TUCSON, AZ (FEBRUARY 23, 2026) — A total of 88,167 square feet of commercial lease space was leased for the week, including 29,809 square feet of industrial space, 19,900 square feet of retail space, and 38,458 square feet of office space. The largest industrial lease was VXI Global Solutions, LLC at 11,260 square feet at 4651 S. Butterfield Dr. The top retail lease was Anchor Bar at 6,300 square feet at Eastpoint Marketplace, 7020 E. 22nd St. The largest office lease activity was led by RBC Capital Markets, LLC, renewing 10,991 square feet at 3430 E. Sunrise Dr., with representation by Rick Kleiner and Alexis Corona od Cushman & Wakefield | PICOR and Dave Volk of the VOLK Company, Tucson. Dave Volk of VOLK Company represented the landlord, Foothills Corporate, LLC, in new leasing and several lease renewals totaling 27,930 square feet of office space at 3430 E Sunrise Drive.

The following leases were reported to the Real Estate Daily News for the week of Feb. 16–20, 2026.

INDUSTRIAL – 4651 S. BUTTERFIELD DR., SUITE 101, TUCSON, 85714, (AIRPORT) SOUTH SUBMARKET
VXI Global Solutions, LLC leased 11,260 square feet of industrial space at 4651 S. Butterfield Dr., Suite 101 in Tucson from Butterfield Building Center, LLC. Jesse Blum, SIOR, Paul Hooker, SIOR, Principals, and Alex Demeroutis, Industrial Specialists, with Cushman & Wakefield | PICOR represented the landlord. David Fields and David Montijo with CBRE represented the tenant.

INDUSTRIAL – 4775 S. BUTTERFIELD DR., SUITE 149C, TUCSON, 85714, (AIRPORT) SOUTH SUBMARKET
Epstein, LLC has leased 8,877 square feet at Butterfield Technology Center, 4775 S. Butterfield Dr., Suite 149C. Epstein will use the space for the operation and administration of a construction company. Isaac Figueroa, CCIM, SIOR, with Larsen Baker represented the landlord and handled the transaction.

RETAIL – 7020 E. 22ND ST., SUITE 114, TUCSON, 85710, EAST SUBMARKET
Anchor Bar leased 6,300 square feet of retail space at the Fry’s-anchored Eastpoint Marketplace, 7020 E. 22nd St., Suite 114 in Tucson, from Eastpoint Kolb Additional Investors LLC, JRSL LLC, et.al. Anchor Bar is now open for business. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR represented the landlord. Derek Stilwell with First Class Commercial and Sam Hartley with Resolut RE represented the tenant.

INDUSTRIAL – 3255 E. COLUMBIA ST., TUCSON, 85714, (AIRPORT) SOUTH SUBMARKET
Andreas Castillo of VOLK Company represented the landlord, Henry Ware LLC, in its lease of 4,800 square feet of industrial warehouse space on approximately 13,804 square feet of land to JJL Audio LLC. The property is located at 3255 E. Columbia Street.

RETAIL – 811 N. EUCLID AVE., TUCSON, 85719, (UNIVERSITY) CENTRAL SUBMARKET
AZ-ZBT, Inc. leased the 4,160 square feet freestanding building at the northwest corner of University and Euclid, 811 N. Euclid Ave., in Tucson, from University & Euclid LLC. Natalie Furrier and Greg Furrier with Cushman & Wakefield | PICOR represented the parties in the transaction.

OFFICE – 3430 E. SUNRISE DR., SUITE 150, TUCSON, 85718, (FOOTHILLS) NORTHEAST SUBMARKET
loanDepot.com, LLC has signed a new lease for Suite #150 consisting of approximately 3,973 square feet at 3430 E. Sunrise Drive. Dave Volk of VOLK Company represented the landlord, Foothills Corporate, LLC, and Bobby Verenna of PICOR represented the tenant.

OFFICE – 4578 N. 1ST AVE., SUITE 140, TUCSON, 85718, CENTRAL SUBMARKET
Fairway Independent Mortgage Corporation leased 2,927 square feet of office space at Rillito Business Park, 4578 N. 1st Ave., Suite 140 in Tucson, from SI Rillito, LLC. Kameron Norwood, Investment Sales & Leasing Specialist with Cushman & Wakefield | PICOR, represented the tenant. Philip Skillings and Kyle Kilgore with NAI Horizon, Tucson, represented the landlord.

RETAIL – 29-46 W. CONGRESS ST., TUCSON, 85701, (DOWNTOWN) CENTRAL SUBMARKET
Perché No Italian Bistro leased and expanded its existing restaurant to a total of 2,701 square feet of retail space at 29-46 W. Congress St. in Tucson, from Hazen Enterprises Inc. Aaron LaPrise, Principal, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord.

OFFICE – 1640 E. RIVER RD., SUITE 110, TUCSON, 85718, NORTHEAST SUBMARKET
DPR Construction leased 2,700 square feet of office space at 1640 E. River Rd., Suite 110, in Tucson from BCPT Properties, LLC. Thomas J. Nieman, Principal, Office Specialist, and Aaron LaPrise, Principal, Retail Specialist with Cushman & Wakefield | PICOR represented the landlord. Jesse Danzing and Michael White with Savills represented the tenant.

INDUSTRIAL – 710 & 730 E. 46TH ST., TUCSON, 85713, SOUTH SUBMARKET
Scott Negilski and Jeramy Price of VOLK Company represented the landlord, 46th St Investors, LLC, in its lease of approximately 2,432 square feet of light industrial space at 710 & 730 E. 46th Street to Centurial Inc.

RETAIL – 3242 E. SPEEDWAY BLVD., TUCSON, 85716, (MIDTOWN) CENTRAL SUBMARKET
Diaz Fit, LLC leased 2,275 square feet of retail space at 3242 E. Speedway Blvd. in Tucson, from Habibs Holdings, LLC. Andrew Keim, Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant. Issac Figueroa, SIOR CCIM with Larsen Baker, represented the landlord.

RETAIL – 2908 N. CAMPBELL AVE., TUCSON, 85719, CENTRAL SUBMARKET
My Dr. Now leased 2,000 square feet of retail space at Campbell Plaza, 2908 N. Campbell Ave., in Tucson from DSW IREIF Tucson Retail Owner, LLC. Dave Hammack, Principal, Retail Specialist; Greg Furrier; and Natalie Furrier, with Cushman & Wakefield | PICOR, represented the landlord. Gabby Lambright with Leaders Real Estate and Troy Giammarco with NAI Horizon represented the tenant.

OFFICE – 2538 E. BROADWAY BLVD., SUITE B, TUCSON, 85716, (MIDTOWN) CENTRAL SUBMARKET
Pima Family Advocacy Center, Inc. leased 1,643 square feet of office space at Broadway Midtown Plaza, 2538 E. Broadway Blvd., Suite B in Tucson, from LLJ Holdings, LLLP. Ryan McGregor, Office Specialist with Cushman & Wakefield | PICOR, represented both parties. Molly Mary Gilbert, CCIM, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord.

RETAIL – 1685 W. VALENCIA RD., SUITE 141, TUCSON, 85746, WEST SUBMARKET
Tucson Federal Credit Union leased 1,280 square feet of retail space at 1685 W. Valencia Rd., Suite 141 in Tucson, from Olsen Avenue Associates LLC. Dave Hammack, Principal, Retail Specialist with Cushman & Wakefield | PICOR, represented the landlord. Joey Castillo of VOLK Company represented the tenant. This marks the second lease Castillo has handled for Tucson Federal Credit Union recently, and he reported continued efforts to secure sites for the credit union’s further expansion in 2026.

RETAIL – 5775 E. BROADWAY BLVD., TUCSON, 85711, EAST SUBMARKET
Jeramy Price of VOLK Company represented the landlord, Mullan Trail Enterprises, L.L.C., in the lease of approximately 1,184 square feet of a drive-thru building on a 12,656-square-foot parcel located at 5775 E. Broadway Boulevard. The tenant is Filiberto’s Mexican Food.

OFFICE – 5151 E. BROADWAY BLVD., SUITE 1540, TUCSON, 85711, EAST SUBMARKET
Giacoletti & Associates, PLLC, leased 1,032 square feet of office space at 5151 E. Broadway Office Tower, 5151 E. Broadway Blvd., Suite 1540, in Tucson, from KCI Broadway, LLC, Scott Seldin-Broadway, LLC, Belmont Broadway, LLC, and Tucson 5151 Investments, LLC. Thomas J. Nieman, Principal, and Molly Mary Gilbert, CCIM, Office Specialists with Cushman & Wakefield | PICOR, represented the landlord.

RENEWAL

OFFICE – 3430 E. SUNRISE DR., SUITE 250, TUCSON, 85718, (FOOTHILLS) NORTHEAST SUBMARKET
RBC Capital Markets, LLC has renewed its lease of Suite #250, consisting of 10,991 square feet, at 3430 E. Sunrise Drive. The tenant has occupied the space since 1997 and was represented by Rick Kleiner and Alexis Corona of PICOR. Dave Volk of VOLK Company represented the landlord, Foothills Corporate, LLC.

OFFICE – 3430 E. SUNRISE DR., SUITE 120, TUCSON, 85718, (FOOTHILLS) NORTHEAST SUBMARKET
Duffield, Miller, Young, Adamson & Alfred, P.C. has renewed its lease for Suite #120, approximately 6,926 square feet, at 3430 E. Sunrise Drive. The tenant has occupied the space since 1998. Dave Volk of VOLK Company represented the landlord, Foothills Corporate, LLC.

OFFICE – 3430 E. SUNRISE DR., SUITE 100, TUCSON, 85718, (FOOTHILLS) NORTHEAST SUBMARKET
Thompson Krone, PLC has renewed its lease for Suite #100, approximately 2,444 square feet, at 3430 E. Sunrise Drive. Dave Volk of VOLK Company represented the landlord, Foothills Corporate, LLC.

OFFICE – 3430 E. SUNRISE DR., SUITE 130, TUCSON, 85718, (FOOTHILLS) NORTHEAST SUBMARKET
Willman Law Firm, P.C. renewed its lease of Suite #130, consisting of approximately 2,339 square feet, at 3430 E. Sunrise Drive. Dave Volk of VOLK Company represented the landlord, Foothills Corporate, LLC.

OFFICE – 3430 E. SUNRISE DR., SUITE 270, TUCSON, 85718, (FOOTHILLS) NORTHEAST SUBMARKET
Good Law, P.C. has renewed its lease of Suite #270, consisting of approximately 1,257 square feet, at 3430 E. Sunrise Drive. Dave Volk of VOLK Company represented the landlord, Foothills Corporate, LLC.

OFFICE – 3275 W. INA RD., SUITE 160, TUCSON, 85741, NORTHWEST SUBMARKET
Stickbine Publishing, Inc., dba Tucson Local Media, renewed its lease with CALDOR Investments of Arizona, LLC for 1,234 square feet of office space at Ina Corporate Center, 3275 W. Ina Rd., Suite 160 in Tucson. Thomas J. Nieman, Principal, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord.

INDUSTRIAL – 1665 E. 18TH ST., SUITE 116, TUCSON, 85719, CENTRAL SUBMARKET
All About Drains renewed its lease with SBC Investors, LLC for 1,220 square feet of industrial space at Tucson Tech Park, 1665 E. 18th St., Suite 116 in Tucson. Alex Demeroutis and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

INDUSTRIAL – 1665 E. 18TH ST., SUITE 205, TUCSON, 85719, CENTRAL SUBMARKET
Movement 101, LLC renewed its lease with SBC Investors, LLC for 1,220 square feet of industrial space at Tucson Tech Park, 1665 E. 18th St., Suite 205 in Tucson. Alex Demeroutis and Andrew Keim, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord.

OFFICE – 3275 W. INA RD., SUITE 201, TUCSON, 85741, NORTHWEST SUBMARKET
Adria Colemen Agency renewed its lease with CALDOR Investments of Arizona, LLC for 992 square feet of office space at Ina Corporate Center, 3275 W. Ina Rd., Suite 201 in Tucson. Thomas J. Nieman, Principal, Office Specialist with Cushman & Wakefield | PICOR, represented the landlord.

Submit sales and leases to [email protected].

PHOENIX, AZ (Feb. 23, 2026) — RED Development has announced five recent leasing and tenant-activity updates at Biltmore Fashion Park, 2502 E. Camelback Rd. The mix spans activewear, boutique fitness, furnishings, coffee, and a limited-run arts pop-up, with two buildouts slated to start this month and spring openings targeted for 2026. The open-air center features 45+ shops and restaurants, with anchors and major brands including Life Time, Macy’s, and Ralph Lauren.

Mike Kallner, Executive Vice President, Leasing, RED Development, handled the marketing, and the tenant brokers were not disclosed.

RETAIL – 2502 E CAMELBACK RD, Phoenix 85016, BILTMORE/CAMELBACK CORRIDOR
FP Movement has signed a new retail lease at Biltmore Fashion Park. Landlord RED Development said construction on the space is scheduled to begin in late February 2026, with an opening targeted for spring 2026. Lease term and square footage were not disclosed.

RETAIL – 2502 E CAMELBACK RD, PHOENIX, AZ 85016, BILTMORE/CAMELBACK CORRIDOR
Solidcore will also join Biltmore Fashion Park under a newly signed lease. According to RED Development, construction is expected to start in late February 2026, with the studio opening in spring 2026. Lease term and square footage were not disclosed.

RETAIL – 2502 E CAMELBACK RD, PHOENIX, AZ 85016, BILTMORE/CAMELBACK CORRIDOR
Herman Miller is slated to open a new store at Biltmore Fashion Park in late February 2026. Ownership said the lease is part of a broader wave of new retail commitments at the center. Lease term and square footage were not disclosed.

RETAIL – 2502 E CAMELBACK RD, PHOENIX, AZ 85016, BILTMORE/CAMELBACK CORRIDOR
La La Land Kind Cafe will open later in 2026 at Biltmore Fashion Park, near True Food Kitchen, according to the landlord. Lease term and square footage were not disclosed.

RETAIL – 2502 E CAMELBACK RD, PHOENIX, AZ 85016, BILTMORE/CAMELBACK CORRIDOR
On a limited-term lease, Biltmore Fine Art has opened a pop-up gallery space at Biltmore Fashion Park, positioned across from Pomo Pizzeria. The gallery is led by Robert Casterline, co-founder of Casterline|Goodman Gallery (Aspen and Napa). Lease term length and square footage were not disclosed.

The new tenants arrive as Biltmore Fashion Park continues to reposition its lineup with a stronger emphasis on experiential retail, wellness, and food-and-beverage concepts alongside its established luxury mix. RED Development said additional tenant and redevelopment details will be announced as buildouts progress and openings are finalized.

TUCSON, AZ (February 23, 2026) — Residential development is never just about rooftops, and this month’s Trend Report has the details.  It is about timing, trust, and the math that determines whether a project pencils, a community thrives, and a region holds its momentum.

This issue follows the real-world sequence of decisions made across Southern Arizona—from vision to feasibility to policy to costs to leadership, and then to what comes next. In today’s environment, progress rarely turns on a single dramatic event. More often, it comes down to details: financing terms, review timelines, infrastructure coordination, product design, and a shared understanding of the rules.

We begin with the people building places. Master planned communities like Rancho Sahuarita and Dove Mountain show what durable development looks like when it is built over decades, not quarters. They reflect long-range commitments to infrastructure, amenities, and identity, and they deliver a consistent promise of place.

The next chapter will not be a simple repeat of the last one. A visible shift is underway in how land is positioned and how projects are described. The old pitch of entitlements, lots, and velocity is being supplemented by a new language of walkability, authenticity, lifestyle, health, and local production. Whether you call it farm-to-table, placemaking, or a response to buyer demand, people want neighborhoods that feel rooted here, connected to local culture, and built with intention.

Then comes the reality check every buyer, builder, broker, and lender is living under: mortgage rates. Rates don’t just affect affordability; they affect behavior. They influence whether a move-up buyer lists a home or stays put, whether a developer advances the next phase or slows the pace, and which products get built. When the cost of money rises, the margin for error shrinks—and execution matters more.

From there, we turn to policy, because policy is where intent meets consequence. Middle housing, casitas, and ADUs are tools. Done well, they expand options and increase attainable supply without erasing neighborhood character. Done poorly, they create confusion, inconsistent enforcement, and delays that add cost. This is where definitions matter—and so do standards and process.

Next comes valuation and taxes. Property taxes are a cost structure. They influence rents, investment returns, redevelopment choices, and household budgets. In a growing region, valuation becomes both a planning and a feasibility issue.

We then ask the question readers always want answered: Who is delivering? That is where performance benchmarks and industry scorecards belong, including SAHBA’s perspective on what is working, what is slowing production, and where process improvements can unlock more attainable housing.

A quick pivot to proof through market data, deals, and momentum. After all the narratives and debates, the market still speaks in closings, absorption, and performance.

We then widen the lens to capital and strategy. The Asset Elevator and CRE’s Next Phase May Be Closer Than It Feels point to the truth many practitioners recognize: markets shift quietly before they shift loudly. Repositioning, recapitalization, and timing are daily conversations for owners, lenders, and brokers preparing for the next turn of the cycle.

Infrastructure belongs in the same conversation. Transportation decisions shape the feasibility of infill and new community growth. MAP Talk: Moving Tucson Forward provides structure to the debate around RTA Next and is a reminder that mobility is a foundational input for housing, jobs, and economic development.

We take a short step back beyond real estate with The State of American Business 2026 and the Pro-Growth Playbook from the US Chamber. Development does not happen in isolation. It responds to confidence, regulation, labor realities, and whether employers feel empowered to invest.

We also recognize the people carrying the work forward: CREW Tucson’s new 2026 board leadership and the CCIM 34th Annual Commercial Real Estate Forecast, as told by George Larsen.

We close with the Subdivision Watch List. Knowing what is under construction, what is launching next, and where the next wave of product is coming online is actionable for brokers, lenders, investors, and households watching affordability.

In a market that can feel noisy and uncertain, the takeaway is simple: the devil is always in the details, and the people who track them best are the ones best positioned to lead. Thanks to everyone who helped and contributed to this issue.

Looking ahead, do not miss our April issue on Retail Trends. As always, we welcome your feedback and contributions. Visit TrendReportAZ.com and click Connect to get in touch.

Karen Schutte
Managing Editor, TREND Report