Commercial Real Estate & Business News May 3, 2018

Employment is on the rise in Arizona and nearly every industry of the state’s economy is adding jobs every month, according to a Regional Intelligence Report presented at the recent Alliance Bank of Arizona 2018 Economic Forum. From January 2017 to January 2018, mining and construction led the state in job growth at 8.3 percent (12,300 jobs), with nearly all of that growth coming in construction (12,100 jobs). This was followed by a 4.9 percent increase in manufacturing employment (7,900 jobs)…»
More than 1.5 million square feet of speculative office space is underway across Phoenix – nearly double that from a year ago, according to a new report by Colliers International Group Inc. (Nasdaq: CIGI) The pipeline is filling with more than 2.8 million square feet of spec and build-to-suit office space under construction, with 2.2 million scheduled to be completed during 2018, according to Colliers’ first-quarter report…»
Retail shops are closing at a rapid pace nationwide. Online shopping is blamed and labeled as “the future of retail shopping” in most metro areas. But, in some cities, including Phoenix, brick-and-mortar stores still have a lot of shelf life left. It’s a busy early afternoon on a Tuesday at Tempe Marketplace. And it’s more than just the lunch crowd here. The parking lot at Target is mostly full. And that’s where I stop to see people pouring in…»
Phoenix, Ariz. – The Greater Phoenix industrial market continued improving during the first quarter of 2018, though net absorption has lagged behind 2017 levels.   The remainder of 2018 will be a time of tenant move-ins and construction activity. Net absorption reached almost 1.2 million square feet in the first quarter, marking the seventh straight quarter of net absorption exceeding one million square feet…»
According to the latest Paychex | IHS Markit Small Business Employment Watch, wage growth accelerated in April, while the pace of monthly small business job growth continued to tighten. The Small Business Jobs Index fell 0.12 percent for the month and is down 0.96 over the past year to 99.53. Hourly earnings grew $0.70 to $26.56, up 2.69 percent from last year.  One-month annualized hourly earnings growth in April was 3.25 percent, reaching a two-year high…»