Happy Tuesday, friends!

The Valley isn’t slowing down as we move deeper into August. From a major chicken chain making its Arizona debut to billion-dollar master plans and industrial hubs in the West Valley, the pace of growth is hard to ignore. At the same time, the housing market is showing early signs of shifting again, with demand creeping up and inventory starting to tighten.

The Recap

This week, Queen Creek welcomed the state’s first Zaxby’s with lines out the door, while north Phoenix saw fresh plans for the long-discussed former Coyotes site. Out west, Buckeye is pushing a 1,900-acre annexation for an industrial corridor, and Peoria is teeing up thousands of acres for its own innovation core.

On the numbers side, Phoenix just ranked top five nationally for big-box industrial leases, a sign that distribution and logistics demand is still red hot. And in housing, Case-Shiller showed Phoenix sliding again in national rankings, but local data hints that buyers are quietly stepping back in.
_{Click here for live mortgage rates 
Rates vary based on credit score, loan type, and lender policies. For the most accurate estimate, consult with a lender.}

News & Developments

🍗 Zaxby’s Opens First Arizona Location in Queen Creek
Georgia-based fried chicken chain Zaxby’s opened its first-ever Arizona store at Gantzel Road and has big plans for the Valley. Franchisees already have over 20 sites in development across metro Phoenix, with both East Valley and West Valley locations on the horizon. The opening drew long lines, signaling strong appetite for yet another chicken competitor in an already crowded market.
📍 Queen Creek
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🏗️ Mortenson Unveils $136M “Project Paradise” in North Phoenix
Mortenson Development is moving ahead with plans for 217 acres at Scottsdale Road and Loop 101 — the site once pitched for the Coyotes arena. The mixed-use master plan, dubbed Project Paradise, will ultimately deliver 5M square feet of office, retail, restaurants, and entertainment. Phase I starts with a 30-acre mixed-use campus, while $30M will go toward flood mitigation improvements in the Paradise Ridge Wash.
📍 North Phoenix
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🏭 Buckeye Eyes 1,900 Acres for Employment Corridor
Buckeye City Council will vote on annexing nearly 1,900 acres near Verrado Way and MC85 to create a new industrial hub. Dubbed the Grand View Arizona Community Master Plan, the project is envisioned for advanced manufacturing, data centers, and battery storage. With Union Pacific rail access, two airports nearby, and the future SR 30 corridor, Buckeye is positioning itself as a powerhouse for industrial growth.
📍 Buckeye
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💡 Peoria Plans 6,700-Acre Innovation Core
Not to be outdone, Peoria is setting up thousands of acres for its Innovation Core — a partnership with the Arizona State Land Department. The city plans to act as master planner, invest $140M into infrastructure, and prepare land for major employers. A land auction this week could kickstart the process.
📍 Peoria
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📦 Phoenix Ranks 5th for Industrial Leasing Nationwide
According to CBRE, Phoenix ranked fifth nationally for top 100 industrial leases in the first half of 2025, totaling 2.2M square feet. While mega-leases (over 1M square feet) have slowed, Phoenix continues to attract distribution, apparel, and food and beverage tenants thanks to its labor pool and West Coast proximity.
📍 Valleywide
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🏡 Real Estate Trends

The latest Case-Shiller Index shows Phoenix sliding again — down 0.55% month-over-month and nearly flat year-over-year at -0.06%. That puts Phoenix at 19th out of 20 major metros, underperforming the national average of +1.89%.

But local data tells a more nuanced story:

Mortgage rates dropped to 6.52%, the lowest since early 2025.

The Cromford Demand Index hit 76.8 in mid-August, up from a low of 75.8 earlier this month.

Listings under contract are now 6.9% higher than 2024 levels.

The Cromford Market Index is climbing again, with 14 of 17 cities improving for sellers. Avondale, Peoria, and Gilbert are all up over 10%.

Bottom line: Prices are still under pressure, especially at the high end, but inventory is shrinking and demand is ticking upward. If rates hold steady, sellers could see slightly better conditions heading into fall.
Check current mortgage rates
_{Mortgage rates vary based on individual qualifications, including credit score, loan type, and lender policies. For a personalized rate estimate, it’s best to consult with a lender.}

🌵See You Next Week in the Desert

That’s a wrap for this week’s Desert Real. Between chicken chains, billion-dollar master plans, and fresh signs of a housing market shift, the Valley never stops moving.

If you see something interesting in your neighborhood or have a question about any of these updates, just hit reply, I’d love to hear from you.

See you next week,

– Brad