Yearly Archives: 2015

JLL’s Great Lakes Team Celebrates The Holiday Season By Giving Back

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By: Dan Wendorf, Executive Vice President, JLL

Across the Great Lakes, JLL gives philanthropy a starring role in holiday festivities. Every year, our teams in Cincinnati, Clevleand, Columbus, Detroit and Pittsburgh find new ways to connect with the community and give back to non-profits that we’re passionate about.

This holiday, employees in Cleveland and Columbus dedicated their time, energy, and resources to donate to those in need.

The Columbus office partnered with DawsonCareers to contribute to the Toys for Tots toy drive—all in the hopes of an even merrier Christmas for Central Ohio children.

Toys for Tots

(Above) JLL’s Columbus team donates gifts to Toys for Tots.

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Commercial Real Estate News Brief: November 2015

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In the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles to keep you in-the-know. In this month’s edition, JLL spotlights tech industry expansion, workplace wellness trends, and also zooms in on Cincinnati’s rebounding office market.

Keep up with Spaces’ monthly recaps: subscribe to JLL Spaces today.

Midwest Markets Ready for Tech Growth

CRE Industry UpdateThink of the most robust tech markets in the country: Silicon Valley, New York and San Francisco likely come to mind. These cities are hot spots for some of the biggest names in the industry like Apple, eBay, Facebook and Google, just to name a few.

And now, the tech industry needs more room to grow.

“Expansion for the technology industry in 2015 is no longer just about the convenience of cheaper rents or accessing new talent pools. It’s a strategic necessity.”       –JLL’s 2015 U.S. Technology Office Outlook

More than ever, tech companies are finding great success in establishing offices in secondary markets. Despite smaller cities and populations, these offices often manage larger staffs and “hold just as much strategic importance to their business plans,” according to an article from the World Property Journal.

Two of the top tech-friendly markets ranked by JLL include Detroit and Pittsburgh. For more information about the tech market conditions in your city, download the full report.

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Retailers: 2015 Holiday Shopping Revenue Looks Merry and Bright (REPORT)

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By: Mary Bresnahan, Vice President with JLL and Melissa Ruther, Vice President with JLL. 

The 2015 holiday season is projected to be merry and bright for retailers across the country. JLL recently conducted its annual Holiday Sentiment Report, which revealed retailers’ expectations and preparations for the upcoming holiday shopping season.

So what’s so special about this year? For one, the U.S. unemployment rate is at its lowest since 2008, which means more spending money for shoppers.

The calendar also plays a significant role in influencing consumer shopping patterns this year. With Christmas falling on a Friday (the first time this has happened since 2009), 71% of retailers predict after-Christmas shopping will boost holiday sales. The shopping season is also longer this year, with the time between Thanksgiving and Christmas extended by one day. The majority of retailers (68%) expect the extra day to have an impact on sales.

Holiday

Among the hustle and bustle of what looks to be a promising holiday season for retailers, how can your shop stand out and make a splash? Below we’ve identified three tips that will help drive sales, increase foot traffic, and unify the in-store and online shopping experience.… Read More

Tech Industry Demand Thrives in Detroit & Pittsburgh [New Research]

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By: Dave MacDonald, Executive Vice President, JLL 

Silicon Valley and San Francisco may be the strongest tech hubs in the country, but smaller markets are making their mark on the map.

In fact, two secondary markets in the Great Lakes, Detroit and Pittsburgh, made JLL’s list of “sweet spots” for young companies. Other cities on the list include the likes of Orlando, Raleigh-Durham, Milwaukee and Phoenix.

How did JLL determine the “sweet spots?”

In this year’s annual Technology Office Outlook, JLL unveiled its proprietary tool, the Locator Matrix. As defined by JLL, the locator tool helps growing startups and established tech firms determine the best location for company expansion. Based on cost and startup momentum, the tool ranks markets into four quadrants.

Below, I’ve included a sneak peak of the matrix. Download the full report for further explanation and recommendations.

Tech

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Will Black Friday Ever Come Back?

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Editor’s note: This post was originally published on JLL’s Retail blog.

By: JLL Retail

There’ll be fewer Tryptophan-induced food comas for many this upcoming Thanksgiving weekend. Nearly one-third of retailers surveyed by JLL say they plan to open on Thanksgiving Day in order to get a jump on Black Friday sales. JLL’s 2015 Holiday Sentiment Report, which includes feedback from largely national or global retailers in JLL-managed shopping centers across the United States, also reveals more than half of those retailers expect an uptick in shopper traffic this year.

“Each year the holiday season seems to come earlier and the doorbuster deals get bigger. Black Friday creep into Thanksgiving mealtime is a very real thing,” said Greg Maloney, CEO of Americas Retail, JLL. “Holiday retail sales are anticipated to increase slightly over last year, and we’ll likely see sales trickling in even earlier in the days leading up to Black Friday. Retailers want to have first crack at customers’ wallets; the earlier they open, the more chance they have of capturing shoppers’ dollars.”

JLL Retail

 

 

 

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Law Firms Overrule Traditional Workplace Strategies

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By: Dan Adamski, Managing Director, JLL

Heading into 2016, law firm revenue is climbing. But with new challenges ahead, continued growth will be accompanied by higher rents and dwindling Class A office space in U.S. Central Business Districts. In fact, direct vacancy dipped below the single digits in many mid-sized markets, including Pittsburgh.

While the legal industry has traditionally preferred Class A and Trophy office spaces, law firms are feeling the pressure to seek alternatives. Moving away from downtown areas and into mixed-use spaces, some new-age law offices are even considered “the most efficient workspace designs available,” according to JLL.

Want more law firm insights? Download the full 2015 Law Firm Perspective for more trends and insights, plus statistics from 40 local office markets.

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Commercial Real Estate News Brief: October 2015

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In the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles to keep you in-the-know. In this month’s edition, JLL spotlights urban sustainability, Cincinnati’s hottest new metroplex and foreign investors purchasing CRE in the U.S.

Keep up with Spaces’ monthly recaps, and subscribe to JLL Spaces today.

Internationally, Cities Prioritize Sustainability

More cities are growing upwards. Above is the Kingdom Tower in Saudi Arabia.

More cities are growing upwards. Above is the Kingdom Tower in Saudi Arabia.

New developments show that cities are becoming more sustainable, more technologically connected, and less congested. According to JLL Research, cities across the globe are working to create safer, cleaner and more ecofriendly urban spaces.

Below are four trends impacting the future of our cities. See the full article from Real Views for details.

  1. Go even greener. In an effort to clean city air and aid food supply, city developers are converting public areas, rooftops and building walls into green space. Across the globe, city gardens, orchards and parks are cropping up in unique metropolitan spaces. Some international cities, such as Linz, Austria and Toronto, Canada have even mandated new residential and commercial buildings feature green rooftops.
  2. Traffic jams are the worst. They are annoying, dangerous, noisy and add to air pollution. To combat traffic issues, some cities have started car-sharing initiatives, while others have legalized the operation of electric cars. Last month, Moscow opened its first electric car charging station.
  3. The sky’s the limit. Urban sprawl scales upward. According to JLL, cities are dominating more real estate in the sky. One example is Saudi Arabia’s Kingdom Tower, which reaches 3,280 feet tall.
  4. Emphasis on connectivity. Our cities could soon connect us to data. The city of Santander, Spain has established 15,000 sensors to collect environmental data including carbon dioxide, humidity, traffic and noise levels.

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Law Firms Get Creative to Face New Challenges in 2016 [JLL Research]

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By: Rob Roe, Managing Director, JLL

Law firms hit record revenue levels in 2014 … just in time to face an increasingly competitive marketplace.

JLL’s newly released 2015 Law Firm Perspective revealed that the market’s job growth hasn’t been this high since the late 90s. But as the legal market expands, firms face fewer office choices and higher rent in Trophy and Class A spaces (i.e. the typical preference for law firms).
Thus, a notoriously traditional industry is taking a new approach to real estate, moving away from downtown locations and toward mixed-use, efficient designs. For more on how the economy and office market are impacting law firms, see what JLL’s Director of Office Research, John Sikaitis, has to say.

Closer to home, law firms across Ohio, Michigan and Pennsylvania are also facing tighter office markets and fierce competition for top talent. JLL’s new report includes a market-by-market analysis of the U.S. landscape.

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Data Center Market Moves to the Forefront of Real Estate Strategy [NEW RESEARCH]

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By: JC Pelusi, Market Leader, and Managing Director

The accessibility of big data has already revolutionized the way we do business … and it’s only the beginning.

Gartner predicted earlier this year that, “By 2020, information will be used to reinvent, digitalize or eliminate 80% of business processes and products from a decade earlier.”

As businesses become more sophisticated in the way they manage, store and interpret data, corporate norms will continue to shift. It’s not surprising then that data centers have become key economic drivers—creating new jobs, capital investment opportunities and strengthening surrounding business markets.

In the next five years, the data center market is projected to undergo exponential growth, according to JLL’s newly released 2015 Data Center Outlook. As businesses continue to outsource their IT systems, lease third-party data center facilities and incorporate cloud services, this market will continue to thrive.

Read on for trends affecting data centers and how your business can change its current strategy to align with the shifting market conditions ahead.

Factors Impacting Data Center Market Supply & Demand

Technological advancements and subsequent business practices are having a direct impact on data center supply and demand. Here’s what you should know.

What’s driving demand? 

Companies in the transportation and utility sectors, as well as local governments, have welcomed the benefits that come with the Internet of Things (IoT). Luckily, the IoT is still in its infancy. According to ABI Research the “Internet of things market will grow significantly from 1.2 billion business-to-business connections in 2013 to 5.4 billion connections in 2020.”

How does it relate to data centers? IoT is dependent on the data center market offering secure network connectivity and cloud storage for various devices and programs. Disaster recovery and the need for improved cyber security are also key focus areas for IT decision makers.

Demand

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