Monthly Archives: November 2015

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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