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.
Keep up with Spaces’ monthly recaps, and subscribe to JLL Spaces today.
Investors Move Toward Secondary Markets
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