Commercial Real Estate & Business News May 7, 2018

U.S. hiring rebounded in April and the unemployment rate dropped below 4% for the first time since 2000, while wage gains unexpectedly cooled, suggesting the labor market still has slack to absorb. Payrolls rose 164,000 after an upwardly revised 135,000 advance, Labor Department figures showed Friday. The jobless rate fell to 3.9%, the lowest since December 2000, after six months at 4.1%. Average hourly earnings increased 0.1% from the prior month and 2.6% from a year earlier, both less than projected…»

Developers and investors alike are increasingly seeking out opportunities to integrate product types in order to achieve the ultimate goal of creating destinations that draw residents, tenants, visitors and patrons to engage, interact, live, shop, work and play. U.S. construction boomed in 2017, reaching an all-time high of $1.26 trillion in construction spending. Mixed-use developments made up a substantial portion of this spending…»

Multifamily sales are up 44% year-over-year in Q1 2018. The hike in multifamily sales made up 31% of the total U.S. investment sales and spearheaded the 7.2% YoY rise the U.S. saw in investment sales during Q1. This translates to an increase of $100.8 billion in investment sales for the U.S. The primary source behind the multifamily sales appetite is private capital. There was an 18% YoY increase in private investments from Q1 2017 to Q1 2018…»

Arizona’s economy will continue to expand in 2018, with no recession risk in sight and a solid commercial real estate market benefiting from job gains and population growth, according to a new Arizona State University forecast…»

Two developers will be pitching new Class A projects to the Mesa City Council Monday on city-owned land next to the Chicago Cubs spring training ballpark. Lincoln Property Co. and the Boyer Co. have competing development plans for 28.2 acres of what is now city-owned soccer fields in the Riverview area near Rio Salado Parkway, Dobson Road and Loop 202…»