Monthly Archives: October 2014

JLL Releases 2014 Law Firm Perspective [Free Download]

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By: Robert Kramp, Vice President and Director of Research, Jones Lang LaSalle, Midwest and Great Lakes Region

Law-Firm-2JLL research released the 2014 Law Firm Perspective, and with it, the industry’s leading trends and the latest real estate insights. Across the U.S., JLL found that the rightsizing wave is finally slowing down. Most firms have already downsized for efficiency, and are now looking for new approaches to location strategy.

Another national trend: There’s a supply shortage. Since location, often within prime office buildings, is critical for law firms, they “face more supply constraints than nearly any other industry,” according to the report.

On the upside, law firms are now making site selections based on employee preference. It’s all about talent for law firms, and some hotter, desired locations are in “fringe CBD” areas.

From national to local, law firms in Ohio, Michigan and Pennsylvania have been busy during 2014. Read on to find out what’s happening in your city’s law firm CRE landscape.

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Commercial Real Estate Trends in the Midwest: Q3

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

The third quarter of 2014 wrapped up on a positive note.

According to JLL, “Broad-based domestic economic expansion has fueled the tightest office market fundamentals in eight years across the United States.” And, thanks to strong economic forecasts nationwide, JLL expects 2014 absorption rates to exceed that of the last three years.

What does it mean for the U.S.? More confidant developers likely means more development for 2015.

Looking to the local cities across the Midwest, we also saw dynamic, lively activity in our local CRE markets. Below is a quick recap of Q3 highlights in Cincinnati, Cleveland, Columbus, Detroit and Pittsburgh. Download the full reports for details.

Market Activity in the Midwest



During Q3, there was an evident shift in demand for downtown space. We also observed an upturn in capital market activity during the third quarter. Increasing rental rates and declining vacancies have made Cincinnati an attractive investment spot. In fact, investors have spent more than $1 billion on Cincinnati CRE since the start of 2014.

In other news, construction teams stayed busy in Cincinnati. The majority of new projects are located in urban submarkets, with most interest in the CBD and Midtown. JLL predicts that this trend will continue, “…as development figures through the third quarter now equal that of pre-recession levels.”

By the numbers: 

  • Total vacancy: 20.3%
  • Total under construction: 1,389,000 square feet
  • YTD net absorption: 214,538 square feet

View the full Cincinnati Q3 analysis. (Office Insight Office Statistics)

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Your Next Move: A Guide To Your Corporate Office Relocation [FREE DOWNLOAD]

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

Your office space has the potential to drive employee productivity, retention, recruitment, and overall company performance.

Bottom line: Your space impacts your bottom line. 

But don’t take our word (or commercial real estate bias) for it. JLL recently helped Oswald Cos. secure new space in Cleveland. Oswald President and COO, David Jacobs, told us:

“Our new environment instills collaboration and has that open feeling; enabling all of us to do our jobs better. The new space has been an absolute godsend to our business.”

Finding and designing the perfect space in the right location at the right price is not easy. So, it’s more critical than ever that you take a strategic approach when executing a corporate move.

JLL follows a proven step-by-step process to help leading organizations find space that not only suits unique bottom-line objectives and requirements, but also sets the stage for future growth.

Are you approaching your next move, or is it time to put the building blocks in place to start a conversation about your current space? Below, I’ve included a snapshot of the 9-step journey to a corporate relocation.

9 Steps To Guide Your Company’s Next Move 

1. Build a team of trusted expert before you begin.
2. Set objectives and requirements.
3. Map out a custom timeline.
4. Determine a preliminary project budget.
5. Identify prospective spaces.
6. Tour the market.
7. Evaluate properties on your shortlist.
8. Finalize letter of intent and negotiate your lease.
9. Plan and implement your next move.

Download the Your Next Move eGuide for a snapshot of each step in JLL’s strategic approach. Keep in mind that this is a general guide, which is adjusted to accommodate your unique business needs.

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Commercial Real Estate News Brief: September 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.  

Commercial Crowdsourcing: Hotels Respond & Renovate JLL CRE News Brief

Good or bad, short-term or long-term, travelers are talking about their hotel experiences on forums and review websites. And, according to a recent article in The New York Times, hotels are finally listening.

Hotel brands are reading what travelers say about them — and their competitors — and planning their investments accordingly.” 

A recent example: When prepping for renovations, Omni Hotels and Resorts trolled reviews, specifically TripAdvisor, to see what their guests had to say. Why? Review and booking websites have more clout then ever before, and executives are taking interest in direct feedback when it comes to property investments.

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How To Create a Data-Centric CRE Strategy

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

I’m sure you’ve heard the buzzword “big data” in your office, or read about it in your favorite blogs and publications. The popularity of the term “big data” continues its steep climb upward on Google Trends, even today (screenshot below).

Data has captivated the business world. The ability to track and capture data, regardless of industry, has transformed the way executives are reporting and capturing value.

JLL recently released the first white paper in a four-part series on developing Data-Centric CRE. According to JLL researchers:

“Companies that embrace internal and external data, manage its flow carefully but efficiently, and structure it to create actionable information and insight have a strong competitive advantage.”

This goes for CRE teams, too. The ability to make a smart move, determine a construction budget or advocate for more sustainability practices can all be driven by data-centric business cases. CRE teams have put new emphasis on the importance of data, but most still have a long way to go.

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