Kidder Mathews, the largest fully independent commercial real estate firm in the Western U.S., is celebrating its 10-year anniversary in Phoenix. To mark the milestone, the firm hosted its Phoenix 10 Conference—bringing together nearly 150 clients, colleagues, and industry leaders to discuss construction, lending, and development trends shaping the region. Panel discussions included clients from Panattoni, Wespac Construction, KeyBank, ViaWest Group, and Globe Corporation.
In 2015, the office opened with just one staff member and eight brokers: Eric Bell, SIOR; Mike Ciosek, SIOR; Darren Tappen; Dylan Scott; Mike Kasulatis; Matthew Ault; Aric Adams; and Jenette Bennett, CCIM. Today, it has grown to 70 professionals spanning brokerage, asset services, and valuation advisory. All eight founding brokers have continued their success at the firm, a testament to its ability to attract and retain top talent.
“Like many who are now with Kidder Mathews, I started my career nearly 25 years ago at one of the nation’s largest brokerage firms,” said Mike Ciosek, SIOR, Executive Vice President. “While I enjoyed my time there, I felt called to be part of something I could collaboratively help build—an environment and culture that were more unified, more innovative, and more ‘us’ than what a typical brokerage model offered.”
“We saw the potential for Phoenix to become one of the most dynamic markets in the country—and that momentum hasn’t slowed,” said Darren Tappen, who was promoted to Regional President of Brokerage for Greater Los Angeles, Southern California, and Arizona earlier this year. “Our success here reflects not only the region’s tremendous growth but the commitment of our people to deliver local expertise and long-term client partnerships.”
Over the past decade, Kidder Mathews Phoenix has completed $5.37 billion in transaction volume and been recognized by the Phoenix Business Journal as one of the Top 10 Commercial Real Estate Brokerage Firms for five straight years. The valuation advisory team has grown revenue 60% since 2020, and the asset services division has added more than 400,000 square feet to its managed portfolio in 2025 alone.
A Decade of Economic and Real Estate Momentum
Kidder Mathews Research compared key Phoenix market metrics from 2015 to 2025, illustrating a decade of steady population growth, business expansion, and strong fundamentals across industrial and office sectors.
Key insights from the Phoenix 10 Conference included:
- Construction costs are stabilizing, though power access remains a key constraint.
- Investor confidence continues to strengthen thanks to infrastructure and economic diversity.
- Development faces increasing NIMBY pressures that require proactive engagement.
Economic Growth (Phoenix MSA)
- Population increased from 4.6 million to 5.2 million
- Employment rose from 2.0 million to 2.6 million
- Fortune 1000 companies headquartered in Arizona grew from 16 to 23
Industrial Market
- Inventory expanded from 294 million to 461 million square feet
- Average asking rent more than doubled, from $0.53 to $1.13 per square foot
- Average sale price climbed from $80 to $173 per square feet
Office Market
- Inventory increased from 87.8 million to 101.2 million square feet
- Average asking rent rose from $22.86 to $30.95 per square foot
“Phoenix’s growth story is one of resilience, diversification, and long-term confidence. The collaboration we’re seeing between developers, lenders, and brokers is setting the stage for the next decade of opportunity,” said Michael Dupuy, Executive Vice President.
With 19 offices and more than 900 professionals across five states, Kidder Mathews continues to expand its Western U.S. presence through its fully independent, employee-owned structure and entrepreneurial culture.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 53 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
