LOS ANGELES—This week, the Fed raised interest rates for the second time this year, moving ahead with their plan to gradually increase rates. The decision left some wondering if the increased rates would slow activity. For now, though, acquisition and disposition activity is strong, and pricing is continuing to move up. We saw a handful of significant transactions throughout the Southwest close this week, and new development projects in the region also remain strong. Additionally, a new report showed that there new job creation also remains healthy. Here's a look at this week's trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

LOS ANGELES— Los Angeles is seeing significant job growth in new sectors. 70,800 jobs were added in the 12 months ending in March, and employment in
 the metro increased 1.4% year-over-year, compared to the 1.6% national growth rate. Leading employment gains were the education and health services sector, which added 31,300 jobs year-over-year, an increase of 4.1%, and in the leisure and hospitality sector, which added 13,100 jobs. The growth is spurring office activity. Leasing activity and lease rate growth are strong, especially in the entertainment-centric submarkets of Beverly Hills, Century City and West Hollywood. Elsewhere, Santa Monica boasts high lease rates, while 25% of all available space lies in the central business district (CBD). Development activity is robust, as roughly 9 million square feet is currently under construction. A reinvigorated CBD as well as adaptive reuse projects in the north and east submarkets are driving development activity in many different areas of Los Angeles. Transactions neared $7 billion in the 12 months ending in April, with both foreign and domestic investors active.