In the News—Week of November 10, 2025
Deal of the Week
Thomas Title & Escrow is proud to announce the successful closing of a $13.23 million commercial land sale at 2215 W. Union Street in Phoenix, Arizona — a key site within the growing Union Park at Norterra corridor. Congratulations to Justin Wine, Joel Montemayor, Vickie Montemayor, and Teri Guevara for their outstanding teamwork and attention to detail on this complex commercial transaction. Trammell Crow Company purchased the site from US RELP Norterra East I, LLC for $13.23 million along with a construction loan from Comerica Bank. This closing reflects the continued strength of the Phoenix commercial market and our team’s commitment to excellence in every deal.
National
Real estate professionals’ reaction to Mamdani’s election win is mixed
Real estate professionals in New York are expressing mixed reactions to Zohran Mamdani’s election as mayor, CoStar reports. Mamdani’s platform includes freezing rents on rent-stabilized apartments, raising taxes on high earners and corporations, and expanding social programs funded by these new revenues. While some industry veterans remain optimistic about New York’s resilience through political changes, others already are reducing their investments in the city and taking more conservative approaches to lending. The business community has offered to work with the new mayor, though concerns persist about the practical implementation of his policies and their potential unintended consequences on housing supply and the city’s competitive position.
National
CRE transactions see limited growth, but top office, open-air retail see resurgence
Commercial real estate transactions in 2025 have grown only 5% compared to last year, with investors showing a clear preference for higher-quality properties worth over $100 million, CNBC reports. The hotel sector has experienced a significant 30% decline in deal value due to reduced business and international travel, while the office sector has seen renewed interest from major tech companies like Apple and Nvidia purchasing properties at discounted prices. Open-air retail centers have emerged as another strong performer, with nearly $500 million in investments during September, driven by their resilience and lower replacement costs.
National
South Florida CRE going strong as office, multifamily transactions surge
South Florida’s commercial real estate market is experiencing its strongest performance in three years, with nearly $10 billion in sales through the first three quarters of the year, WLRN reports. The multi-family sector leads activity as apartment demand remains high due to tight housing conditions, while office sales have reached almost $2 billion despite concerns about remote work impacts. Industrial properties face some uncertainty related to tariff volatility, though a major warehouse deal closed for $130 million in September. The elimination of Florida’s 2% commercial lease tax in October, combined with the Federal Reserve’s interest rate cut, may further boost the market’s momentum going forward.
National
Retail follows rooftops: Neighborhood in San Antonio lands two shopping centers
San Antonio’s Far Westside, particularly along State Highway 211, is experiencing significant retail growth, MySanAntonio reports. Two shopping centers are planned for the area. Lambda Crossing, a 41,800-square-foot plaza at Highway 211 and Lambda Drive, will feature retail, dining and health services with completion expected in spring 2027. About half a mile away, the Shops at Ladera will occupy 25,000 square feet near West Grosenbacher Road, with construction set to finish next year. This development boom reflects the corridor’s rapid expansion, driven by 13% annual household growth, the addition of an elementary school in 2021, and a Microsoft data center in 2023. The area sees approximately 30,000 vehicles daily.
Arizona
More than 1.1 million sq. ft. of office space under construction in Greater Phoenix area
The Greater Phoenix area’s office sector is experiencing strong growth, AZ Big Media reports. Figures from Commercial Cafe show more than 1.1 million square feet currently under construction in the Valley as of early October. Nationally, the office vacancy rate stands at 18.6% with average listing rates of $32.79 per square foot. The Phoenix area’s vacancy rate is 17.6% and the average listing rate is $29.41. Western U.S. markets show varied performance. Seattle reports the highest regional vacancy at 27%, and San Francisco commands the steepest rents at over $64 per square foot. California markets dominate both sales activity and development projects. The Bay Area leads in transaction volume at $4.3 billion year-to-date.
Arizona
Medical providers adding outpatient facilities as Arizona population grows
Arizona’s growing population is driving a transformation in health care real estate, with providers increasingly moving away from traditional hospital settings toward outpatient and community-based care facilities, AZ Big Media reports. Ambulatory surgery centers are experiencing significant growth, supported by private equity investment and physician partnerships. They offer patients more convenient and affordable alternatives to hospital-based procedures. “That trend started about 10 years ago,” says Philip Wurth, senior vice president at CBRE. “Banner was the very first hospital system to do their regional clinics, where they were bringing the medical services to the patients. Everyone else has jumped on board, including private physicians.” However, development faces major obstacles, including construction material costs that have risen up to 80% and labor expenses increasing over 20% in two years, making ground-up projects financially challenging and time-consuming. As a result, the market is seeing more leasing activity in existing medical buildings and strategic repurposing of structures.
