U.S. Southwest

While capital remains tight and speculative development has slowed, the Southwestern region of the U.S. is finding new momentum in places where creativity meets necessity. Cities like Phoenix and Denver are seeing renewed interest in commercial office and adaptive reuse, while public-sector investment, education, and infrastructure projects are laying the groundwork for the region’s next growth phase. Meanwhile, major universities, research institutions, and the private sector are fueling innovation in aerospace and defense and opening new real estate opportunities that connect advanced manufacturing, R&D, and technology. In Arizona, semiconductor and data-center ecosystems are emerging as durable growth engines tied to energy resilience. From aviation to entertainment, and from data centers to senior living, the Southwest’s strength lies in its diversity. Developers and designers who stop waiting for recovery and start leaning into transformation are uncovering new pathways for progress across this evolving region.