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Commercial Real Estate & Business News August 8, 2018

Shea Homes is investing $122 million to develop two communities in the East Valley. Plans call for investing $110 million to continue building more homes at Gateway Quarter near Ellsworth and Germann roads in Queen Creek. The homebuilder initially bought 540 home sites and so far sold around 110 there. “We’ll be building around 400 or so homes,” said Don Murphy…»
The average monthly rent for multifamily communities in the United States rose $3 to an all-time high of $1,409 in July, according to a recent report by Yardi Matrix. The increase is thanks in part to strong second-quarter economic growth and healthy demand. Year-over-year, rents are up 2.8 percent. Yardi is a California-based software company serving the commercial real estate industry…»
The U.S. construction industry added 19,000 net new jobs in July after adding 13,000 net new jobs in June, according to an Associated Builders and Contractors analysis of data supplied by the U.S. Bureau of Labor Statistics. The industry has added 308,000 net new jobs since the first of the year, a robust increase of 4.4 percent. The construction industry unemployment rate dove to 3.4 percent…»
A 554,000-square-foot industrial development is planned for a 39-acre vacant parcel in southwest Phoenix. Trammell Crow Co. acquired the land for $5.5 million with plans to build the West 202 Logistics Center along 59th Avenue and Lower Buckeye Road.  “The metro Phoenix industrial sector continues to perform well with vacancy rates declining and rental rates increasing…»
The frenzied competition to get Americans into bed is flipping the mattress industry into upheaval.  As the nation’s largest mattress retailer reels from declining sales and the threat of bankruptcy amid financial scandal at its parent company, mattress companies are waking up with a hangover. Meanwhile, bed-in-a-box e-commerce companies are planning brick-and-mortar locations…»