Monthly Archives: October 2016

Commercial Real Estate News Brief: October 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 local markets where your paycheck goes the furthest, foreign investment in U.S. CRE and Gensler’s 2016 Workplace Survey findings.

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Paychecks Go the Furthest in Midwest Cities 

JLL CRE News Brief

Newspaper image via NS Newsflash.

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.

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When Is It a Good Idea to Hire a Professional Project Manager?

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Editor’s Note: This article was originally published by the JLL Project Management blog.

By: Tim Kay, Managing Director, JLLoffice-594132_1280

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

The Cleveland Comeback: Urban Redevelopment Can Rebrand a City

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 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.Cleveland Public Square

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