Commercial Real Estate & Business News – August 2, 2016

After experiencing only modest growth in the first quarter of 2016, mostly likely due to global economic jitters, both of CoStar's national composite price indices ended the second quarter of 2016 on a stronger note, the company reported on Friday. The value-weighted U.S. Composite Index, which is influenced by the sale of high-quality, larger assets, advanced by 3.3 percent for the quarter, while the equal-weighted U.S. Composite Index, which reflects the more numerous sales of smaller properties, rose 2.1 percent in the second quarter...»
June not seasonally adjusted (NSA) construction unemployment rates improved in 47 states and the nation on a year-over-year basis according to analysis released today by Associated Builders and Contractors (ABC). The national construction unemployment rate of 4.6 percent was 1.7 percent lower than a year ago according to data from the Bureau of Labor Statistics (BLS). Further, the industry boasted its lowest June rate since 2000 when it matched this June's 4.6 percent rate. BLS data also showed that the industry employed 229,000 more people than in June 2015...»
As rents rise faster than incomes and populations grow to an all-time high, many city planners have turned to "upzoning" proposals, which would allow developers to build more upscale housing than city zoning would otherwise allow as long as low-income housing is included or protected, according to Realtor.com's Shayndi Raice...»
Gateway Park Shopping Center sell for $23.84 per square foot. Located in Page, Arizona by Lake Powell, the ±81,804 square foot neighborhood retail center was constructed in 1990 and formerly occupied by Bashas' Grocery Store...»
In Greater Phoenix, both industrial and office markets continued to improve. Going forward, construction, especially new housing construction, will be noteworthy. In other words, there were few surprises. The slow expansion continues...»

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