In the News—Week of April 27, 2026
Deal of the Week
We’re excited to highlight the successful closing of a $11.15M commercial transaction in Tolleson, Arizona. This asset was acquired by a California-based buyer. The transaction reflects continued investor demand in the West Valley, where Tolleson remains a key submarket for industrial and logistics-driven growth within the greater Phoenix area. A big thank you to everyone involved in bringing this deal across the finish line. Shoutout to our Thomas Title & Escrow team for a smooth and successful closing. We’re proud to support transactions that continue to shape and strengthen the Arizona commercial real estate market.
National
Prominent 20-story office tower in San Francisco draws no bids
An office tower in San Francisco’s financial district drew no bids at a recent auction, highlighting ongoing stress in the city’s commercial real estate market, the Daily Mail reports. The 20-story, 360,000-square-foot building at 600 California St. was valued at about $320 million in 2019 but was appraised at nearly $109 million in 2024 after occupancy fell and rental income weakened. After WeWork stopped paying rent and the owners defaulted on a $240 million loan from Goldman Sachs, Lone Star Funds bought the debt. Lone Star ultimately took control through foreclosure. Prospective buyers reportedly stayed away because the low occupancy made financing and repayment risks difficult to justify.
National
New York City schools paid billions of dollars in rent to private interests
New York City’s Department of Education has paid more than $5 billion in rent to private landlords since 2010, the New York Post reports. Public records show the city has often committed to long-term leases that exceed market rates, leaving taxpayers with no ownership stake while some properties rose sharply in value. Several cited buildings housing under-enrolled or low-performing schools, and experts argued the money could have been redirected toward buying facilities or funding academic supports. A commercial real estate broker told the paper that government tenancy can boost property values, effectively enriching landlords while the public absorbs the cost. The DOE did not respond to requests for comment.
National
Fifth Third says it’s still weighing options about Comerica Bank Tower, other sites
Fifth Third, after buying Dallas-based Comerica, says it is weighing multiple Dallas office options as it builds out a larger North Texas presence, The Dallas Morning News reports via Yahoo Finance reports. Bank leaders did not commit to a specific site, but they stressed that Dallas will remain central to the company’s regional footprint. A key unknown is the future of Comerica Bank Tower downtown, where the bank still holds a sizable space and the building-name rights through a lease that runs until 2028. The tower changed hands in 2024, and its new owners are planning a major repositioning that could add hotel and residential components, even as the bank has said it has no set plan to exit early.
National
Tourism, e-commerce drive surging demand for warehouses in Miami area
South Florida is experiencing a surge in demand for large warehouse and logistics buildings as e-commerce growth and the region’s tourism economy increase the need to store and move goods, NBC Miami reports. Industry experts say Miami is increasingly seen as a major industrial market, attracting bigger institutional investors as land becomes scarcer and more expensive. New data shows commercial real estate sales have jumped across Southeast Florida, and developers are expected to add millions of square feet of industrial space each year despite high building costs. The boom is running into constraints, including limited land for new sites and difficulty hiring workers as housing prices rise.
Arizona
Vacancy rate for office in Valley falls; asking rents rise but still lag the nation
The Greater Phoenix area entered 2026 with an office market that is stabilizing in some areas, Commercial Search reports. Figures from Yardi Matrix show the vacancy rate in January improved notably year over year from 19.7% to 17%, landing below the national rate (18.2%). Asking rents continued to climb, $29.89 per square foot, up 5.2% year-over-year. But they stayed under the U.S. average ($32.55). Investment sales kept a steady pace, but pricing-per-square-foot lagged the broader market despite a few sizable deals. At the same time, development momentum slowed, with relatively little space under construction and fewer new deliveries than in recent years.
Arizona
Stalled development in north Phoenix planned as $190 million sports complex
A stalled north Phoenix development is moving forward again as a nearly $190 million, 250,000-square-foot multisport complex planned near I-17 and Sonoran Desert Drive, AZ Big Media reports. The 17.5-acre project will include the Fire ‘N Ice Arena with two NHL-size ice rinks and courts for basketball and volleyball, plus a nearby hotel and a high school program run by SSS Academy. SSS Partners CEO Shubham Pandey said the team has spent months and tens of millions of dollars repairing and untangling issues left from prior ownership and financing setbacks. The venue is targeting a mid-August opening for the arena, with additional live entertainment expected through a partnership aimed at bringing concerts, comedy and theater to the space.
