In the News—Week of October 27, 2025

Thomas Title & Escrow is proud to announce the successful closing of a $17 million commercial sale located in Mesa, Arizona. The property, consisting of multiple industrial tracts totaling approximately 10 acres, was acquired by Empire Southwest, LLC, a leading Caterpillar equipment dealer and service provider in the Southwest. Represented by Stein Koss at Lee & Associates, with legal guidance from Clark Hill, PLC and the Law Office of Kristin Henry, the transaction involved multiple family trusts and extensive title coordination. Thomas Title’s Bryan Selna (Senior Escrow Officer), Kylie Cook Director of Commercial Sales) and Teri Guevara (Senior Commercial Title Officer) worked collaboratively to deliver a smooth closing supported by Stewart Title Guaranty Company. This deal highlights Thomas Title’s proven expertise in complex, multi-parcel commercial closings, reinforcing our reputation as a trusted partner for Arizona’s top brokers and developers.

Manhattan’s most desired office space is filling up as leasing activity gains steam

Manhattan’s premium office buildings are experiencing strong demand, with many reaching full occupancy as companies compete for quality space, the New York Post reports. Third-quarter leasing activity jumped 20% to 10.5 million square feet, putting 2025 on track to approach pre-pandemic levels. The majority of leases involve relocations, and surprisingly, tenants are expanding their footprints by 15% rather than downsizing. As trophy buildings fill up and vacancy rates decline, brokers warn that businesses must act quickly or risk losing opportunities, with demand now extending from Park Avenue to surrounding areas like Third and Sixth avenues where rents are more affordable.

Construction of hotels in United States declines for ninth consecutive month

U.S. hotel construction has fallen for nine straight months, Hospitality Net reports. Figures from CoStar show rooms under construction fell 12.3% year-over-year to approximately 138,000 rooms in September 2025. This marks the lowest construction level in the past 40 quarters, though it remains higher than post-Great Recession levels. The decline is attributed to industry uncertainty, elevated building costs, and cautious attitudes among developers and financial institutions awaiting more favorable market conditions. While construction activity has slowed significantly — dropping more than 80,000 rooms from its 2020 peak — development continues across all chain scale segments, with upper midscale properties leading in absolute room count under construction.

Office vacancy rate in Portland, Oregon metro area hits historic high of 26.6%

Greater Portland’s office vacancy rate reached an historic high of 26.6% in the third quarter, Willamette Week reports. The vacancy rate rose from 25.9% the previous quarter, with downtown experiencing a steeper 34.6% vacancy rate. The trend reflects ongoing tenant departures from downtown Portland, attributed to factors including Oregon’s highest-in-the-nation marginal income tax rates and additional local taxes. While most areas saw increased vacancies, two submarkets — Interstate 5 south and Clark County, Washington — showed improvement with declining vacancy rates.