Some regional highlights:

The New York District reported a strengthening industrial market and steady office and retail leasing demand.

In the Boston District, demand for office space held steady at a decent to solid pace, except for in Hartford where demand was slow.

The Dallas District continued to see active industrial, retail, and office leasing activity, with the exception of the Houston office market.

Both commercial real estate development and leasing activity increased across the San Francisco District, mostly fueled by growth in the technology industry.

The St. Louis District noted a tight office market for Class A space, and continued commercial and industrial construction.

Commercial building increased in the Chicago District driven by demand for industrial and office space. New hotel and office development in downtown Chicago was compelling retailers to relocate.

The Cleveland and Atlanta Districts noted increased construction backlogs, and shortages of skilled labor remained a constraint on construction activity in some districts, such as Boston, Cleveland, and San Francisco.

The beige book also indicated that "slight" wage growth was reported in most of the districts -- a closely-watched economy development by both the Fed and the rest of the economy. It is widely assumed that lackluster wage growth is one major reason why the Fed has not begun to raise interest rates. Another look at how the US employment market is faring will come this Friday, with the release of the US Labor Department's monthly employment report.

Instant Insights /

Beige Book Upbeat About US Economy, CRE Sector

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