Commercial Real Estate & Business News – April 11, 2016

The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market continued to strengthen despite tepid economic growth. Initial claims for state unemployment benefits declined 9,000 to a seasonally adjusted 267,000 for the week ended April 2, the Labor Department said on Thursday... Read more »

A major reason tech companies are branching out of Silicon Valley and San Francisco are costs, and not just the cost of real estate—the cost of talent as well, according to Ryan Severino, senior economist and director of research at Reis. There are educated workforces in other markets that are equally competent and not as expensive as the San Francisco and Silicon Valley salaried tech office workers... Read more »

Low mortgage rates and strong demand should create a positive outlook for home builders in the United States but a serious labour shortage could hold them back. During the 2009 recession nearly a quarter of construction workers lost their jobs as the housing market collapsed and there is evidence that a number of labourers are not returning, leaving remaining construction workers overstretched, says an analysis report from Hermes Investment Management... Read more »

Airpark area project to include 644 luxury units, retail/commercial, underground parking. The Development Review Board will consider a preliminary request, which – if approved – will transform more than 10 acres of office space in the Scottsdale Airpark into a luxury apartment community with a retail or commercial component... Read more »

The Metro Phoenix job market continued to show signs of economic prosperity, adding 67,000 new or relocated jobs annually through February 2016. During the same course of time, the unemployment rate decreased 80 basis points (bps) to 4.6%. With employment reaching 1,964,800 total non-farm jobs, the Valley has recovered all the jobs lost during the Great Recession... Read more »