In the News—Week of September 29, 2025
Deal of the Week
Thomas Title & Escrow is proud to have facilitated the $65,000,000 acquisition of Inspira at Arrowhead, a premier Class A senior living community in Glendale, AZ. Located within the Aspera master-planned development, the property spans 187,393 SF across 14 acres and offers 165 units of independent living, assisted living, and memory care. With its resort-style amenities and strategic Northwest Valley location, Inspira at Arrowhead represents a significant investment in the growing senior housing sector. This transaction was made possible through the leadership of Senior Commercial Title Officer Teri Guevara, with critical support from Melissa Thacker and Steven Blank. Coordinated seamlessly alongside Forbright Bank (lender) and Stewart Title Guaranty (underwriter) to bring this complex senior housing deal to a successful close.
National
Colorado city faces an unusual challenge: It has an office vacancy rate below 5%
Castle Rock, Colorado, faces an unusual commercial real estate shortage with office vacancy rates at just 4.7%, Denver 7 TV reports. Castle Rock contrasts sharply with Denver, which is about 30 miles away. Denver’s office vacancy rate is 35%. Economic development officials and real estate experts struggle to accommodate businesses seeking spaces larger than 4,000-5,000 square feet, which are virtually nonexistent in the current market. The town’s appeal stems from its vibrant community culture, featuring events like jazz nights and concerts that attract companies despite the space limitations. While building new office developments appears to be the solution, high interest rates and construction costs present significant economic challenges.
National
Has San Francisco’s office market recovered? Sale of trophy tower might provide answer
The iconic 48-story office tower at 101 California Street in San Francisco is on the market with an asking price exceeding $1 billion, potentially signaling a turning point for the city’s recovering office market, The Real Deal reports. Developed by Hines, who maintains a minority stake and management role, the 1.2-million-square-foot skyscraper is primarily owned by Singapore’s sovereign wealth fund GIC, with the Hong Kong Monetary Authority also holding an interest. The building, which houses prominent tenants including Goldman Sachs and Morgan Stanley, recently completed a $75 million renovation of its ground floor. While the timing of the sale has raised questions among market observers, the billion-dollar price point represents a critical test of confidence in San Francisco’s commercial real estate recovery.
National
NYC council passes law that requires certified workers to install gas appliances in homes
The New York City Council approved a bill requiring homeowners and landlords to hire master plumbers or specially qualified handymen to install gas appliances like ovens and dryers, the New York Post reports. The legislation, which passed by a vote of 47-1, was championed by Councilwoman Pierina Sanchez, who cited a deadly 2015 gas explosion in the East Village caused by an illegal hookup. Critics, including the New York Apartment Association, argue the requirement could add up to $500 per installation and ultimately increase rent costs for New Yorkers. Additionally, concerns have been raised about whether there are enough qualified plumbers to meet demand, as there are only about 1,100 master plumbers in the city.
National
Commercial real estate prices across U.S. increase for first time in five months
Commercial real estate prices in the U.S. increased in July, marking the first monthly gain in five months, CoStar reports. Figures from CoStar’s Commercial Repeat Sale Indices show value-weighted index jumped 1.3% in July, though prices remain 21.4% below their July 2022 peak. This positive trend suggests institutional investors are gradually returning to a market that has struggled since mid-2022 due to high interest rates. Transaction volume reached $10.7 billion in July, representing a 9.1% increase from the previous year, while the 12-month volume rose to $133 billion, up 27% annually. The increasing withdrawal rate of properties from the market indicates sellers’ confidence that prices will continue to improve.
Arizona
Former Scottsdale council member sues state to stop Taser-maker from building apartments
Former Councilman Bob Littlefield and his group TAAAZE filed a lawsuit on Sept. 25, challenging state legislation designed to enable Axon’s development plan in Scottsdale and nullifying a planned city referendum, the Scottsdale Progress reports. The lawsuit argues that the bill violates constitutional rights to referenda and the ban on special laws that benefit specific companies. Axon, maker of Taser stun guns, claims the lawsuit is frivolous and puts jobs and revenue at risk. Littlefield contends that Axon has demonstrated bad faith in negotiations. The main point of contention is Axon was to build apartment units and a hotel on its headquarters campus. Though the Scottsdale City Council considered its own legal action, it failed to move forward with a lawsuit before the bill’s effective date of Sept. 26.
Arizona
Landlords of office properties in Valley asking for rents below national average
Office landlords in the Phoenix area were asking rates below the national average of $32.63 per square foot in August, AZ Big Media reports. Figures from CommercialCafe show Valley office landlords were asking around $29 per square foot as of August. This contrasts sharply with San Francisco, which tops regional listing rates at approximately $64 per square foot — nearly double the national average. Denver and Portland join Phoenix as the only large Western markets with below-average office rates. Despite regional vacancy challenges, Phoenix’s competitive pricing positions it uniquely in the commercial real estate landscape.
