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A strong labor market is bolstering the outlook for U.S. commercial properties, especially as workers begin to return to the office, according to commercial real estate services company Marcus & Millichap.
The national unemployment rate dropped to 3.6% in March 2022, only 10 basis points above February 2020, the month before the COVID-19 pandemic flared up in the U.S. Businesses added 431,000 new employees last month.