wave of new supply came online – but still healthy. Rent levels have plateaued at record highs following the breakneck growth of 2021–2022. Class A apartments in prime locations now often lease for $2,000+ per month for a one-bedroom, reflecting the metro’s more upscale turn. Yet Phoenix remains more affordable than coastal cities, which continues to draw renters. The multifamily investment market has also been very active: while higher interest rates in 2023 cooled some buying frenzy, Phoenix still saw nearly $9 billion of multifamily transactions in 2024, and cap rates around 5.5%–6% that remain competitive compared to other Sun Belt cities ( Northmarq – Phoenix Multifamily Market Q2 2024 ). Investors are targeting everything from stabilized Class A assets in Scottsdale to value-add 1980s garden complexes in West Phoenix that can be renovated for higher rents. In summary, multifamily fundamentals in Phoenix are solid: strong population-driven demand, an evolving mix of urban luxury and suburban BTR products, and sustained interest from both local and institutional investors looking to ride the metro’s growth curve.

Office: Flight-to-Quality and Evolving Work Patterns

Phoenix’s office market is navigating a transitional period, balancing new growth pockets against broader headwinds in the office sector. Like many cities, Phoenix saw a spike in office vacancy in the wake of the pandemic as remote and hybrid work reduced companies’ space needs. Metro office vacancy reached approximately 25–27% in 2023, an historically high level, accompanied by several million square feet of negative absorption as tenants downsized ( AZ Big Media – CRE Outlook 2024 (Office). However, behind those headline numbers is a tale of two office markets: older, commodity office buildings are struggling with high vacancy, while newer, high-amenity properties in prime locations continue to attract tenants (“flight to quality”). In Phoenix, the flight-to-quality trend is evident in submarkets like Tempe, Scottsdale, and parts of Chandler, which have been recording positive net absorption even as less desirable areas languish. Companies that are leasing space want to entice employees back to the office, and they are doing so by choosing Class A buildings with modern build-outs, abundant parking, and nearby lifestyle amenities.

Tempe, for example, has become a hotbed of office leasing due to its walkable environment near Arizona State University and a slew of new mixed-use developments. The allure of being by Tempe Town Lake, with restaurants, hotels, and a young talent pool, has drawn major tenants (like finance and tech firms) into new office towers there. Scottsdale’s Camelback Road corridor and the Scottsdale Airpark area have similarly benefited, as high-executive and tech companies seek upscale office environments convenient to executive housing and resorts. Meanwhile, downtown Phoenix – while improving – faces more of an uphill climb with older inventory, although projects that bring unique offerings (such as the new Metrocenter redevelopment or the mixed-use Park Central reimagining) show promise. Rents for trophy offices in Phoenix have held firm or even risen slightly, with some top-tier properties achieving rents above $40 per square foot (full service annualized), which is notable for this market. Landlords of Class B and C offices, on the other hand, are under pressure to renovate or offer deep discounts to attract tenants in the current environment.

The hybrid work model has undoubtedly reshaped demand dynamics. Many companies in Phoenix have opted to reduce their square footage per employee or adopt flexible workspace arrangements. Sublease space availability has increased (reaching roughly 5–6 million square feet on the market), adding competition for landlords. To adapt, some older offices are being considered for conversion to alternate uses (residential, medical, or educational facilities), particularly if they’re well-located but obsolete for today’s office tenants. Despite these challenges, Phoenix’s office market benefits from the metro’s overall growth – new jobs are still being created, especially in industries that value in-person collaboration like semiconductor engineering, life sciences, and fintech. Office leasing activity has picked up for specialized build-to-suit projects such as research facilities or corporate campuses tied to big relocations. Most experts predict Phoenix office fundamentals will gradually recover over the next couple of years as the economy grows into the existing space and as obsolete stock is repurposed. For now, investors and landlords are laser-focused on quality: buildings with the best locations, access, and amenities are capturing the lion’s share of leasing, while the rest of the field competes in a tenants’ market. It’s a classic flight-to-quality story, and Phoenix is living through it in real time.

Retail and Mixed-Use: Adaptive Revival in Shopping Destinations

Phoenix’s retail real estate has mounted a strong comeback and evolution, defying the narrative of retail apocalypse. As the metro’s population has swelled, retailers both large and small have expanded to serve new communities – and they’re finding consumers eager to spend. By late 2023, Greater Phoenix retail vacancy hit a historic low of around 4.8%, a level of tightness not seen in over a decade ( AZ Big Media – Retail Vacancy at Historic Low (2023)). Virtually every submarket enjoyed rising occupancies, with the West Valley boasting the lowest retail vacancy of all (in some areas under 2% vacant). This strength is underpinned by healthy consumer spending – Phoenix’s retail sales have been growing robustly, aided by job and income growth as well as the tailwind of in-migration. Another factor is limited new construction of retail; very few new malls or shopping centers have been built in the past decade, so tenant demand has refilled existing spaces rather than getting diluted by new supply.

The character of retail development in Phoenix has been shifting toward experiential and mixed-use formats. Lifestyle centers and entertainment districts have gained popularity, particularly in fast-growing suburbs. For instance, Westgate Entertainment District in Glendale (near the NFL stadium) and Tempe Marketplace are examples of large open-air centers combining dining, entertainment venues, and shopping that continue to thrive by offering experiences that e-commerce can’t match. Scottsdale Quarter and Kierland Commons in North Scottsdale are another successful duo of high-end lifestyle centers serving the affluent demographic with a mix of retail, restaurants, and office space. We’re also seeing traditional shopping centers anchor around daily needs and “internet-resistant” uses: grocery-anchored retail, home improvement stores, medical clinics, and fitness centers are some of the tenants driving new leases. As a result, neighborhood and community shopping centers across the Valley have very low vacancy and rising rents; national grocery chains and discounters have been aggressively expanding to keep up with housing developments on the fringes.

Perhaps the biggest storyline in Phoenix retail is the reinvention of aging properties. Developers have seized on redevelopment opportunities in well-located but dated retail sites – often turning them into modern mixed-use destinations. A case in point is the former Paradise Valley Mall in North Phoenix, which is being transformed into a new walkable district (“PV”) featuring upscale housing, offices, and a contemporary shopping/dining collection, anchored by a new Whole Foods and other draws. Similarly, Metrocenter Mall in northwest Phoenix (once a bustling mall in the 1970s) was demolished and is slated to rebirth as a mixed-use community with residential, retail, and a connection to the light rail transit line. These projects speak to the creativity in Phoenix’s retail market: where pure retail is struggling, adding elements like multifamily, entertainment (such as cinemas or even indoor sports like Topgolf and pickleball facilities), and office space can breathe new life into properties. Investors have found value in acquiring older strip malls or power centers and upgrading them with modern tenants or layouts. On the whole, Phoenix retail real estate has proven resilient and adaptive. The combination of strong population growth (ensuring a steady flow of new customers) and a collaborative approach by cities and developers to repurpose sites has kept retail performance in Phoenix far healthier than many expected. Retail rents are rising modestly and investor interest is rekindled for well-located centers, making this sector another beneficiary of the region’s boom.

Hospitality: New Resorts and a Tourism Resurgence

Phoenix’s hospitality sector is experiencing a renaissance, buoyed by record tourism and a pipeline of new high-end projects. Long known as a haven for winter visitors and spring training baseball fans, the Phoenix/Scottsdale area has reinforced its status as a year-round destination for leisure, events, and conferences. Hotel occupancy and average daily rates have rebounded strongly from the pandemic lows, with luxury resorts in particular seeing high demand. This confidence is evident in the slate of new hospitality developments underway. In the West Valley, Glendale is welcoming the massive VAI Resort – a $1.2 billion entertainment resort scheduled to open in 2025 with over 1,100 rooms, a huge concert venue, and even a man-made lagoon and beach. It will be among the largest resorts in Arizona history and is integrating a Mattel-branded theme park that promises to draw families from across the region. In Scottsdale and Paradise Valley, the ultra-luxury segment is expanding: the Ritz-Carlton Paradise Valley is set to debut as part of a new high-end mixed-use complex, bringing 215 opulent rooms and one of the longest resort pools in North America. This Ritz-Carlton will raise the bar on luxury and is aimed squarely at affluent travelers who might otherwise choose Palm Springs or Beverly Hills – underscoring the metro’s ability to attract a global clientele.

Meanwhile, downtown Phoenix has seen its hotel stock grow and upgrade as well. The downtown core recently opened a new 330-room Omni hotel adjacent to the convention center, complete with convention meeting space and a rooftop lounge to serve delegates and leisure visitors alike. Boutique and lifestyle hotels are also appearing to cater to niche travelers and younger tourists drawn to Phoenix’s urban scene and events. With Phoenix hosting major events regularly – the Super Bowl (hosted in 2023 and expected again in coming years), the NCAA Final Four (returning in 2024), the Phoenix Open golf tournament (the highest-attended PGA event), Barrett-Jackson auto auctions, and countless conferences – the hospitality industry has a steady stream of demand drivers. Even in the heat of summer, resorts have found creative ways to lure visitors (offering discounted rates, indoor attractions, and spa escapes), ensuring that occupancy remains serviceable year-round.

From an investment perspective, hospitality in Phoenix is attractive due to a few factors: high visitation growth, relatively low development costs (compared to coastal cities), and a supportive tourism marketing effort by state and local authorities. Phoenix Sky Harbor Airport’s recent expansion and record passenger counts also reflect the metro’s rising connectivity and appeal. The risks of hospitality – seasonality, economic sensitivity – are mitigated in Phoenix by the diversity of demand (business travel, sports, leisure, and group events all contribute). As a result, major hotel REITs, private equity funds, and international investors have been acquiring resort properties and urban hotels in the market, betting on Phoenix’s continued ascent as a premier travel destination. If the current trend holds, the Valley’s hospitality horizon will feature more marquee names and innovative concepts, solidifying its reputation not just as a place to live and work, but as a place to play and indulge as well.

Emerging Submarkets and Development Corridors

West Valley (Buckeye, Goodyear, Surprise): Master-Planned Expansion

Phoenix’s West Valley – encompassing cities like Buckeye, Goodyear, Avondale, and Surprise – has transformed from a quiet expanse of desert into a hotbed of development. This area west of downtown Phoenix offers vast tracts of land that are now being filled with master-planned communities, industrial parks, and new commercial nodes. Buckeye in particular has made national headlines as one of the fastest-growing small cities in America by percentage growth. Developers have big plans for Buckeye: massive master-planned communities (some spanning tens of thousands of homes) are on the books, aiming to eventually house hundreds of thousands of residents in coming decades. One example is the proposed Douglas Ranch project in Buckeye, a 37,000-acre new town concept backed by major developers that could one day be home to over 250,000 people. While these long-term visions will play out over many years, the early stages are evident in communities like Verrado (a thriving master-planned town in Buckeye) which already feature schools, shopping centers, golf courses, and thousands of homes.

The West Valley is also the epicenter of Phoenix’s industrial boom, thanks to its access to Interstate 10 heading to Los Angeles and the availability of large land parcels. Goodyear and the nearby Loop 303 corridor have attracted numerous distribution centers (Sub-Zero, Chewy, and UPS, to name a few) and advanced manufacturing sites. A 2,000+ acre site in Buckeye was recently acquired to develop a $20 billion data center campus, one of the largest in the country, highlighting how the West Valley is also drawing high-tech infrastructure projects. The city of Surprise, a bit further north, has combined residential growth with projects like new hospitals and a sizable biotech manufacturing facility, diversifying the West Valley’s industry base beyond pure logistics. As families continue to move westward for affordable new homes, retail and entertainment inevitably follow – we see new big-box retail centers, restaurants, and even sports facilities (Surprise hosts a Major League Baseball spring training complex) enriching these communities. The West Valley’s growth does bring challenges, especially around infrastructure: roads, water supply, and services are racing to catch up. Arizona’s recent water restrictions (halting new subdivisions that rely only on groundwater) particularly affect outlying areas like Buckeye, meaning developers are now partnering with cities to secure long-term water sources ( Axios – New Water Rules for Phoenix Expansion (2023)). Even so, the trajectory is set – the West Valley is poised to remain one of metro Phoenix’s primary growth corridors, providing a release valve for the region’s expanding population and a sprawling canvas for investors to build upon.

East Valley (Mesa, Gilbert, Queen Creek): Tech Growth and Suburban Prosperity

Phoenix’s East Valley, including cities like Mesa, Chandler, Gilbert, and Queen Creek, has long been a hub of suburban prosperity – and it continues to evolve rapidly with an infusion of technology and high-skilled industry. Chandler, for example, is the longtime home of Intel’s huge campus and has leveraged that into a broader tech ecosystem. In addition to Intel’s multibillion-dollar fabs, Chandler’s Price Road Corridor hosts offices for aerospace, software, and fintech companies, making it one of Arizona’s most prestigious corporate addresses. Adjacent Gilbert has transitioned from an agrarian town to an upscale suburban city known for its high median income and young, educated workforce. Gilbert’s recent Heritage District redevelopment (with trendy restaurants and apartments) and its new large employers (like Northrop Grumman’s expansion) exemplify an upward economic climb.

Mesa, the third-largest city in Arizona, is undergoing a tech renaissance of its own. Eastmark, a massive master-planned community in east Mesa, has attracted not only thousands of homes but also Apple’s global command data center (built quietly on a former failed factory site) and other aerospace/defense companies setting up shop near Phoenix-Mesa Gateway Airport. That airport – once an Air Force base – has become a secondary aviation and commerce hub, fueling business parks around it. Meanwhile, Mesa’s downtown is seeing new life with Arizona State University opening a satellite campus focused on film and the arts, bringing students and creative energy. Further southeast, Queen Creek and the San Tan Valley area represent the frontier of the East Valley’s housing boom. Queen Creek has been among the fastest-growing U.S. cities, expanding with family-oriented subdivisions, new schools, and retail centers. It’s also snagged some industrial development; for instance, a major battery manufacturing plant by LG Energy Solution is under construction in Queen Creek, showing that even far-flung suburbs can attract global investment in the era of domestic supply chain growth.

The East Valley overall benefits from excellent infrastructure and a reputation for quality growth. The Loop 202 freeway expansion and other road improvements have opened up access, making commutes from places like Queen Creek to employment cores more feasible. Additionally, the East Valley boasts strong educational institutions (the main ASU campus in Tempe, community colleges, and high-performing school districts) which feed the talent pipeline. Commercial development is following rooftops aggressively: power centers, medical office clusters, and auto malls have proliferated to serve the booming population. Mixed-use lifestyle developments are also appearing – for example, Gilbert’s Rivulon and Mesa’s planned Gateway Village aim to integrate office campuses with retail and residential space to create mini urban centers in the suburbs. For investors, the East Valley offers a mix of stable, affluent neighborhoods (with opportunities in retail, office and healthcare real estate) and high-growth outskirts where land for industrial or residential development is still available. The dynamism of this area – blending tech industry growth in places like Chandler with relentless housing demand in communities like Queen Creek – ensures the East Valley will remain a central focus of Phoenix’s overall expansion.

Central Phoenix: Urban Infill and Opportunity Zones

Central Phoenix – including the downtown and midtown areas – is experiencing a wave of infill development and reinvestment after years of relative underdevelopment. Whereas Phoenix historically grew outward rather than upward, the last decade saw a notable urban revival. Dozens of cranes have appeared on the central skyline building high-rise apartments, modern office towers, hotels, and Arizona State University’s expanding downtown campus. City leaders have actively encouraged this trend through incentives like the Downtown Redevelopment Area and Opportunity Zone designations in and around the central business district. Opportunity Zones (a federal tax incentive program established in 2017) have made equity funding more accessible for projects in certain underinvested tracts of central Phoenix – spurring projects like mixed-income housing and creative office conversions that might not have penciled out otherwise. For example, we’ve seen older office buildings in Midtown get repositioned into residential lofts or hip coworking spaces, partly thanks to Opportunity Zone capital seeking tax-advantaged investments.

Key infill projects highlight central Phoenix’s transformation. In the Roosevelt Row Arts District north of downtown, what was once a collection of vacant lots and low-rise buildings has filled in with mid-rise apartment buildings, brought to life by demand for urban living options. Downtown’s Capitol District has new residential developments aimed at government workers and students. Importantly, Phoenix’s light rail line (which cuts through downtown and midtown) has acted as a spine for transit-oriented development: projects like Park Central (a former mall turned mixed-use campus) and the ongoing redevelopment near the Phoenix Suns arena illustrate how proximity to transit and downtown amenities is drawing investment. Additionally, Phoenix’s central areas have tapped into niche markets like student housing, with high-rise dorms and apartments serving the growing ASU presence downtown, and medical and bioscience facilities around the Phoenix Biomedical Campus. The city’s use of GPLET tax abatements has been controversial at times, but it undeniably helped jump-start marquee downtown projects, including upscale residential high-rises that add skyline-defining luxury living (and bring more disposable income to the urban core).

The central Phoenix real estate market still has room to grow relative to peer cities – downtown Phoenix is smaller in both population and employment concentration than downtowns in cities like Denver or Dallas. However, the momentum is positive. Vacancy in older midtown office buildings remains an issue, but some of those properties may evolve into housing or other uses. The city and private sector are also collaborating on solutions to long-term challenges like homelessness and infrastructure upgrades, to ensure downtown remains attractive. For investors and developers with a long-term view, central Phoenix infill offers unique opportunities: land prices and existing building values are still relatively modest for a large city, meaning creative redevelopments can yield outsized returns as the area matures. With a young, expanding population increasingly interested in urban live-work-play lifestyles, Central Phoenix is positioned to steadily shed its former “9-to-5 downtown” image and blossom into a vibrant 24/7 district in the years ahead.

North Scottsdale & Paradise Valley: Luxury Residential and Commercial Expansion

In the northeast part of the Valley, North Scottsdale and the town of Paradise Valley represent the pinnacle of luxury real estate in Arizona – and their growth continues in both residential and commercial realms. North Scottsdale has been extending its reach further into the high Sonoran Desert, with exclusive new residential communities taking shape in the foothills of the McDowell Mountains and beyond. Developments like Sierra Reserve, Storyrock, and Sereno Canyon are adding multi-million-dollar custom homes and estates, often with large lots and sweeping desert vistas, to satisfy demand from wealthy buyers (including a steady stream of executives and second-home owners moving in from California, Chicago, and the Northeast). Even as these communities push the suburban fringe, Scottsdale’s meticulous planning ensures high design standards and ample open space to preserve the area’s scenic beauty – a major selling point.

Alongside the residential expansion, North Scottsdale’s commercial scene is evolving to serve its affluent demographic. The Scottsdale Airpark area, around the city’s airport, has become a major office and mixed-use hub, second in the state only to downtown Phoenix in total office square footage. The Airpark and nearby areas have attracted a mix of corporate campuses (like Nationwide Insurance’s new regional HQ at Cavasson), medical and bio-tech facilities (honoring Scottsdale’s reputation as a healthcare cluster), and upscale shopping/dining centers. Scottsdale Quarter and Kierland Commons – straddling Scottsdale Road at the Phoenix border – are thriving open-air retail centers that draw shoppers from across the metro with a mix of luxury brands and trendy restaurants. Further south, Old Town Scottsdale remains a cultural and nightlife center, and it too has seen a wave of redevelopment: high-end condo towers and boutique hotels have risen next to the Scottsdale Waterfront and Fashion Square mall, bringing more full-time residents and foot traffic into the historic downtown area.

Paradise Valley, an independent town nestled between Scottsdale and Phoenix, has long been synonymous with luxury and privacy, known for its sprawling mansions and luxury resorts. Recent developments there include the new Ritz-Carlton Paradise Valley resort (opening as mentioned above) and associated luxury villas and retail at The Palmeraie – an ultra-high-end shopping and dining complex targeting global luxury brands. This infusion of commercial activity is notable because Paradise Valley traditionally had minimal commercial zoning; the Ritz project is effectively creating a new high-end village center for ultra-affluent residents and visitors. For investors and developers, North Scottsdale and Paradise Valley present a more rarefied set of opportunities – often smaller-scale projects, but with very high price points and margins. Whether it’s a five-star resort, a Class A office building commanding top rents, or a custom home community, the focus is on quality over quantity. These submarkets are supply-constrained by design (stringent zoning and limited land), which tends to support property values through market cycles. In essence, the growth here is not about volume but about the continual elevation of an already prestigious area – ensuring that Scottsdale and Paradise Valley remain the crown jewels of Arizona real estate.

Tempe/ASU Corridor: Education, Innovation, and Urban Energy

The Tempe/ASU corridor is one of the most vibrant and fast-changing parts of Greater Phoenix, driven by the interplay of academia, innovation, and urban redevelopment. Tempe, home to the main campus of Arizona State University, has leveraged that academic presence to become an innovation hub and a magnet for young talent. Over the past decade, the areas around downtown Tempe and Tempe Town Lake have been utterly transformed. High-rise developments now line the lake where warehouses and parking lots once stood. This includes modern office towers (housing regional headquarters for finance and tech firms), luxury apartment buildings geared towards young professionals and grad students, and hotels catering to university visitors and business travelers. ASU itself has partnered on some of these projects, such as the Novus Innovation Corridor – a multi-phase development on university land that is bringing millions of square feet of mixed-use space (offices, labs, retail, residential) to fruition adjacent to ASU’s athletic facilities.

A particularly strong sub-sector in Tempe is student housing. ASU’s enrollment has been growing, and more students are choosing to live on or near campus, prompting a surge of private student housing towers. These buildings, often 15–20 stories tall, feature student-focused amenities and are typically master-leased by the university or operated by student housing companies. Their success has not only met student needs but also added to Tempe’s urban density and retail spending. Beyond students, many ASU graduates are staying in the area, feeding the local workforce and startup scene. Companies like State Farm established a massive operations center on Tempe Town Lake (a development called Marina Heights), and other employers have followed suit, drawn by the pipeline of talent and the energetic environment. Tempe now consistently boasts one of the lowest office vacancy rates in the metro for Class A space, and its lease rates are among the highest, reflecting how desirable it has become to companies and their employees.

The Tempe/ASU corridor’s momentum also extends just east into Mesa, where ASU is developing an innovative new campus (ASU Polytechnic and ASU Mesa City Center for digital media) and where the light rail line terminates. And to the north of Tempe, the Scottsdale border area around SkySong (the ASU Scottsdale Innovation Center) has created another pocket of tech companies, incubators, and modern offices in a campus-like setting. All these efforts underscore the theme: the convergence of education, research, and private enterprise is a powerful catalyst for real estate in Tempe and its surrounds. The city of Tempe has been proactive in guiding growth with an updated urban master plan, encouraging walkability, bike lanes, and a mix of uses to keep the city lively beyond the 9-5 hours. For investors, the Tempe area offers opportunities in developing or owning next-generation product types – think research labs, creative offices, and dense housing – that play into the innovation economy. It’s an area where the demand for space is likely to outstrip supply for the foreseeable future, constrained by Tempe’s finite land area and propelled by the ever-renewing engine of ASU. If Phoenix is the mature engine of Arizona’s economy, Tempe is its R&D lab and talent factory, and real estate in this corridor is reaping the benefits of that dynamic energy.

Strategic Investment Themes and Considerations

Asset Allocation: Balancing Stability and Growth

Investors targeting Phoenix are employing a range of strategies, but a common theme is balancing the market’s high-growth potential with stable income-producing assets. Institutional capital has ramped up in Phoenix – pension funds, private equity real estate firms, and REITs have all increased their allocations to the market, often treating Phoenix as a “core” or “core-plus” holding rather than a speculative play. At the same time, local private investors remain very active, particularly in value-add opportunities. The blend of investor types means that both low-risk and higher-octane deals are available. For instance, an insurance company or sovereign wealth fund might acquire a brand-new Class A industrial portfolio in Phoenix for steady 4–5% returns, confident in long-term tenancy by credit occupants. On the other end, entrepreneurial investors are finding older properties – say a 1980s apartment complex in Mesa or a half-leased suburban office – where they can create value through renovations, lease-up, or redevelopment. Phoenix’s rapid growth provides a tailwind for these value-add plays; a rising tide of demand can turn around underperforming assets with the right business plan.

Portfolio-wise, many investors are aiming for a mix of asset types in Phoenix to diversify their exposure. Industrial and multifamily are the clear favorites given their strong fundamentals, and indeed those two sectors have accounted for the bulk of transaction volume in recent years. But some opportunistic capital is also eyeing retail and office properties, betting that distressed pricing or redevelopment potential can yield outsized returns. For example, purchasing a well-located strip retail center with some vacancy, then re-tenanting it with popular local eateries or service tenants, can quickly stabilize income in a market where retail demand is solid. Similarly, a few bold investors are buying aging office buildings at deep discounts, planning to modernize them into creative offices or convert to alternative uses (like residential or life sciences) – essentially arbitraging the flight-to-quality trend. Overall, Phoenix’s investment landscape rewards those who understand submarket nuances. High-net-worth investors from California, in particular, have been active in 1031 exchanges into Phoenix properties, selling high-priced assets in coastal markets and buying multiple Phoenix assets to diversify and boost cash flow. This influx of exchange capital has at times driven pricing to jump quickly, so strategic clarity on value is key. The bottom line: Phoenix offers opportunities across the risk spectrum, and savvy investors often combine stable, cash-flowing assets (to pay the bills) with select bets on growth assets (to capture appreciation in this rapidly expanding metro).

Cap Rates and Yield Trends

Cap rates in Phoenix have undergone a dramatic compression over the past decade, reflecting the market’s evolution from secondary city to institutional favorite. As recently as the mid-2010s, Phoenix commercial cap rates were significantly higher than those in coastal markets – a sign of perceived higher risk or less competition. However, as Phoenix proved its resilience and growth, investors piled in, bidding up asset values. By 2021–2022, cap rates for prime multifamily and industrial properties in Phoenix had plunged to the low-4% range, in line with or even below some coastal markets’ levels. This was an extraordinary validation of Phoenix’s investment thesis but also raised the question of sustainability, especially as interest rates rose in 2022–2023. Indeed, over the last year, cap rates have ticked up somewhat across sectors – most buyers now underwrite Phoenix deals at moderately higher yields than the ultra-low of 2021, both due to higher debt costs and a slight cooling of the frenzy. Multifamily cap rates, for example, have stabilized around the mid-5% range for quality assets (higher for older or tertiary-located properties) ( Northmarq – Phoenix Multifamily Market Q2 2024 ). Industrial cap rates remain in the low to mid-5% range as well for core logistics facilities. Retail neighborhood centers might trade around 6–7% caps depending on tenant quality, and office cap rates are the highest – often 7%+ for premier buildings, and double-digit implied yields for challenged office assets that trade at heavy discounts.

Despite the modest decompression recently, investor demand still far outstrips supply for Phoenix real estate, keeping a lid on cap rates relative to the city’s growth prospects. Put simply, many buyers are willing to accept a lower initial yield because they expect above-average rent growth and appreciation. Over the past five years, Phoenix achieved some of the strongest rent growth in the nation in multifamily, industrial, and even certain retail segments, which meant actual income yields rose quickly after acquisition. This growth-adjusted return profile is a big part of Phoenix’s appeal. As long as the metro keeps adding people and jobs at high rates, real estate owners can push rents and improve NOI, thus “growing into” their valuations. Another factor supporting values is the diversity of capital now interested in Phoenix. Domestic institutions are increasingly joined by foreign investors – for instance, Canadian and Asian investment firms – who view Phoenix as a stable, high-growth market and are comfortable with the pricing. In 2022, Arizona was actually ranked the #1 state for foreign direct investment largely due to the sheer scale of projects in Greater Phoenix ( AZ Big Media – Foreign Investment in Phoenix (2024)). Such global interest further validates Phoenix and puts competitive pressure on cap rates. Going forward, most analysts predict Phoenix cap rates will remain relatively flat in the near term (assuming no big interest rate shocks), with perhaps slight compression in multifamily and industrial as those sectors recover quicker, and some upward drift in office until that sector finds its footing. The key for investors is to underwrite carefully – Phoenix’s trajectory is positive, but prudent buyers still account for potential risks like rising insurance or expenses so that yield expectations remain realistic.

Development Trends: BTR, ESG, and Construction Innovation

Development activity in Phoenix is at a high tempo, and several emerging trends are shaping how new projects are conceived and built. One major trend already discussed is the boom in Build-to-Rent (BTR) single-family communities, which has made Phoenix a national leader in that niche. Developers from across the country are flocking to the Valley to put up BTR projects, drawn by the region’s population influx and the relative ease of building master-planned projects on open land. We can expect the BTR momentum to continue as long as housing affordability challenges persist – these projects strike a chord with residents seeking more space than an apartment but more flexibility than owning.

Another key trend is the integration of ESG (Environmental, Social, Governance) principles into real estate development. In Phoenix, this often means designing projects with sustainability and resilience in mind, given the desert environment. Solar energy is practically a must-have in new developments – we see industrial warehouses blanketed with rooftop solar panels to cut operating costs and feed power back to the grid, and some new home communities offering solar as a standard feature. Water conservation is an equally critical focus: developers are incorporating advanced water-saving technologies, from low-flow fixtures to graywater recycling systems, acknowledging Arizona’s water scarcity concerns. Many large developments are pursuing LEED certification or similar green building standards to signal their commitment to sustainability. For example, some of the new office buildings in Tempe and downtown Phoenix feature energy-efficient glass, smart HVAC systems, and designs that reduce heat gain (important in the harsh summer sun). Even in master-planned residential communities, developers are landscaping with drought-tolerant plants and installing smart irrigation controls, aligning with regional conservation goals. ESG isn’t just about the environment either – projects are increasingly being planned with community benefits like parks, walking trails, and public art, reflecting a broader view of development’s social impact.

Innovation in construction methods is also emerging out of necessity. Phoenix’s construction market has been extremely busy, which has led to labor shortages and rising costs for materials and labor. In response, some developers are exploring modular construction and off-site fabrication as ways to save time and reduce costs. For instance, instead of building every apartment unit from scratch on site, companies might fabricate components or even whole modules in a factory setting (often out of state) and then assemble them on the Phoenix job site. This approach can shorten build times and mitigate the skilled labor bottleneck in Arizona. We’re also seeing increased use of concrete tilt-up construction for industrial buildings to accelerate delivery, and creative scheduling (like nighttime concrete pours during summer months to beat the heat and keep projects on track). Technology is playing a role too: Phoenix builders are leveraging drones for site surveys and AI-driven software for project management to improve efficiency. With the volume of development in the pipeline, adopting these modern construction techniques and project management tools is becoming key to delivering on time and under budget.

In sum, Phoenix’s development scene is defined by rapid growth with a forward-looking approach. Whether it’s pioneering new housing models like build-to-rent, emphasizing sustainable design in the face of environmental challenges, or innovating in construction to meet demand, Phoenix developers are adapting to ensure the market’s growth is executed smartly. For investors and stakeholders, these trends are encouraging – they suggest that Phoenix is not just building more, but building better and more resiliently, which bodes well for long-term asset value and community well-being.

Tax, Policy, and Regulatory Environment

Arizona’s favorable tax and policy environment underpins many investment decisions in Phoenix. Key aspects of this landscape include:

• Low Taxes and Incentives: Arizona offers a tax-friendly platform for real estate investors and businesses. There is no state-level corporate franchise tax or inventory tax, and the corporate income tax is a flat 4.9% – one of the lowest in the nation. Property taxes are also relatively modest (assessment ratios for commercial property are around 18% of value, yielding effective rates well below those in states like Texas or Illinois). Moreover, state and local authorities provide targeted incentives for development. Tools like the Government Property Lease Excise Tax (GPLET) abatement in downtown Phoenix can significantly reduce property tax burdens for the early years of a project, improving feasibility for new office, hotel, and multifamily towers in the urban core.
• 1031 Exchange Capital: Phoenix has become a popular destination for 1031 exchange investments, particularly for investors selling properties in California and other high-cost markets. By rolling over gains tax-free into Arizona assets, these investors often can trade into larger or multiple properties, boosting their cash flow. The steady influx of 1031 money has added liquidity to Phoenix’s investment market – you’ll frequently see California sellers buying Phoenix apartments or retail centers to take advantage of higher cap rates and landlord-friendly laws. This dynamic supports property values and often introduces well-capitalized ownership that further improves assets.
• Water Policy and Land Development: Recognizing the long-term water scarcity challenges, Arizona has implemented forward-looking regulations to ensure sustainable growth. Within designated Active Management Areas (which include metro Phoenix), new residential subdivisions must demonstrate a 100-year assured water supply. In mid-2023, state officials took the notable step of pausing approvals for new subdivisions in parts of metro Phoenix that would rely solely on groundwater, citing a projected long-term shortfall ( Axios – New Water Rules for Phoenix Expansion (2023)). This policy means developers in certain outlying locations must now secure water via city services or importation, effectively channeling growth towards areas with existing infrastructure. While this introduces an extra layer of due diligence for land investors, it ultimately safeguards the region’s viability. Investors acquiring land or planning large projects in Phoenix are increasingly conducting rigorous water availability studies and often participating in solutions like water rights leasing, reclamation plants, or contributing to regional conservation funds. The good news is that major municipalities (Phoenix, Mesa, etc.) have stored significant water and have plans in place to support continued growth, but water will remain a critical factor shaping where and how development happens.
• Landlord and Lender Friendly Laws: Arizona’s legal framework for real estate tends to favor property owners and creditors, especially compared to more regulation-heavy states. For residential landlords, the state imposes no rent control or statewide eviction moratoria, and eviction proceedings for nonpayment are relatively swift (often resolved within a few weeks through court). This gives multifamily investors more certainty in income stream enforcement. On the commercial side, Arizona allows non-judicial foreclosures through trustee sale for deeds of trust, enabling lenders to recover collateral more efficiently than in states requiring lengthy court foreclosures. Mechanic’s lien laws and other property statutes are fairly standard and not overly burdensome. While tenants and borrowers certainly have protections, the overall balance in Arizona tilts toward encouraging investment by reducing legal risks. This hospitable legal climate has been a draw for out-of-state investors who may be used to more tenant-favorable or litigious environments.

In summary, Arizona has cultivated a pro-investor policy setting: a straightforward tax system with competitive rates, creative incentive programs for development, proactive resource management policies, and legal statutes that reduce uncertainty for landlords and lenders. For anyone investing in Phoenix real estate, understanding these local rules and benefits is crucial. They not only affect the bottom line (through tax savings or fewer regulatory hurdles) but also frame the long-term growth outlook (ensuring, for instance, that water resources are managed as the region expands). So far, Arizona’s governance has struck a business-friendly tone that complements Phoenix’s growth – a factor likely to continue attracting capital as investors seek stable, well-regulated places to deploy their funds.

Risks and Long-Term Challenges

Water Scarcity and Infrastructure Strain

No discussion of Phoenix’s future can ignore water – the lifeblood of any desert city. The metro’s rapid growth raises valid questions about long-term water supply in an era of drought and climate change. Phoenix relies on a combination of sources: the Colorado River via the Central Arizona Project (CAP) canal, Salt and Verde River watershed reservoirs, and groundwater. Prolonged drought in the Southwest has already led to reductions in Arizona’s Colorado River allocation, and while cities have been largely shielded (with cuts falling mainly on agriculture thus far), the situation remains a concern. The state’s recent move to halt some new groundwater-dependent developments in metro Phoenix underscores that water availability will shape growth patterns ( Axios – New Water Rules for Phoenix Expansion (2023)). The challenge for Phoenix is ensuring that its impressive expansion is sustainable over the next 50-100 years of likely hotter, drier climate conditions. This will entail heavy investments in infrastructure – more water recycling plants, perhaps desalination projects (Arizona has floated the idea of partnering on a desalination plant in Mexico), and continued efforts in conservation and efficiency.

Beyond water, other infrastructure will also be tested by growth. Transportation is a key area: Phoenix’s freeway system is extensive and generally well-planned, but as millions more people move to the region, bottlenecks are emerging. The metro area is geographically large, so ongoing expansions like new freeway loops, widened interstates (I-10 is being widened in critical stretches), and improved public transit options will be needed to prevent crippling congestion. Public transit, aside from the light rail in the central areas, is limited – if Phoenix wants to attract younger populations who value transit-oriented lifestyles, it may need to invest more in this realm. Likewise, as more far-flung suburbs sprout, the cost to extend utilities, schools, and emergency services to those areas grows. These infrastructure costs often translate into higher impact fees or taxes, which can affect development pro formas or raise the cost of living if not managed efficiently. For investors, these factors are risks to monitor: insufficient infrastructure could impair property performance (think trucks delayed by traffic or homes far from quality schools), or conversely, aggressive spending on infrastructure could lead to higher taxes down the line. The region appears aware of these issues, and coordination between municipalities is improving, but the sheer scale of growth means infrastructure will be a continual challenge requiring vigilant planning and capital investment.

Rising Construction Costs and Labor Shortages

Like many booming Sun Belt markets, Phoenix is grappling with rising construction costs and a shortage of skilled labor. The building spree of the last few years – spanning huge industrial parks, thousands of homes, and numerous commercial projects – has stretched the local construction workforce thin. Contractors frequently report difficulty finding enough qualified tradespeople (electricians, plumbers, masons, etc.) to staff projects, leading to higher wages and sometimes project delays. Additionally, global supply chain disruptions and inflation in materials (from lumber to steel) have pushed development costs up significantly since 2020. Even as some material prices have stabilized, overall development costs in Phoenix are substantially higher than pre-pandemic, challenging developers’ budgets.

These cost pressures can slow down the pace of new supply, which in some respects may prop up values of existing assets but also can constrain growth if businesses can’t expand due to lack of space. High construction costs also make affordable housing development more difficult, exacerbating housing supply issues for lower-income residents. For commercial real estate, if replacement costs soar, it can widen the gap between the cost to build new versus the price of buying existing properties – potentially making acquisitions more attractive relative to development (a dynamic investors watch closely). In Phoenix, the labor issue might be partly alleviated by continued in-migration (i.e., workers moving here for plentiful construction jobs), but training a skilled workforce takes time. Developers are adapting by factoring in longer lead times and contingency budgets, and as mentioned, exploring modular and off-site construction methods to save on on-site labor. Nonetheless, if construction costs remain elevated, certain marginal projects (especially those with thin margins or community benefits like affordable units) may not pencil out, which could impact the region’s ability to meet all its development needs. Stakeholders, including government, are aware of this and are working on solutions – for instance, vocational training programs to grow the construction labor pool. But investors should be mindful that high construction inflation can impact everything from the feasibility of new builds to the timing of value-add renovations in their Phoenix portfolio.

Climate Resilience: Extreme Heat, Drought, and Insurance

Phoenix’s desert climate, while an attraction for many, also poses long-term risks that the real estate industry must navigate. Extreme heat is a fact of life in Phoenix, but climate change is pushing summer temperatures to new records – recent summers have seen extended stretches of 110°F+ days, straining public health and infrastructure. This extreme heat can have several implications: higher utility costs to cool buildings (which can affect net operating income for properties if not managed), potential impacts on electric grid reliability, and outdoor work (like construction or property maintenance) becoming more challenging and restricted to certain hours. Forward-looking developers are increasingly designing buildings with heat mitigation in mind: cool roof materials, extra insulation, shade structures, and landscaping that reduces urban heat island effects are becoming more common. Some large employers and building owners are even exploring backup power or energy storage to ensure business continuity during peak demand on the grid.

Drought and water scarcity, discussed earlier, are another facet of climate risk. If the perception grows that the Southwest is running out of water, that could dampen Phoenix’s growth narrative or lead to more stringent regulations that affect real estate (for example, landscaping ordinances or limits on new pool construction). In response, the real estate community is playing a part in advocating for sustainable water policies and often proactively reducing consumption at their properties. Many newer developments use desert landscaping almost exclusively – not just to save water, but because buyers and tenants increasingly appreciate the environmental responsibility (and lower water bills). Additionally, large industrial water users like semiconductor fabs are investing in on-site water recycling. TSMC’s new Phoenix fab, for instance, has been highlighted for incorporating advanced water reclamation to reuse a significant portion of the water it consumes.

On the insurance front, Phoenix historically has had fewer natural disaster concerns than many regions (no hurricanes, rare minor earthquakes, etc.), which gave it an insurance cost advantage. However, climate change is introducing new considerations. The risk of wildfires encroaching on the fringes of the metro is rising as the desert vegetation becomes more fire-prone in drought conditions – this could affect insurance in the wildland-urban interface areas on the outskirts. Extreme heat’s impact on health and safety is also being watched by insurers and regulators. So far, Phoenix has not seen the kind of insurance crisis that parts of California or Florida have (where wildfire and storm risks respectively have caused insurers to retreat), but it’s something to monitor. Real estate investors should ensure their assets are adequately insured and possibly invest in resilience measures (like backup cooling systems, fire-resistant landscaping, etc.) which could become factors in underwriting in the future. Ultimately, Phoenix’s climate risks, while real, are being actively managed and are part of the region’s broader narrative of adaptation. The city has long dealt with heat and water issues – the question is whether it can continue to innovate and invest at the pace needed as conditions intensify.

Managing Rapid Growth: Affordability, Traffic, and Political Shifts

Phoenix’s rapid ascent brings with it the classic challenges of a boomtown – ensuring growth doesn’t undermine the very advantages that made it attractive. One such challenge is housing affordability. Ironically, the very influx of people seeking Phoenix’s affordable living has driven up home prices and rents to levels that strain many local households. During 2020–2022, Phoenix saw some of the highest home price appreciation in the nation, with median home prices rising 30-40% in just two years. While prices have since stabilized, the median single-family home is now out of reach for a large share of first-time buyers, given higher interest rates and wages that haven’t kept pace. Similarly, average rents, though lower than in California, have become burdensome for service workers and others in lower wage jobs. If affordability continues to erode, Phoenix could see reduced in-migration or increased political pressure to address housing costs (through measures like zoning reforms to allow more density, or even rent control initiatives, though the latter is currently not permissible under state law). Investors should be mindful of this dynamic, as it could influence the type of housing in demand (for example, more demand for moderately priced rentals or suburban starter homes) and could invite policy changes aimed at curbing speculation or promoting affordable housing development.

Traffic and transportation concerns are another byproduct of growth. Phoenix was known for relatively easy commutes, but that is changing as the population swells. Key freeway interchanges and arterial roads are experiencing much heavier congestion at peak times. The average commute is getting longer, especially for those living in far suburbs like Queen Creek or Buckeye and working in central areas. Without continued investment in transportation solutions, quality of life could suffer and employers might hesitate to expand if employees face grueling commutes. The region’s leaders have generally been proactive – for instance, voters have approved transportation sales tax measures in the past to fund new freeways and light rail expansion. Another vote on extending a transit tax is on the horizon, and its outcome will shape transit development. For the real estate sector, traffic issues often translate to shifts in site selection (companies might favor decentralized office locations or warehouse sites closer to labor pools to mitigate commute issues) and can even influence property values (e.g., properties near new freeway extensions often see a boost). Maintaining mobility will be critical for Phoenix to keep its comparative advantage over more gridlocked cities.

Finally, the political landscape in Arizona is gradually shifting as the population grows and diversifies. Historically a conservative state, Arizona has trended more purple in recent elections, reflecting an influx of residents from more liberal states and changing demographics. With regard to real estate, this could eventually result in different policy priorities – for example, greater focus on sustainability, mass transit, or social issues like tenant protections, depending on which coalitions gain power. Already, local politics in Phoenix and its suburbs sometimes feature debates over growth (some residents push back on dense developments or worry about “Californication” of Arizona). While the state remains broadly pro-business, investors should keep an eye on ballot initiatives and local referendums. For instance, one suburb temporarily halted new apartments via a local measure, and water politics can pit fast-growing areas against those advocating slower growth. These political currents are part of the maturation of the region; as Phoenix becomes one of the largest metros in the country, its governance will naturally evolve. The hope among the business community is that Arizona can manage this evolution without losing its pro-growth edge. Engaged public-private dialogue will be important to navigate issues like education funding, public safety, and inclusivity, which indirectly affect the real estate market’s health by influencing talent attraction and overall stability. In short, Phoenix’s trajectory remains very positive, but thoughtful management of growth-related challenges will determine how smoothly the metro can transition from a high-growth Sun Belt city into a more complex, mature metropolis in the coming decade.

Frequently Asked Questions

Is now a good time to invest in Phoenix real estate?

Answer: For many investors, Phoenix continues to look attractive as a real estate market in 2025. The region’s economic fundamentals – strong population growth, diversified job creation, and business-friendly policies – remain intact, which bodes well for long-term real estate demand. According to recent investor surveys, Phoenix is consistently ranked among the top targets for commercial real estate investment in the U.S., even as rising interest rates have cooled some overheated markets. Buyers today can potentially benefit from a slight market rebalancing: after the frenzied seller’s market of 2021–22, there are now more opportunities to negotiate reasonable pricing or find value-add deals, especially in sectors like office or older retail where pricing has softened. Cap rates in Phoenix have risen modestly from their all-time lows, meaning investors can achieve a bit better yield today than a year or two ago. However, it’s important to be selective and strategic. “Good time to invest” doesn’t mean you can blindly buy anything – some submarkets or property types will outperform others. For example, industrial and multifamily assets in prime locations are likely to see continued rent growth and high occupancy, making them solid bets, whereas an older office building may struggle unless purchased at a steep discount and repositioned. Investors should also factor in the cost of debt; with interest rates higher, deals need to be underwritten carefully to ensure they pencil out with conservative leverage. In summary, if you have a long-term horizon and partner with experienced local experts, Phoenix still offers excellent opportunities. The market’s trajectory is positive, but prudent due diligence – understanding neighborhood trends, tenant quality, and future supply – is key to making any investment “good” in the current environment.

What are the most promising neighborhoods for real estate growth in Phoenix?

Answer: Phoenix is a broad metro, and promising areas depend on the property type, but several neighborhoods and submarkets stand out across different sectors. For residential and mixed-use growth, Downtown Phoenix and the adjacent Midtown/Roosevelt Row area are very promising – they are undergoing urban revitalization, adding apartments, restaurants, and entertainment options, which should drive property values higher as the live-work-play ecosystem matures. In the East Valley, Tempe remains a hot spot thanks to Arizona State University and a young, skilled population; its downtown and Tempe Town Lake district have become innovation hubs with lots of new development. Nearby, Chandler’s Price Road Corridor is key for commercial growth (especially tech offices and manufacturing), and the housing markets in Chandler and Gilbert benefit from those high-paying jobs, making their neighborhoods consistently in-demand. In the West Valley, areas like Goodyear and Buckeye are booming with industrial projects and new housing – communities in these cities (for example, around the Verrado development in Buckeye or the Canyon Trails area in Goodyear) have strong momentum, though they are more suburban in character. Scottsdale is always a promising area, particularly North Scottsdale for luxury homes and Class A office space serving corporate and high-end retail uses. The Scottsdale Airpark and Kierland region continues to thrive, and South Scottsdale/Old Town has seen a renaissance of high-rise living and hotel development. For pure industrial and logistics growth, the Loop 303 corridor (running through Glendale, Goodyear up to Surprise) is extremely active – this is where many large warehouses are landing, so land and industrial holdings there should do well. Another noteworthy pocket is Mesa/Gateway area in the East – around the Phoenix-Mesa Gateway Airport and ASU Poly campus, there’s burgeoning tech, aerospace, and distribution activity plus new master-planned communities (Eastmark, etc.), suggesting that area’s real estate will appreciate. Lastly, if we talk about up-and-coming “neighborhoods” in a more local sense, keep an eye on Central Phoenix infill districts like the Arcadia area, the Camelback Corridor, and adaptive reuse districts along Grand Avenue – places where older properties are being redeveloped to meet new demand. Those micro-markets can deliver outsized gains as they transition to trendier, higher-density uses. Overall, Phoenix has multiple growth nodes; the common thread is that areas with good transportation access, proximity to jobs (or universities), and a supportive city government tend to be the most promising for real estate appreciation.

How does Phoenix compare to other Sun Belt markets like Austin or Las Vegas?

Answer: Phoenix shares many attributes with other Sun Belt success stories like Austin and Las Vegas, but also has its own unique profile. In terms of similarities, all three cities benefit from warm climates, relatively affordable costs of living (compared to coastal gateway cities), and high rates of population in-migration. They’ve each been magnets for people leaving pricier states, and they enjoy pro-growth business environments. However, their economies differ: Austin is known as a tech and innovation hub with a heavy concentration of software, IT, and corporate headquarters (e.g., the Silicon Hills effect). It’s smaller in population than Phoenix but has a very high educational attainment and income level, partly due to the tech industry and the presence of the University of Texas. Austin’s real estate market has been extremely tight, with housing costs now on par with some coastal cities; its challenge going forward is infrastructure and affordability as it absorbs rapid growth. Las Vegas, on the other hand, is heavily driven by tourism, hospitality, and gaming. It’s roughly half the size of Phoenix metro and took a big hit during the 2008 downturn and again during the early pandemic due to reliance on tourism. Vegas has since rebounded strongly and is diversifying somewhat (attracting logistics and some California relocations), but it still is more cyclical because of its tourism base. Housing in Las Vegas remains a bit more affordable than Phoenix, but job opportunities outside of hospitality are more limited compared to Phoenix or Austin.

Phoenix sits somewhat between these two on the spectrum. It’s larger and more economically diversified than Las Vegas, with significant employment in finance, healthcare, education, and manufacturing in addition to hospitality. It’s not as tech-centric as Austin, but it’s rapidly growing its high-tech manufacturing (semiconductors) and has a budding tech office presence. Phoenix’s cost of living and doing business are still lower than Austin’s on average – for example, office rents and home prices in Phoenix, while rising, are generally below Austin’s peak levels. Another difference is geography and room to grow: Phoenix has a lot of land for expansion and a “sprawl” development pattern, whereas Austin is more constrained by geography (hill country, lakes) and has grown more dense as a result. That means Phoenix might be better positioned to absorb another million residents without as severe a housing crunch as Austin experienced (though infrastructure is the caveat, as noted). Climate-wise, Phoenix is hotter in summer than both Austin and Las Vegas (which may deter some would-be movers), but it has very mild winters and less humidity than Austin. Politically and culturally, Phoenix and its suburbs offer a mix of urban and suburban lifestyles, not unlike the blend you’d find across the Austin metro (which also has conservative suburbs and a liberal core). Las Vegas is a bit unique culturally due to the dominance of the Strip/tourism – Phoenix feels more like a “normal” major city with multiple employment centers and a big suburban footprint.

From an investment standpoint, Phoenix has often been viewed as having a more stable, broad-based growth trajectory than Las Vegas (which can swing with tourism fortunes), and as more value-oriented compared to Austin (which became quite expensive and supply-constrained). All three will likely outperform national averages in growth metrics in coming years, but Phoenix’s momentum – particularly with the recent influx of semiconductor and industrial projects – could give it an edge in certain sectors. In summary, Phoenix is comparable to its Sun Belt peers in growth appeal but offers a balance of industry and affordability that falls between the high-tech boomtown vibe of Austin and the entertainment-driven economy of Las Vegas.

What types of real estate are yielding the best returns in Phoenix?

Answer: In recent years, the star performers in Phoenix real estate have been industrial and multifamily properties. These two sectors have consistently delivered high total returns, driven by surging rents and strong investor demand. Industrial warehouses have seen exceptional appreciation – rent growth over the past three years exceeded 60%, and vacancy rates stayed extremely low until a batch of new supply came on. Even now, well-leased logistics facilities are trading at premium prices. Investors who got in on Phoenix industrial a few years ago often enjoyed both strong cash flow and significant equity upside as values climbed. Multifamily has a similar story: rapid rent growth (often double-digit annually during 2021 and 2022) boosted property incomes and values. Apartment investors saw excellent returns especially in the value-add space – renovating older apartment complexes in Phoenix yielded big rent bumps, and many such properties were re-traded at hefty profits. As of 2024, multifamily rent growth has normalized but is still positive, and occupancy remains healthy, so apartments continue to provide solid income yields (mid-5% cap rates) plus the prospect of appreciation as the population grows.

Beyond those two, neighborhood retail centers have quietly become strong performers as well. The pandemic and post-pandemic shakeout left Phoenix with relatively few retail vacancies and minimal new construction, so well-located strip centers anchored by grocery or essential services have very stable cash flows. Some investors are finding that these retail assets can offer higher going-in cap rates (often 6% or above) with steady tenants, and even some upside as rents mark to market. The key is tenant mix – centers with gyms, fast food, medical clinics, etc., have thrived and even expanded. Single-tenant net lease properties (like drugstores, fast-food restaurants, etc.) in Phoenix also benefited from population growth; cap rates compressed for these as 1031 exchange buyers snapped them up for reliable income. On the flip side, office properties have generally been the weakest performers recently, due to high vacancies and uncertainty in the office sector. That means current yields on Phoenix office can appear high (on paper, cap rates for top offices might be 7% and much higher for lesser buildings), but the risk and lack of rent growth make actual returns less certain unless you buy at a steep discount and improve the asset. Some opportunistic investors are pursuing those deals, but it’s a longer play to realize returns.

Emerging niches are worth mentioning too: data centers in Phoenix yield good returns given power costs and demand – Phoenix is a top data center growth market now because of its low natural disaster risk and fiber connectivity. And build-to-rent communities are yielding attractive returns in Phoenix for developers and early investors. Lease-up of new rental home communities has been very strong, and these assets often trade at low cap rates once stabilized, rewarding those who built them or bought in early. In summary, for immediate steady returns, industrial warehouses and multifamily rentals have been the leaders in Phoenix. Retail is also notably resilient and profitable in the right locations. Office remains a value play – potentially higher future returns if you can solve vacancy issues. It comes down to one’s risk appetite: the sectors with the most momentum (industrial/multifamily) have lower yields today but safer growth, whereas sectors in recovery (office/hospitality) might offer higher initial yields but with more risk to achieving those returns.

Are foreign investors active in the Phoenix market?

Answer: Yes, foreign investors have become increasingly active in Phoenix, especially in the last few years. Arizona as a whole has ramped up its profile on the global stage – in fact, the state ranked #1 in the U.S. for foreign direct investment in both 2021 and 2022, thanks to major projects like semiconductor fabs and electric vehicle factories spearheaded by international firms ( AZ Big Media – Foreign Investment in Phoenix (2024)). High-profile examples include Taiwan’s TSMC (building its massive chip plant), Ireland’s Intel (though a U.S. company, much of its capital comes via global operations), Switzerland’s Nestlé (opening a factory in Glendale), South Korea’s LG Energy Solution (constructing a battery plant in Queen Creek), and many others. These corporate investments bring foreign capital into real estate indirectly (through building facilities and housing for workers). Beyond corporate FDI, foreign institutional investors and funds are also eyeing Phoenix’s property market more than ever. Canadian investors have historically been active in Arizona (from pension funds buying office towers to individuals owning winter homes in Scottsdale), and that trend continues. We’ve also seen an uptick in interest from investors in Asia and Europe who traditionally focused on coastal cities but are now broadening their scope to high-growth Sun Belt markets.

One driver is that Phoenix offers higher yields and growth potential than many “safe haven” global cities, making it attractive for foreign capital seeking diversification. It’s not uncommon now to see, for instance, a Korean asset management firm partner on a Phoenix apartment portfolio, or a Middle Eastern sovereign wealth fund bidding on a Phoenix industrial portfolio. The scale of deals in Phoenix – which routinely sees transactions in the $100-$300 million range for top properties – can accommodate these large investors. Additionally, the stability of the U.S. legal and economic system combined with Phoenix’s growth profile provides the kind of risk-reward balance foreign investors appreciate. There are also EB-5 investors (who invest for immigration purposes) contributing to some Phoenix developments, though that’s more niche. In sum, while domestic buyers still conduct the majority of Phoenix real estate transactions, foreign investment is definitely on the rise and is an important part of the capital mix. It’s yet another sign that Phoenix has “arrived” as an international city – global investors now view it as a place they want to put their money, not just a regional market. This influx adds competition for local buyers but also brings in capital that helps fuel new projects and liquidity. We expect foreign investment in Phoenix to keep growing as more international players become familiar with the market’s strengths and as some of these big corporate footprints (like TSMC’s campus) draw ancillary global businesses into the region.

How are developers navigating water policy and environmental constraints?

Answer: Phoenix-area developers are increasingly proactive when it comes to water and environmental considerations, knowing that these factors are crucial for the sustainability of their projects (and for obtaining necessary approvals). Regarding water policy, developers now routinely engage with city water departments and the Arizona Department of Water Resources early in the planning process to ensure their projects meet the stringent requirements for assured water supply. If a new subdivision is outside existing city service areas, the developer might secure water rights by drilling wells and storing water credits, or by partnering with a municipality to extend water infrastructure in exchange for annexation or fees. For example, some master-planned community developers in outlying areas have purchased land specifically with water rights (farmland with existing water allocations) and then transferred those rights to municipal use for their projects. Rainwater harvesting and reuse systems are being designed into more commercial projects – it’s not uncommon to see large industrial facilities incorporating on-site water treatment to reuse gray water or collect rain from massive roofs for irrigation needs.

Environmental constraints in the Phoenix region also include managing the desert ecosystem and adhering to air quality standards. Developers are careful to design with the natural topography and flora in mind; many new communities set aside significant open space and preserve washes (dry riverbeds) both for flood control and habitat conservation. There are also stringent requirements to mitigate dust during construction (dust control is important to keep Phoenix’s air pollution down), so builders use methods like watering soil and promptly landscaping finished lots to avoid bare earth. The extreme heat has prompted the adoption of building materials that improve energy efficiency – high R-value insulation, low-E windows, and advanced cooling systems – which are often required by updated building codes and are simply practical to keep utility costs manageable for end-users. Additionally, more developers are pursuing green building certifications. LEED-certified office buildings and apartments are becoming common in Phoenix, as developers differentiate their product by highlighting energy and water efficiency features. Solar panels on carports or rooftops are frequently included in new developments, reducing grid reliance and appealing to environmentally conscious tenants.

Another aspect is regulatory compliance for issues like protected species or historical artifacts. When building on desert fringes, developers sometimes encounter protected cacti or archaeological sites; they navigate these by relocating plants (cactus salvage is a thing in Arizona – saguaros and other cacti are often moved and replanted in landscaping) and conducting cultural surveys to avoid or document sites of significance. Lastly, it’s worth noting that the development community is actively involved in regional planning efforts around the environment – for instance, many support the Plan Phoenix and Maricopa Association of Governments initiatives on open space and smart growth, understanding that unmanaged sprawl could lead to stricter regulations down the line. In summary, Phoenix developers are adapting by integrating water-saving technologies, sustainable designs, and cooperative planning to ensure their projects comply with current environmental policies and are resilient against future constraints. The ethos has shifted from seeing environmental measures as hurdles to viewing them as essential components of doing business in a desert metropolis.

References

• AZ Big Media – Phoenix a Top 10 CRE Investment Market (2025)
• Brevitas – Sun Belt Commercial Real Estate Surge: Top Metros to Watch (2025)
• REBusinessOnline – Phoenix Industrial Market Analysis by Colliers (2025)
• AZ Big Media – Phoenix Build-to-Rent Surge and 2024 Outlook
• AZ Big Media – Retail Vacancy Hits Historic Low in Phoenix (2023)
• AZ Big Media – Arizona Commercial Real Estate Outlook (2024)
• Gilbert Economic Development – Arizona Tax-Friendly Business Climate
• Axios – Arizona Halts New Housing Over Groundwater Shortage (2023)
• KJZZ – TSMC’s Investment and Phoenix “City Within a City” Development (2024)
• AZ Big Media – Foreign Direct Investment Growth in Greater Phoenix (2024)