Commercial Real Estate & Business News – July 10, 2017

The U.S. labor market rebounded in June, new government data showed Friday, as employers surpassed the expectations of most economists by adding 222,000 jobs. The unemployment rate ticked up to 4.4 percent, from 4.3 percent in May, but it did so for a good reason…»
While some big-box retailers are struggling, at least three have announced plans to expand into Phoenix. Oklahoma-based Hobby Lobby is opening a 57,500-square-foot store at the Scottsdale 101 shopping center on the northwest corner of Mayo Boulevard and Scottsdale Road.…»
Costs are escalating as mall owners work to keep their real estate up to date and fill the void left by failing stores. The companies are turning to everything from restaurants and bars to mini-golf courses and rock-climbing gyms to draw in customers who appear more interested in being entertained…»
MainSpring Capital, developer of the 232-acre mixed-use Pima Center along with Forum Capital, broke ground on its 22-acre retail mixed-use center called The Block. “We are excited to be underway on this dynamic project,” says Curtis Brown, principal with MainSpring Capital Group.…»
There hasn’t been much speculative commercial real estate built in the Phoenix market since the last crash. And what has been built – build-to-suit or speculative – has mostly been happening in Tempe, Chandler and near Phoenix Sky Harbor International Airport. But there is a new speculative…»