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Red-Hot Multifamily Replaces Aging Commercial

Well, that didn't take long, did it? In Phoenix, one of the hardesthit residential and commercial real estate markets in the country, experts predicted it could be a decade or more before any new construction began in earnest. Now wrecking balls are poised to swing and cranes are starting to rise again.

By Ari Spiro | Updated on December 21, 2012

Well, that didn’t take long, did it? In Phoenix, one of the hardesthit residential and commercial real estate markets in the country, experts predicted it could be a decade or more before any new construction began in earnest. Now wrecking balls are poised to swing and cranes are starting to rise again.

What’s coming down? Hundreds of thousands of square feet of retail and office space that reached physical and/or economic obsolescence. And what’s going up? Thousands of units of high-end multifamily rentals.

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