Our team at JLL Great Lakes wishes you a very safe and happy holiday season!
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
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
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
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
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 CRM solutions for brokers, the future of digital workspaces and the 2017 construction forecast.
Keep up with Spaces’ monthly recaps—subscribe today.
CRE Brokers Turn to CRM Solutions
Every dollar spent on a customer relationship management (CRM) system results in $8.71 back for businesses, according to Nucleus Research. That’s why more commercial real estate brokers are looking to implement CRM solutions. But how does the software actually help brokers?
CRM software helps businesses manage interactions with current and future customers via digital tracking and analytics. An enormous amount of data helps brokers foster relationships with clients—including lead and listing specifics. With a CRM, brokers can easily access customer information, determine appropriate follow-ups, and guide clients through the transaction pipeline.… Read More
By Dan Adamski, Managing Director, JLL, and Rob Roe, Managing Director, JLL
Varied legal employment rates and an uncertain month-to-month economic outlook have caused law firms to rethink the way they use their office space. JLL’s 2016 U.S. Law Firm Perspective has conducted an extensive analysis of more than 40 U.S. markets, highlighting the biggest… Read More
By: Tim Kay, Managing Director, JLL
As the fight for top talent grows even more competitive, office design is moving to the forefront of business strategy.
Tech leaders have forever changed workplace expectations. GoDaddy has go-karts for its employees at its headquarters in California, and Cisco Systems has an onsite health center.
While these companies are at the forefront of workplace innovation, we’re seeing trends from Silicon Valley and beyond trickle down into local cities in Ohio, Michigan and Pennsylvania.
Our local offices might not be as extreme (no, we’re not aware of a local office that’s home to go-karts), but we are moving into a new era for workplace design. So, what can you learn from some of the region’s most innovative spaces? We’ve highlighted four takeaways to incorporate into your next workplace strategy. … Read More
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 local markets where your paycheck goes the furthest, foreign investment in U.S. CRE and Gensler’s 2016 Workplace Survey findings.
Keep up with Spaces’ monthly recaps, and subscribe to JLL Spaces today.
Paychecks Go the Furthest in Midwest Cities
Local markets including Cincinnati, Cleveland, Columbus, Detroit, Louisville and Pittsburgh all ranked in Glassdoor’s Top 25 Cities Where Pay Goes the Furthest. The study compared each city’s median salary to its median home value, and also included number of available jobs.
Detroit claimed first place with a median base salary of $61,500 and median home value of $123,100, followed by Pittsburgh (No. 3), Cleveland (No. 4), Cincinnati (No. 7), Louisville (No. 10) and Columbus (No. 14).
The pay isn’t the only thing driving interest into these cities. As much of today’s workforce is made up of millennials, more downtown areas are being reinvented to fit their needs and wants. Cities in these regions—including Cleveland, Detroit and Columbus—have redeveloped much of their urban centers to appeal to this population. Many young professionals are also choosing to live in these secondary markets to take advantage of all the downtown perks at a significantly lower cost as compared to other popular markets, like NYC or San Francisco.
Editor’s Note: This article was originally published by the JLL Project Management blog.
By: Tim Kay, Managing Director, JLL
Let’s say your company is looking to expand its existing corporate headquarters. Clearly, you’re going to need help with the pre-project planning, scope definition and staffing, but how do you go about getting that help? Do you rely on existing workforce? Hire new employees to manage the project? Or do you outsource the project to a professional project manager?
Similar to how you’d want the best heart surgeon to perform heart surgery on you if needed, the same goes for a project manager. Expanding your corporate headquarters is a big deal and you want to invest in an experienced project manager who is able to deliver more than just a project. You want someone who can help you realize the broader ambitions and business goals for your new headquarters location.
But What Will a Professional Project Manager Cost?
The bottom line impact of hiring a professional project manager to deliver your next office space is often less expensive than many prospective clients believe. With benefits accounting for an additional 43 percent of the hourly wage rate, it can be quite costly to keep an employee on the payroll. And the costs don’t stop there. With taxes, insurance, overhead expenses and benefits, the overall labor burden rate can significantly impact a company’s bottom line.… Read More
By: Andrew Batson, Director of Research, JLL
Before the 2016 Republic National Convention (RNC), the city of Cleveland suffered a major image problem. After, however, the mindset of many of its residents and the general public changed.
Two years of construction and planned redevelopment paved the way for Cleveland to make its way back into the spotlight—this time, with modern event facilities and trendy restaurants downtown and along the lakeshore.
Cleveland isn’t the only city using redevelopment as a tool to rebrand its image, but it provides a solid blueprint for doing so. Cities are investing more time and money into their downtown spaces in the hopes of being considered for large-scale events, becoming a tourist destination, driving business growth, and attracting top talent for current businesses.… Read More