Commercial Real Estate & Business News August 6, 2018

Employers added 157,000 net new jobs in July, the nation’s 94th consecutive month of jobs gains, according to Friday’s national employment report released by the Labor Dept. Although July’s jobs report was weaker than analysts expected, both May and June job numbers were revised upwards by 59,000, bringing the three-month average job gain to 224,000 per month…»

Amid uncertainties related to rising interest rates, the over-extended real estate cycle and a lingering bid/ask gap, investment sales volume remained steady in the first six months of the year, while one property sector-hotels-posted a standout performance. Research firm Real Capital Analytics (RCA) reported in its latest U.S. Capital Trends study that deal volume totaled just over $236 billion…»

Zillow Group Inc. has leased nearly 20,000 square feet of space at the Galleria in downtown Scottsdale. The Seattle-based online real estate database company recently launched Zillow Instant Offers, through which Zillow is buying and selling homes in Phoenix and Las Vegas and also intends to launch the program in Atlanta.…»

The Quad, a 166,606-square-foot office complex in south Scottsdale that underwent a $23 million renovation, has been sold to a Texas real estate investment trust, fetching the highest price per square foot in the south Scottsdale office market since the Great Recession. The final sale price of the 14-building complex was $51 million, or $306.11 per square foot.…»

Following an almost decade-long period of vigorous expansion, the growth of the U.S. renter population has reached a plateau in 2016. Construction had continued to break records – until this year, when Yardi Matrix market data suggests that the total number of new completions is going to remain far below the 300K mark.…»