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What's Being Built Next: Industrial

Creation and Crow Holdings Capital broke ground on Avondale Tech Center, a three-building, roughly 700KSF Class A industrial campus at the NWC of 117th Avenue and Corporate Drive in Avondale, with LGE Design Build as architect and general contractor and completion targeted for Q3 2027.

What's Being Built Next: Office & Flex

A five-building, roughly 81.1KSF office and flex development called Happy Valley Biz-Tech Park is planned on 7.5 AC in Surprise, designed by Ware Malcomb, though the proposal drew opposition from nearby residents ahead of its August 20 hearing.

What's Being Built Next: Aviation

Chandler City Council approved a 30-year ground lease for Vesper Hangars, a 29-unit, roughly 113KSF executive hangar development at Chandler Municipal Airport.

What's Being Built Next: Self-Storage

Reverent Ventures is planning a new self-storage and RV storage development on 8.64 AC in Casa Grande, adding to Pinal County's growing self-storage pipeline.

📍 Sector Snapshot — Vacancy & Inventory

Industrial: 12.4% vacancy per Q1 2026 data, down 120 bps year-over-year as new deliveries fell 82%  |  Retail: 4.5% vacancy, rents up nearly 7% year-over-year to $1.73 PSF per month  |  Office: 23.4% overall vacancy per Newmark Q2 2026  |  Medical Office/Biosciences: Roughly 297,000 SF under construction metro-wide, concentrated in the Southwest Valley, Buckeye and Queen Creek, per Plaza Companies  |  Multifamily: Q1 net absorption of 6,261 units, the strongest quarterly performance in at least 26 years  |  Mixed-Use: New West Valley office and flex product, like Happy Valley Biz-Tech Park in Surprise, continues rounding out live-work corridors

Industrial Landlord Watch

Avondale Tech Center's groundbreaking adds another roughly 700KSF of Class A industrial supply to the West Valley pipeline, a reminder that landlords in this corridor should expect continued new competition through 2027.

Medical Office & Bioscience Landlord Watch

Investor capital continues rotating from multifamily into medical office nationally, drawn to longer lease terms and higher cap rates, a trend worth watching for owners of Phoenix-area medical office and clinical space as the metro's healthcare footprint keeps expanding, per Plaza Companies.

📍 Sector Snapshot — Vacancy & Inventory

Industrial: 12.4% vacancy, down 120 bps as deliveries slow  |  Retail: 4.5% vacancy, rents up nearly 7% year-over-year  |  Office: 23.4% overall vacancy per Newmark Q2 2026  |  Medical Office/Biosciences: Roughly 297,000 SF under construction metro-wide, concentrated in the Southwest Valley, Buckeye and Queen Creek, per Plaza Companies  |  Multifamily: Q1 net absorption of 6,261 units, strongest in 26+ years  |  Mixed-Use: New West Valley office and flex product continues drawing small-footprint tenants

Aviation Tenant Watch

Chandler's newly approved Vesper Hangars will bring 29 executive hangar units to Chandler Municipal Airport, adding capacity for the East Valley's aviation and business travel tenant base.

Bioscience & Medical Education Tenant Watch

The University of Arizona and Gila River Health Care's new Sacaton medical school branch will bring 10 students annually starting in 2027, an early-stage tenant driver worth tracking as the program builds out its physical footprint over the next several years.

Office & Flex Tenant Watch

The proposed Happy Valley Biz-Tech Park in Surprise, a five-building, roughly 81.1KSF office and flex project, would add small-footprint tenant space to a fast-growing West Valley submarket if approved.

National Physician Shortage & Medical Education

The U.S. is facing a persistent physician shortage, particularly in rural and Tribal communities, and Arizona currently ranks No. 42 nationally for primary care access even as its population keeps growing. Research shows physicians are more likely to practice where they trained, which is exactly why community-based medical education, like the new Sacaton program, is increasingly viewed as a proven long-term fix rather than a symbolic gesture.

Healthcare Real Estate Capital Watch

Nationally, investor capital continues rotating out of multifamily and into medical office, drawn to longer lease terms and higher cap rates than most other commercial asset classes currently offer, a trend that lines up directly with the roughly 297,000 SF of medical office space now under construction across metro Phoenix.

NAI Global Network Intelligence

Through NAI Global's worldwide network of 400+ offices across 65+ countries, Amy Dattilo brings international market perspective to every local transaction, connecting Phoenix & Tucson clients with global capital, cross-border tenants, and international investors seeking U.S. CRE exposure.