Commercial Real Estate & Business News – December 5, 2016

An increase in short-term interest rates looks increasingly likely when the Federal Reserve convenes on Dec. 13 and 14, following the latest national employment report from the US Department of Labor’s Bureau of Labor Statistics. November’s job numbers for non-farm payrolls brought the unemployment rate down 0.3 percentage points to 4.6%, the lowest in nine years. …»
A leading commercial real estate group is easing its opposition to a proposed new arena the Arizona Coyotes want to build in Tempe next to Arizona State University. NAIOP Arizona has changed its position on the proposed $400 million Coyotes arena from opposed to neutral, said Tim Lawless, president of the arm of the national commercial real estate group. …»

The world-class concert hall envisioned by Christi Worsley would bring to reality the biggest and costliest dream ever floated for downtown Mesa. The historic city center would become a hub of culture and education all but unparalleled in the American Southwest. But even at that, Mesa still could be left wondering what might have been…»

Sam Fox, the mastermind behind Fox Restaurant Concepts, which has developed concepts such as The Henry, Flower Child and North Italia, among others, has announced plans to open Culinary Dropout at The Yard in downtown Gilbert. The 25,000-square-foot space, which is Fox’s biggest development yet, will open off Gilbert Road, adjacent to the Powerline Trail in the Heritage District – directly across from Heritage Marketplace, a popular restaurant development. …»
Nonresidential construction spending totaled $699.7 billion on a seasonally adjusted, annualized basis in October, a 0.3 percent decrease from September’s significantly upwardly revised total, but an increase of 2.6 percent year-over-year, according to analysis of U.S. Census Bureau data released Thursday by Associated Builders and Contractors (ABC).…»