In the Sweet Spot

sweet spotThe labor market expanded at a moderate pace in October, posting its ninth consecutive monthly gain above 200,000 new jobs according to this morning’s report from the U.S. Bureau of Labor Statistics. The unemployment rate dropped another notch, but the tightening is not translating into higher wages. Here are the details:

  • Employers added 214,000 net new payroll jobs last month, similar to the 220,000 jobs that Bloomberg’s survey of economists had forecasted. August and September totals were revised higher by a combined 31,000 jobs. The average monthly increase year-to-date through October is 229,000, up from 194,000 in 2013.
  • Leisure and hospitality led all sectors with a gain of 52,000 jobs, concentrated mostly in restaurants.
  • The education and health services sector was second, adding 41,000 jobs. Of this total, 24,500 were in health care despite ongoing efforts by providers to trim costs.
  • Professional and business services came in third, with 37,000 jobs created last month. The other two big office-using sectors were mostly flat, as finance added 3,000 and information subtracted 4,000, the only major sector to lose jobs in October.
  • The goods-producing sectors did well, with manufacturing and construction adding 15,000 and 12,000 jobs, respectively. Besides manufacturing, the other two big sectors driving demand for industrial space also performed well, as transportation and warehouse employment increased by 13,300 and wholesale trade added 8,500.
  • Retailers increased payrolls by 27,100, a vote of confidence in the holiday shopping season.
  • The public sector added a modest 5,000 jobs, with gains in local government employment offsetting losses at the U.S. Postal Service.
  • Wage growth remained tepid. The average hourly earnings for all employees rose by 0.1% last month and by 2.0% from a year ago. Weak wage growth has restrained both the pace of economic expansion and the rate of inflation, prompting the Federal Reserve to keep interest rates low.
  • The unemployment rate fell by one-tenth of a point to 5.8%, its lowest level since July 2008. The U6 rate, which includes discouraged, marginally attached and underemployed workers, was 11.5%, down from 13.7% a year ago.

Today’s report delivers three key takeaways:

  • The labor market continues to grow at a solid, non-inflationary pace. Growth has been remarkably consistent, showing little sign of weakening or accelerating in recent months.
  • Wage growth remains slow—a negative for wage earners and consumer spending, but a positive for the inflation outlook.
  • The combination of solid employment growth and low inflation/interest rates has created a sweet spot for commercial real estate. The economy is strong enough to generate sustained leasing activity for all property types, but still has enough slack to permit the Fed to maintain low interest rates—a key factor supporting the surge of investor demand for CRE assets.

Robert Bach Director of Research – Americas

For all your commercial real estate needs, please contact:

Newmark Grubb/Phoenix Realty Group
10739 Deerwood Park Blvd, Suite 310
Jacksonville, Florida 32256

Jacksonville makes U.S. top ten cities list for logistics infrastructure

By Jensen Werley – Jacksonville Business Journal

Jacksonville is one of the top cities for logistics infrastructure, according to a ranking done by Global Trade Magazine.

The city, which shares the list with cities like Miami, Los Angeles and Memphis — as well as lesser-known logistics cities like Peoria, Illinois and Orangeburg, South Carolina — based on factors like Jacksonville’s port, the two interstate highways, the rail infrastructure, the international airport and its ability to bring freight to a large amount of people in a short amount of time.

Patrick Dooley, editor at Global Trade Magazine, said Florida in general is a key state for logistics.

“Florida is a fantastic logistics state because of its positioning and shape,” Dooley said. “When people think of Florida logistics, they think of Miami first. We wanted to give Jacksonville some credit.”

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Newmark Grubb Phoenix Realty Group 3rd Quarter Transaction Highlights

Jacksonville, Fla. (November 4, 2014) — Newmark Grubb Phoenix Realty Group, Inc. (NGPRG) reports its lease and sales transaction highlights during third quarter 2014, involving approximately 1.3 million square feet.

Third-quarter highlights include:

  • Dupuy Storage and Forwarding renewed its 149,997-square-foot lease at Westside Distribution Center. NGPRG’s John Richardson and Bryan Bartlett represented the landlord, EastGroup Properties.
  • Carroll’s Tire renewed and expanded into the entire 105,200-square-foot industrial building at 401 Ellis Road N., from 65,200 square feet. NGPRG’s John Richardson and Bryan Bartlett represented the landlord, True North Investments.
  • NGPRG’s Bryan Bartlett represented Special Tool Solutions in the acquisition of a 60,000-square-foot industrial facility at 11699 Camden Road.
  • NGPRG’s Jim Sebesta, along with Mohr Partners, represented Adecco, USA in a new lease for 34,456 square feet of office space at Riverplace Tower.

About Newmark Grubb Phoenix Realty Group
Newmark Grubb Phoenix Realty Group is a full-service commercial real estate company serving Northeast Florida and Southeast Georgia. The firm has completed more than 80 million square feet of transactions since its inception in 1993. Today, Newmark Grubb Phoenix Realty Group provides industrial, office, retail and investment brokerage services representing tenants, buyers, landlords and sellers, as well as third-party and institutional investors of every size. Through Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms, our clients have access to opportunities in every major market throughout the country, as well as across the globe. For further information, visit or call 904.399.5222.

About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.

With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit

NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit

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