Monthly Archives: August 2014

JLL Covers Employment Trends in Cincinnati, Cleveland & Columbus

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By: Andrew Batson,  Senior Research Analyst, Great Lakes Region

Cleveland has been labeled an up-and-coming city by various national media outlets. Cincinnati’s market is gaining interest from outside investors, like Hines Interest LP. And, in Columbus, industrial space is a hot commodity.

Ohio’s three most popular cities are all making a comeback for different reasons. As a result, things are looking up for the local economies.

Below, I’ve included an overview of employment trends, based on JLL’s most recent Office Employment Updates released in July 2014.

Employment Update: Cincinnati

Cincinnati’s unemployment rate sits at a full percentage point below the national average. And, to put that into perspective, the national average (6.1%) is at “the lowest level since September 2008.

Economists are calling for a 1.4% increase in jobs through the rest of the year.

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Download the full report for details.

Employment Update: Cleveland

Cleveland’s unemployment rate decreased 0.6 percentage points year-over-year (sitting at 6.6%). Most new jobs have been added in the professional and business sector. However, because we are seeing a trend toward condensed spaces, “more job growth will be necessary to spur office demand and absorb the supply of vacant space.”

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Download the full report for details.

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Taking A New Approach To Workplace Productivity (SlideShare)

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By: JC Pelusi, Market Leader, Managing Director, JLL 

Leading companies look to the workspace to accelerate employee productivity and happiness. Take Google for example: The tech company’s office in Pittsburgh includes sectioned off cubicles, group meeting areas, a cargo net hammock, an indoor garden and raised catwalks. (Check out all the tour on Business Insider).

While all offices can’t be quite that cool, we can look for ways to make the workplace an efficient, desired destination for employees.

It all starts with workplace strategy. And unfortunately, many businesses miss the mark when it comes to focusing on the right objectives for corporate offices. For example, executives are focusing on how much work is getting done, without necessarily measuring the amount of work that actually has an impact on bottom line success.

In a recent survey, JLL found that 74% said “thinking, talking and brainstorming create the most value,” but only 24% actually spend a majority of their time on these behaviors.

We suggest taking a new approach, which begins with determining what kind of work brings the most value for individual organizations, and then planning an office space to support those activities. 

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Commercial Real Estate News Brief: July 2014

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Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania.  

Office Recovery Spreads Beyond Gateway Cities  

JLL CRE News BriefThe U.S. office sector hit a significant milestone in the second quarter of 2014, reported GlobeSt.com. Aside from notable activity across big cities, experts reported an upturn in office markets “far beyond the gateway cities.”

John Sikaitis, JLL’s managing director for local markets and office research, explained that some of this positive growth can be attributed to secondary, Midwest markets, including Cincinnati, Cleveland, Columbus and Detroit. Sikatis specifically called out growth opportunities in Detroit:

“Healthcare, tech and creative companies, among others, have set up shop in the CBD seeking to attract all the millennials that want to live and play downtown.”

For an in-depth overview of real estate trends in our region, visit JLL’s Q2 market highlights:

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