Macerich is spending $330 million this year on its development and redevelopment pipeline, $500 million next year and $700 million in 2009. A majority of the new projects are in the Phoenix area, where it just opened the 1.2 million-sf San Tan Village, in Gilbert. The company recently received local government approval to open its next new center, the regional Estrella Falls, in Surprise, in 2009. Redevelopments are taking place across its national portfolio as well.

When asked during the company's third-quarter conference call if a slowing housing market could impact its plans to build five regional centers around Phoenix, Arthur Coppola, the company's chief executive officer and president, said he is confident in the market. "We are pursuing development in trade areas that are already populated," he said. "We're not relying on any future job or population growth."

In fact, Coppola says, the housing downturn could ironically help the company combat the high construction costs that have plagued the industry as a whole by freeing up the labor pool. It could even moderate or drop overall costs.