Here at RealtyMogul.com, we keep our finger on the pulse of all things real estate, from finance to technology and everything in between. We make a point of sharing interesting articles and think pieces among RealtyMogul.com staff to help our team stay abreast of the market, and ahead of the curve.
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Got A Minute? Here’s some recommended reading with key points from the content:
US Created 287k Jobs in June vs 175k expected, Unemployment Rate at 4.9% (CNBC)
- After a down May, jobs number far surpassed expectations in June as they created 287,000 nonfarm jobs – these are the best numbers since October 2015. The unemployment rate moved up to 4.9% in June, a 20 basis points increase over May.
- According to CNBC, the expectations for a fed rate raise in December climbed to 24%, a 12% jump over the expectation just a day earlier.
Economy Watch: Employment Surges in June (Commercial Property Executive)
- In more news related to the June jobs numbers, here are how CRE related industries performed:
- Professional and business services: +38,000 jobs
- Retail: +30,000 jobs
- Food services: +22,000 jobs
- Healthcare: +39,000 jobs
REITs Poised to Beat S&P 500 Index in 2016 (Globestreet)
- The FTESE/NAREIT All REIT Index had a total return of 6.7% in June – far surpassing the S&P 500 Index of 0.3%. Results for the first half of the year were similar with the All REIT Index yielding a 13.8% versus the S&P of just 4.1%.
- The rest of the article speculates on the remainder of 2016 which should be favorable for US CRE & REITS specifically as investors react to Brexit and a likely continuous low interest rate environment.
Chicago Sun-Times Printing Plant Reborn as Data Center (Commercial Property Executive)
- The former Times printing plant is in the process of being converted into a 317,000 SF data center in Chicago’s Pilsen neighborhood. QTS Realty Trust, the owner, has brought in Mortensen Construction to redevelop the asset. We could see more of this type of conversion in the future with the growing demand for cloud solutions and other data center services.
Work Underway on Massive Dallas Mixed-Use Property (MHN)
- Construction is underway on The Union Dallas, a mixed-use project that will consist of 309 residential units, 417,000 square feet of office, and 87,000 square feet of retail space that will be located in the Victory Park neighborhood by the American Airlines Arena. The project will also include 21,000 square feet of green space with seating areas and a performance area.