In the News—Week of February 23, 2026
Deal of the Week
Thomas Title & Escrow successfully closed a commercial refinance for Selena Properties, LLC, an Arizona-based entity, involving a commercial property located in Old Town Scottsdale, Arizona. The transaction included a $3.91 million loan with Zenith Private Bank & Trust, supporting the continued ownership and investment strategy for this prime Scottsdale asset. The deal was expertly managed by Escrow Officer Bryan Selna, with business development led by Justin Wine, and supported by the dedicated escrow and title teams. This closing reflects our team’s commitment to delivering efficient, high-quality service on complex commercial transactions.
National
Residential rent increases expected to slow to a crawl
Residential rent growth is expected to slow significantly across the United States, AZ Big Media reports. Zillow conducted a survey and forecast that multifamily rents will remain nearly flat through the end of 2026, while single-family rents are expected to increase by only 1.1% annually. This shift is driven by increased apartment construction and higher vacancy rates, which give renters greater negotiating power and have led to widespread rental concessions. The typical U.S. asking rent in January 2026 was $1,895, representing the slowest annual growth rate since December 2020, with apartment renters now spending a smaller share of their median income on rent compared to pre-pandemic levels.
National
Manhattan man admits he made up claim of ownership of historic hotel
A Manhattan resident has admitted in court he never owned the historic New Yorker hotel after attempting to fraudulently claim ownership of the art deco landmark for over four years, the New York Post reports. The individual spent one night at the hotel in 2018 and exploited rent stabilization laws to remain there for a year before filing forged documents claiming he owned the $189 million property. During his fraudulent ownership claim, he attempted to collect rent from tenants, demanded access to the hotel’s bank accounts, and tried to transfer the hotel’s franchise to himself. He pleaded guilty to forging property records and received a six-month sentence plus five years’ probation, though he won’t serve additional jail time. He already completed the equivalent during court proceedings.
National
Thousands of California residents find themselves at mercy of shady ‘vanlords’
California’s housing crisis has driven thousands of residents, including full-time workers, to live in RVs as traditional housing becomes increasingly unaffordable, the New York Post reports. With 30.4% of homes on the market in the state listed for more than $1 million, an unregulated “shadow rental market” has emerged. Opportunistic landlords rent out deteriorating vehicles on public streets for hundreds of dollars monthly, often without tenant protections or formal leases. In response, cities such as San Jose have established “safe parking sites” offering free temporary parking with amenities and case management services, though demand far exceeds capacity with full waitlists. The number of homeless individuals living in vehicles in Santa Clara County has doubled since the pandemic, rising from 18% to 37%.
National
Texas in position to surpass Virgina for data centers as sector continues to boom
The North America data center sector’s extraordinary expansion continues with vacancy locked at a record-low 1% for the second consecutive year, JLL reports. “Record-low vacancy sustained over two consecutive years provides compelling evidence against bubble concerns,” says Andy Cvengros, an executive with JLL. The global real estate services company says 64% of the 35 GW construction pipeline now extends beyond traditional mature market. Texas alone accounts for 6.5 GW of capacity under construction and is positioned to overtake Virginia as the world’s largest data center market by 2030.
Arizona
Demand for office space in the Valley reaches highest level since pandemic
Phoenix area’s office market showed strong recovery in late 2025, with fourth-quarter tenant demand reaching levels not seen since 2019, absorbing over 530,000 square feet of space, AZ Big Media reports. Vacancy rates improved as sublease space hit its lowest point in four years. Developers began converting underused buildings rather than starting new ones, removing significant square footage from the market. Premium office properties experienced rental rate growth of nearly 6% compared to the previous year, driven by tenants seeking high-quality spaces with modern amenities in preferred locations. Investment activity remained steady with $1.56 billion in annual sales, primarily from buyers planning to repurpose properties.
Arizona
Cardinals break ground on headquarters, training facility on 30 acres in Phoenix
The Arizona Cardinals of the NFL have begun construction on a new performance center and headquarters in north Phoenix, AZ Big Media reports. The facility will span 30 acres and over 250,000 square feet on a 217-acre site. The team purchased the property for $136 million. The new complex is nearly doubling the size of the Cardinals’ current location in Tempe and will feature three outdoor practice fields, an indoor fieldhouse, upgraded locker rooms and advanced training spaces. Owner Michael Bidwill emphasized the project as a generational investment aimed at maximizing player performance while boosting Arizona’s economy. The state-of-the-art complex is expected to open in summer 2028.
