Commercial Real Estate & Business News – September 25, 2023

After hitting 56.5 square feet of retail space per capita in early 2009, the high-water mark for shopping center space in the U.S. that coincided with an onslaught of retail space additions, the amount of retail space per capita within the largest 45 retail markets across the U.S. has steadily declined. It’s fallen…»

Renters appear to be riding the record-breaking wave of apartments that came to market in the first half of 2023. They absorbed 98,249 units, almost four times as many as in the first half of 2022, with demand likely to accelerate through mid-2024. The vast bulk occurred in the second quarter…»

Construction has come to an abrupt halt on the second phase of the X Phoenix apartment tower at Third Avenue and Van Buren Street in downtown Phoenix. The owners of X Phoenix confirmed that construction had halted but declined to say why the project stopped in the middle of building…»

Metro Phoenix’s first apartments to go up on unused school land are underway in the Maryvale area and will add much-needed affordable rentals to the area. The complex, called Bret Tarver Terrace, is going up on almost 3.5 acres on the southwest corner of McDowell Road and 31st Avenue in west…»

Michael Pollack is one of those leaders who transforms the real estate industry. But in the course of impacting that industry, Pollack has also lifted up communities. “Everyone knows that Michael has an extraordinary talent for transforming (less-than-ideal) retail centers and turning them into…»