Commercial Real Estate & Business News – June 6, 2016

Consumer spending has accelerated at its fastest lick in almost seven years, with personal spending increasing 1 percent in April over March, the Commerce Department announced Tuesday. The performance is markedly better than March, when consumption was flat, and February, when it rose just 0.2 percent. The impact of this increase on the economy will be profound, given that consumer spending accounts for over two-thirds of economic output. The rise in spending outperformed analysts’ predictions of a 0.7 percent increase… Read more »
Only five years after the last recession, industrial construction has hit unprecedented levels, and many experts believe supply will still take another year or two to meet demand… Read more »
The economy created a net of only 38,000 jobs in May, with a number of downward pressures on employment coming to the fore, especially the drop in energy employment (a longer-term factor) and the Verizon strike (a shorter-term factor), according to the Bureau of Labor Statistics on Friday. The separate survey that determines the headline unemployment rate dropped it to 4.7 percent… Read more »
The master developer of the 330-acre Arizona State University Athletics Facilities District in Tempe is Ònalizing plans for the initial phase of the mixed-use project, which will include oÕce, apartment and retail components at the northwest corner of University Drive and Rural Road… Read more »
The property is located at 4419 N. Scottsdale Road, just north of the Galleria Corporate Centre office complex and is positioned for Class A office use. The office component consists of 190KSF of leasable space placed above the retail and a level of parking. Roughly 3,000SF of ground floor office foyer and lobby space is also provided. The floor plates are 37KSF, ideally sized to attract quality tenants and major employers… Read more »