Fresno Seeing Commercial Real Estate Boost

The commercial real estate industry is looking better these days for Fresno, Calif., one of the state's largest cities. The first building since 2008 is being constructed and is expecting to bring dozens of well paying jobs with it, reported ABC30.  

Currently, the unemployment rate remains at 14.9 percent according to the Bureau of Labor Statistics. That's almost double the national unemployment rate, which has held steady at 7.8 percent.

The new estate will encompass a new warehouse located at one of Fresno's business parks. The ground has already been broken for the 96,000-square-foot south Fresno warehouse and it's a good sign when the tractors start paving the ground after more than four years.

The new warehouse is estimated to cost $4 million, according to Grubb & Ellis Pearson Commercial, the largest commercial real estate in the San Joaquin Valley. The property is situated in North Pointe Business Park, and the Grubb & Ellis disclosed the new business will be an East Coast manufacturing company that will occupy half of the new warehouse.

The warehouse is predicted to be complete by the end of the summer. Among the companies that have been moving products out the North Pointe Business Park were Staples and White House Custom Colour.

"They will actually start shipping their product late fall 2013," said Ethan Smith, vice president of global logistics at Grubb & Ellis, in an interview with ABC30. "It will all be brand new jobs to the area so somewhere in the area of 30-50 jobs, pretty well paying jobs."

The Fresno Regional Workforce Investment Board, FRWIB, which helps individuals in training education who are looking for employment, strongly agrees that this new company will bring new and strong jobs to the region. 

"For purposes of logistics or transportation we're parts of a huge networks that go through California and other states so in that regard we are very lucky where we are placed," said Blake Konczal, Director of FRWIB.