Commercial Real Estate & Business News June 4, 2018

The Labor Department released its official hiring and unemployment figures for May on Friday, providing the latest snapshot of the American economy. 223,000 jobs were added last month. Wall Street economists had expected an increase of about 190,000, according to Bloomberg. The unemployment rate was 3.8 percent, down from 3.9 percent in April and the lowest since early 2000…»
Consumers are still fairly optimistic about the economy, the Conference Board reported on Tuesday, which is decidedly good for the state of the economy and spending on such things as retail goods. The company’s Consumer Confidence Index increased in May, following a modest decline in April. The index now stands at 128.0 (1985 = 100), up from 125.6 in April…»
Sears Holdings Corp. provided a list of the 63 Sears and Kmart stores that will begin store-closing sales “in the near future,” with others likely on tap to be shuttered down the road. Its stock SHLD, -17.44%  plunged 18% in afternoon trade Friday, putting it on track to suffer the biggest one-day drop since June 2015. The stock had tumbled 12.5% Thursday…»
Industrial buildings are getting taller. A lot taller. Over the last 60 years, industrial buildings in California’s Orange County have grown nearly 50 percent taller, to an average clear height of 31.4 feet, according to a new study by JLL. Meanwhile, industrial vacancy continues to drop to new historic lows, now around 2.4 percent, according to CoStar data…»
National average rents grew by 2% year-over-year to $1,381 in May, the slowest start to a year since 2010, and an indicator that though still growing the multifamily market is slowing. Much of this growth is concentrated in the top 20 cities by number of apartments, according to a report from RentCafé, an apartment news and analysis site, using Yardi Matrix data…»