Monthly Archives: July 2016

Commercial Real Estate News Brief: July 2016

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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 investors making the move to secondary markets, Brexit’s impact on CRE and the RNC in Cleveland.

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Investors Move Toward Secondary Markets

JLL CRE News Brief

Newspaper image via NS Newsflash.

As rental rates continue to climb out of reach for tenants in the top markets, investors are shifting their interest to secondary markets. Secondary markets are not only gaining interest from large corporations, but also startups, which may seek Class B and C buildings to accommodate their budgets.

Markets like Cincinnati are seeing spikes of institutional investment in suburban areas with trades among Class B and C buildings, including the 253,000-square-foot Pictoria Tower I in Springdale. Detroit’s CBD is also on the upswing with vacancy rates hitting all time lows, while still gaining popularity among millennials and young professionals entering the workforce.

Meanwhile, Columbus continues to adjust its rental packages for the influx of startups entering the market in the hopes of continued growth to mid- or large-size businesses. Similarly, Pittsburgh’s mixed-use environments are also in high demand as the economy continues to grow.… Read More

An All-American Comeback Story: Cleveland’s Chance to Shine

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Editor’s Note: This article was originally published in Crain’s Cleveland Business.

JLL Cleveland CRE  By: Andrew Batson, Manager of Research & Analysis, JLL

The Republican National Convention is taking place in Cleveland this week, and regardless of one’s political affiliations, all can agree the event will be a boon for the Cleveland economy.

In the short term, the convention will provide an estimated $400 million injection into the regional economy, but landing the RNC represents a much larger opportunity for the city. For decades, Cleveland has tried to secure a national political convention, and while Cleveland has come close in prior cycles, it has been 80 years since the region last played host to such a large political event.

The Republican Party announced in July 2014 that it had selected Cleveland as the host city for the 2016 RNC over Denver, Kansas City and Dallas. That same week, LeBron James announced that he would return to the Cleveland Cavaliers with hopes of bringing a championship title to the city after a painful five-decade drought (a dream realized just weeks ago). July 2014 was an exciting time in Cleveland, and an important chapter in Cleveland’s all-American comeback story.

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Co-Working Sparks a Real Estate Revolution

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By: Nick Francic, Senior Vice President, JLL

The co-working industry is thriving. More than 27 million square feet of space is home to co-workers across the U.S., according to a new report from JLL research. Many small businesses, startups and entrepreneurs are leaving the traditional office setting behind in exchange for the convenience, perks and community that come with a shared workspace.

Shared Work Spaces

And, with more and more emphasis on workplace design and strategy, the industry’s growth is no surprise. Companies like Regus, WeWork, Industrious, MakeOffices and others provide popular shared spaces packed with trendy amenities and the latest technology.

Bottom line: we don’t foresee the trend toward shared spaces slowing anytime soon.

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