Commercial Real Estate & Business News – October 18, 2023

The drumbeat of bad news from the office sector has been so pervasive over the past years that it has almost become a fact of life. But a new report from JLL suggests that 2024 could mark a turning point — with the possibility in a few years that demand for office space will exceed supply. Several factors…»

Real estate investor Mark Gleiberman has worked with commercial properties, especially apartments, for the past 30 years. He’s relying on that experience as he buys and renovates more multifamily properties and expands across the West as the value of those deals drops across the industry. This year…»

Pharmacy chain Rite Aid is asking a bankruptcy court to allow it to walk away from unexpired leases for 347 stores as the debt-ridden company looks to downsize what it described as its “sub-optimal” brick-and-mortar footprint. The Philadelphia-based retailer, which now has 2,100 stores, said closing underperforming…»

Dining and entertainment restaurants line the canals in Scottsdale, making it a popular destination for thousands of people. It might soon be possible for Phoenix residents to do the same after the city council unanimously approved the Forty600 development project, which will create a mixed-use…»

The site of a once-iconic mall could be rebooted as a major gathering point in the East Valley once again. Verde Investments Inc. proposes to do just that at the site of the closed — and mostly demolished — Fiesta Mall in Mesa. The Tempe-based company filed a rezoning application with the city of Mesa…»