Commercial Real Estate & Business News July 9, 2018

The employment part of the economy continued to power forward in June, adding another 213,000 jobs though the unemployment rate rose to 4 percent, according to a government report Friday. Economists surveyed by Reuters had expected a nonfarm payrolls gain of 195,000 and the jobless rate to hold steady at 3.8 percent…»
Despite national job and wage growth slowing in June, Arizona and Phoenix remained at the top of the charts in terms of wage growth, according to Paychex’s monthly IHS Markit Small Business Employment Watch report…»
Brother restaurateurs Jeff Mastro and Mike Mastro will be returning to the fine-dining seafood segment with the opening of Ocean 44 in Scottsdale, Ariz., in November.  The brothers are following a modernized blueprint of their success of their Mastro’s Steakhouse and Mastro’s Ocean Club brands, which they first opened in 1999…»
A number of new tenants will move into Biltmore Fashion Park in Phoenix during the next 24 to 36 months as the property’s owners prepare the mall for its latest iteration as a lifestyle center. Biltmore Fashion Park was Macerich Co.’s top performing property in Arizona in 2017 by far, with sales of $913 per square foot…»
Existing home sales were down last month, and if new data released this morning is any indication, that’s a trend we’re going to see more of in the coming months. According to the latest data from CoreLogic, homeowners just aren’t looking to sell their properties…»