Commercial Real Estate & Business News – November 21, 2017

The report notes that the current economic expansion has now lasted for more than eight years and the consensus of economists is for it to continue for “at least one more year, if not two.” Signs of significant overinvestment or overheating in the economy-the forces that normally predict recessions-have yet to be evident, the report states. “If this holds true, office absorption should remain healthy for the foreseeable future,” according to the NAIOP Research Foundation…»

Construction has started on a 30-story apartment tower with some ground-level retail space in downtown Phoenix at Third and Pierce streets. The Link PHX, which is slated to open August 2019, is a mixed-used apartment project that will have 257 units. It is being developed by Chicago-based CA Ventures and Diamond Realty Investments…»

Confidence among home builders edged up in November to its highest reading in months and its second highest reading since the recession, according to the Housing Market Index by the National Association of Home Builders and Wells Fargo…»

Unemployment, at least at the state level, is mostly stable, which is good news for the wider economy, as well as demand for most kinds of commercial real estate. Compared with the month before, jobless rates were lower in October in 12 states, higher in only one state, and stable in 37 states and the District of Columbia, the Bureau of Labor Statistics reported November 17…»