Phoenix's commercial real estate continues its fall

03/17/2010 | NYTimes.com

Phoenix's commercial real estate market has followed the same path as its residential housing market, with values dropping by at least half in office, retail and industrial space. The boom mentality prompted the construction of hundreds of hotels, apartments, shopping centers and other buildings from 2005 to 2009, and several major developments now sit half-finished and abandoned, including the ambitious Hotel Monroe, which was to be a flashy, 144-room boutique hotel to include "Rock Star" suites, a five-star restaurant and rooftop nightclub.

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