Office

The buyers purchased the 128,000 square-foot Queens property for almost $56 million.

Los Angeles has the fastest growing tech labor force in the country, up 12.3% in the last two years, while Orange County's tech labor force grew by 10.6% in two years.

ULI also reports that Brian Collins, head of development, Fisher Brothers, is the organization's new vice chairman. Both Kohn and Collins took on their new roles at ULI New York effective July 1.

The partnership has purchased the vacant office space in the former Gucci Building for $135 million.

Tech firms should play a key role in sustaining a healthy level of downtown activity.

“The building offers a great mix of office and warehouse space and presented an excellent opportunity for this buyer,” says Jeff Henson of Lincoln Property.

Select tertiary markets are driving the economic expansion and will likely continue to do so for the balance of this year and well into 2019.

Non-optimal activities, limited technology use and labor issues continue to plague the construction and logistics industries, with the former accounting for $177.5 billion in US labor costs per year.