Monthly Archives: May 2017

Pittsburgh Market Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

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Tech Companies Keep an Eye on Pittsburgh Market

Pittsburgh is already home to a number of tech giants like Google, Facebook and Uber. Now, Apple, which currently employs 1,275 people in the state, is considering expansion in its Pittsburgh locations.

It remains unclear whether the expansion would include the retail or corporate side; however, the company made big increases in its corporate office over the last few years. Upon arrival in 2001, the company employed just 10 people in its Three Crossings office. Today, it employs nearly 50, which includes mostly software engineers.

All the movement in the tech industry has had a significant, but positive impact on the city of Pittsburgh. According to a 2014 study, Pittsburgh ranked second in intergenerational upward mobility among large metro areas. This is largely due to the high number of tech, energy and robotics companies moving into the metro area.… Read More

Louisville Market Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Louisville market to keep you in-the-know.

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Louisville Brewing Industry Has a Bright Outlook with New Addition of the Bourbon District

Downtown Louisville recently launched its new Bourbon District on Main Street just across from the Kentucky Center for the Performing Arts. The site is meant as a tribute to the city’s historic ties to the bourbon industry.

Main Street, in particular, was once a popular hub for the bourbon industry thanks to its close proximity to the Ohio River. Now that the industry is making waves once again, developers of the site aimed to create a resurgence of these historic times by including destination signs, banners and historic site signs.… Read More

Your Startup Needs an Office Space. Now What?

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By: Andy Effler, Senior Associate at JLL

JLL Senior Associate Andy Effler speaks at Columbus Startup Week. Courtesy of Columbus Startup Week

You’ve launched your startup, and so far, you’ve enjoyed the advantages of not necessarily needing a formal office space: cost savings, convenience, and no commute. But, growth is a milestone worth celebrating, and with that comes the need for a space for your business to thrive.

If your startup is fortunate to experience growth, the move to an office space can provide significant benefits. As your startup graduates from a garage or co-working space to that first office space, the move can also be a bit complex.

Researching, finding and finalizing contracts for an office lease can seem like a daunting task. To simplify the process, we created this list of five questions you should be asking when securing that first office space.

1. How long will the process actually take?

Startups often underestimate the time it takes to ultimately move into an office space for the first time. Keep in mind that several steps can take varying amounts of time, including:… Read More

Michigan Markets Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets to keep you in-the-know.

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Major Detroit Developments Put City Among Top 10 for Construction Jobs

Despite a widespread labor shortage among construction workers, the city of Detroit ranked number seven out of the top 10 markets with the highest growth rate. Major downtown and metro developments, like the Little Caesars Arena, sparked most of the growth.

Roughly 21,700 construction workers now work in the Detroit area, which is more than a 15% increase from last year. Large developments, like the Little Caesars Arena, have nearly 1,400 workers onsite per day.

The development momentum isn’t expected to slow down anytime soon. A new $77 million Midtown development is expected to begin construction in fall of 2018. The property will include more than 335 residential units, as well as nearly 8,000 square feet for retail space. Among the jobs that will be created from the site include 200 from the construction industry.… Read More

Ohio Markets Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Cincinnati’s Economic Report Highlights Major Wins, Future Growth

Cincinnati’s newly released 2016 Economic Development report not only covers the major successes from the past year. It offers a glimpse at the growth expected for the remainder of this year.

The city finished 2016 on a high note with more than $42.5 million invested in major city projects and economic development. Hefty housing and development projects created approximately 2,347 jobs and parking facilities saw a 25% increase in revenue. Some of the best news? The city has continued its growth trend with a number of projects already in the works for this year.

More than $355 million is being invested in Madisonville, including plans for a mixed-use site with office, retail and residential space, as well as an $80 million hotel. The Uptown Consortium is expected to create new jobs, with some even including job training for populations of people already living in the area.… Read More

Investor Refresher: The Basics of Increasing Commercial Tenant Satisfaction and Retention

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By: Jeff Adams, Vice President, JLL

Building ownership and management is a business. Thus, losing tenants, like clients, can directly impact your ultimate sucess.

It can take two years to regain lost income if a single tenant leaves according to our study, The Cost of Losing a Tenant. You must also account for construction costs and the absence of rent during leasing downtime.

As a landlord, it’s important to maintain a healthy portfolio of consistent, long-term tenants. To increase tenant retention and earn a consistent profit, you should put a strategic action plan in place to maintain current tenants. Through strategic management, the ultimate goal is to achieve building-wide tenant satisfaction.

Why? According to a survey done by Kingsley Associates, the likelihood of lease renewal is tripled when tenants are sufficiently satisfied with management.Read More

Commercial Real Estate News Brief: May 2017

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Every month, 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 retail store experiences, startup work styles and how to tap into today’s talent pool.

Keep up with Spaces’ monthly recaps—subscribe today.

Brick-and-Mortar Retail Stores Create Customer-Centric Experiences

With today’s retail landscape more competitive than ever, traditional brick-and-mortar retail stores, malls and shopping outlets are finding new ways to attract shoppers. In order to pull shoppers away from online shopping, malls in particular are focusing more on the shopping experience, rather than sales or discounts.

To expand their offerings, developers have begun adding restaurants, activity centers, movie theaters, pop-up shops and more to deliver on an all-in-one experience.

Some malls and shopping centers are turning to events to attract shoppers. Food truck festivals, concerts, and carnivals are becoming more common. These events can generate as much as $60,000 in revenue per year for malls. Physical retail stores and malls hope these events give shoppers an experience that online shopping can’t match.… Read More