Pittsburgh Office Renovations Sweep Through Urban and Suburban Markets

0 CommentsBy

PittsburghThe workforce continues to develop and gravitate toward urban cores, which makes it necessary for companies to focus recruitment efforts there and in surrounding secondary markets. Pittsburgh is a prime example of a hot market for job seekers due to advancements in technology, energy and more. However, that doesn’t necessarily create cause for new construction.

In the Pittsburgh office market, rents have not achieved the rate necessary for new construction to be viable, even as tenant demand gravitates toward a higher quality space. Accordingly, investors are realizing the returns that value-add properties provide, and they are responding with 15 office renovation projects.

These renovations include historic downtown locations like The Grand at Fifth Avenue, as well as surrounding suburban office parks like Penn Center East. In total, the 15 projects will impact more than 4 million square feet of office space in the Pittsburgh market.… Read More

JLL Research: 3 Trends That Will Disrupt Contact Centers in 2017

0 CommentsBy
Contact Centers

Courtesy of JLL

By: Lisa Schunemann, JLL Healthcare Brokerage Analyst 

The contact center industry didn’t just exceed expectations in 2016; it outperformed global economic growth altogether. The demand for high-quality services and updated tech solutions continues to grow spending, revenue and the workforce in the industry. In fact, North American revenues reached $9.4 billion in 2015, up just over 22% from 2013.

Our newly released Contact Center Outlook report highlights the current state of the market, as well as the top three trends to keep an eye on this year that will impact the way these centers operate.… Read More

Commercial Real Estate News Brief: February 2017

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights executives’ optimism within the industry, varying supply rates and the changing retail landscape.

Keep up with Spaces’ monthly recaps—subscribe today.

New Survey Highlights CRE Executives’ Optimism on Industry Outlook

JLL CRE News Brief

Newspaper image via NS Newsflash.

New research released by KPMG LLP finds just over half—52%—of commercial real estate (CRE) executives believe improving real estate fundamentals will be the largest driver of their firm’s revenue growth this year.

A number of factors contribute to the overall positive outlook for executives, including an expanding economy and consistent interest in Class A properties in the U.S. Following the 2016 presidential election, financial markets are also expected to loosen, which will likely improve capital flow.

With improving financial markets, many companies are also expecting their real estate investment to increase. Approximately 22% of companies anticipate an increase between 5 and 10%. Due to an overall positive outlook in foreign investment, new investment in real estate will come from both existing investors and new market players.… Read More

Roger Staubach and JLL Predict a Patriots Victory for Sunday’s Big Game

0 CommentsBy

After successfully predicting last year’s champion, the Denver Broncos, JLL Americas Executive Chairman and Hall of Fame Quarterback Roger Staubach is predicting a Patriots win in Sunday’s big game.

Making predictions for football’s biggest event since 2011, JLL has accurately predicted the winner 70% of the time. Traditionally, predictions are based off of factors off the field, including:

  • Tenant and investor opportunities
  • Demand for premium office space and leasing activity
  • Economic factors, such as job growth

Cities with a positive economic outlook and strong real estate markets typically mirror that consistency on the field, too. And, as it turns out, Boston has way more to offer than just Tom Brady-led victories. Boston is succeeding in a number of industries, including education, technology, life sciences and more to drive job growth in the region.

Read More

Higher Education Mandate 2017: Universities to Put Emphasis on Students, Faculty and Research

0 CommentsBy

By: Dean Monnin, Senior Vice President, JLL

Higher education

 

Now more than ever, both students and faculty are being more selective about the schools they choose to attend. With the amount students now pay for tuition, room and board, students expect modern amenities and world-class learning environments. Similarly, attracting top-tier faculty is just as competitive, as more schools look to implement the latest technology and research tools.

To accommodate, colleges and universities are turning to the private sector to help preserve resources and finding new ways to fund higher education construction. JLL’s Higher Education Mandate has identified four real estate trends that will impact universities this year.

1. Donors, Debt and Privatization Will Make New Buildings and Other Capital Projects Possible

Last year, education construction was at its lowest point in more than 15 years, while other industries experienced a 97% recovery peak in construction. As a result, many universities are turning to Public Private Partnerships (P3s) to fund facility development, as well as maintenance needed in older buildings.

P3s can ultimately help universities ease the burden of financial constraints while maintaining efficiency in the delivery of new construction and maintenance of it. In order for a P3 to be effective, however, universities will need to identify their key risks and how they should be shared among their public and private sectors.… Read More

Commercial Real Estate News Brief: January 2017

1 CommentBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights drones’ impact on CRE, how autonomous vehicles will reshape cities, and how several local markets are creating a more ‘walkable’ downtown.

Keep up with Spaces’ monthly recaps—subscribe today.

Drone Technology Takes Off in CRE, Creates New Opportunities and Challenges

JLL CRE News Brief

Newspaper image via NS Newsflash.

Much like virtual reality (VR), drone technology has created new opportunities within the commercial real estate industry to streamline the transaction process.

Drones are unmanned aerial vehicles flown autonomously, and are used in a number of industries, including commercial real estate. How? With drone technology, prospective clients can view aerial property photographs or recorded video. This can help clients and investors determine the potential assets and challenges of a property. The end result is a faster transaction process, as clients have access to more property information than ever before.

One of the biggest challenges associated with drone technology, however, is current legal regulation. Commercial drone users often face difficulties determining who owns the airspace in which the drone is flying over. Similarly, the Federal Aviation Administration (FAA) ruled that operators of commercial drones must obtain a waiver for those participating and comply with a number of other regulations.… Read More

Commercial Real Estate News Brief: December 2016

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights the 2016 election impact, virtual reality in CRE and predictions for 2017 workplace strategy.

Keep up with Spaces’ monthly recaps—subscribe today.

Steady CRE Outlook Forecasted in Wake of 2016 Election

JLL CRE News Brief

Newspaper image via NS Newsflash.

Similar to the aftermath of previous elections, many business owners are entering a period of uncertainty as they await the potential changes ahead. Most markets have remained fairly quiet following Trump’s win, while others have reacted positively. U.S. 10-year yields are currently hovering at 2% (its highest point in nearly eight months), while other markets have remained resilient compared to the Brexit impact.

The impact of Trump’s victory on the commercial real estate industry is still fairly uncertain. Financial markets have reacted in stride, which will create some form of stability for real estate activity. Although regulations on the financial industry are expected to loosen, which may lead to some market volatility.… Read More

3 Impactful Trends Affecting Pittsburgh’s Energy Hub

0 CommentsBy

By: Andrew Batson, Director of Research, JLL and Tobiah Bilski, Research Analyst, JLLPittsburgh

While the global energy market faces uncertainty, there are a number of rising trends hitting North America’s major energy markets. JLL’s newly released 2016 North American Energy Outlook takes a deep dive into the trends impacting the industry, and how they’re ultimately changing commercial real estate.

Each of the top seven markets featured in the report—including key U.S. cities like Denver, Dallas, Fort Worth, Houston and Pittsburgh, and Canadian territories like Calgary and Edmonton—face unique opportunities and challenges as a result of a volatile market. We’ve narrowed down the top three most impactful trends affecting a market closer to home: Pittsburgh.Read More

2016 Holiday Shopping Expectations Reach New Highs [Survey]

0 CommentsBy

By: Arthur Itkis, JLL Vice President, Retail

The holiday shopping season is in full swing and this year retailers are gearing up for a busy season. As the U.S. economy continues its upward climb, it’s not surprising that holiday sales will follow. But, to take a more holistic look at holiday shopping behavior, JLL research surveyed both shoppers (about 2,800) and retail managers (roughly 300) for the 2016 Holiday Forecast.

Read on for top trends from this year’s report.

Wrap Up the Year with Peak Spending and Sales

Compared to 2015 holiday spending, JLL experts are calling for a hefty increase this year—4% to be exact. In fact, 66% of shoppers intend to spend up to $750 on holiday gifts this year.

The Baby Boomer generation reported that they will spend the most this season, with 54% of their demographic spending more than $750 on holiday gifts. Comparatively, millennials have the lowest holiday budget; most plan to spend between $251 and $500. Millennials say low prices is the most important factor when considering holiday gifts, whereas Baby Boomers and those over age 70 reported quality as the most important factor.… Read More