Author Archives: JLL Spaces

Ohio Markets Commercial Real Estate News Brief: August 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.

Strengthening Economy Sparks Demand and Leasing Activity in Cleveland

Photo of Downtown Cleveland Ohio just before Sunrise. Photo Credit: Chris Capell

Redevelopment projects have introduced new residential space in Cleveland, sparking a population boom in the city over the last five years.

Investors have since taken notice of the improving market conditions. However, with few office development projects in the pipeline, rental rates are expected to rise in the urban core. As a result, developers are shifting focus to the East submarket where several construction projects are currently in the works.

As residents and businesses flock to Cleveland, the city’s strengthening economy will continue to increase demand for office space, lowering vacancy rates in the coming months.

Related: Download the Q2 Cleveland Office Report or Q2 Industrial Report

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Commercial Real Estate News Brief: August 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 virtual reality in CRE, a rapid increase in commercial multifamily leasing, and modern architecture in city CBDs.

Keep up with Spaces’ monthly recaps—subscribe today.

Virtual Reality Enhances the Buying Experience for Prospective Tenants

Virtual reality (VR) technology is transforming the way real estate agents showcase and sell properties. VR software allows users to experience floor plans, views, lighting, landscaping and parking features from any device. As more industry professionals turn to VR for its added convenience, virtual tours will likely become the industry standard. As agents continue to seek profitable ways to implement the new technology, the VR market is expected to increase to $80 billion by 2025.

For now, real estate professionals are leveraging VR technology to offer an interactive experience that eliminates the need for on-site visits and enable tenants to better visualize spaces. Technologies like Matterport scans, Studio 216 and more allow clients to experience virtual spaces that feel real, which help when trying to visualize the look and feel of an office layout.

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A Floor-by-Floor Perspective of Midwest Real Estate: What Skyline Will We See in the Next Five Years?

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By: Andrew Batson, Director of Research, JLL

Increasing leasing activity, speculative development and shifting market leverage in commercial real estate are constantly reshaping city Skylines across the U.S.

JLL’s Skyline Review registrants can take a deep dive into the trends impacting 57 major skylines across the United States and Canada, and learn about which national trends are transforming markets close to home.

Read on for a closer look at how the Skylines in the Midwest are performing and what to expect in the coming months.

Mixed-Use Development is on the Rise in Cincinnati

Cincinnati’s Skyline is comprised of large office buildings that are occupied by large tenants, many of them recognized as Fortune 500 companies. Rental rates have dropped 0.7% from 2016 to Q1 of 2017. At the same time, vacancy rates remain well above the national average at 20.9%, which has boosted demand for affordable Class A space within the Skyline.… Read More

Tap Into Office Intelligence with the Skyline Advantage

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By: Andrew Batson, Director of Research, JLL

The Columbus, Ohio skyline reflected in the Scioto River

Companies and investors are gravitating to the urban core in search of premium office and mixed-use space. However, industry trends and fluctuations in the market impact each city Skyline in different ways. What’s the beat of your city’s Skyline?

JLL’s annual Skyline Review is back, coming in hot with an analysis of 57 skylines across United States and Canada markets.

Registered users can compare the state of their Skyline with other markets and tap into true office intelligence with a look at vacancy rates, rental rates, LEED certifications and notable trends impacting each market’s premier office buildings.

Explore the Latest Industry Trends Shaping the U.S. and Canadian Skylines

No two cities are exactly alike. But, overarching themes in investment activity, construction and occupancy reveal key industry trends impacting every Skyline. Here are some of the latest trends shaping the U.S. and Canadian Skylines:… Read More

Commercial Real Estate News Brief: July 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 mixed-use retail strategies, the transformation of healthcare real estate, and the rise of retail drones.

Keep up with Spaces’ monthly recaps—subscribe today.

Modern Shopping Centers Require a Mix of Space, Place and Management

With some 109,500 shopping centers located in the U.S., more retail property managers are beginning to realize the value of using strategic designs to improve the shopping experience. Competing with e-commerce companies and physical retail spaces, managers must now seek new ways to create an environment where customers want to spend money without making the experience seem artificial.

In efforts to stimulate future developments, the Van Aken District in Cleveland began transforming its former transit hub into a vibrant, transit-oriented mixed-use space. The project is expected to bring over 100,000 square feet of retail space, 60,000 square feet of office space, a parking garage and a residential apartment complex to the city by 2018.… Read More

Artificial Intelligence (AI) Isn’t Just a Buzzword Anymore

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It’s here, in Pittsburgh, in full swing.

By: Alice Sande, Marketing Manager, JLL and Toby Bilski, Senior Research Analyst, JLL

What makes Pittsburgh the ideal environment for today’s robotics and AI leaders? For one, the city ranks in the top five markets for highest millennial concentration. Today’s young talent pool is highly sought… Read More

New Lease Accounting Standards Are Taking Effect. Are You Ready?

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By: Jeff Karger, Senior Vice President, JLL and Bob Horn, Senior Vice President, JLL 

Between now and 2019, new accounting standards from the Financial Accounting Standards Board (FASB) require companies to cite their corporate leases of 12 months or more on their balance sheets.

In the past, companies were able to list their building and equipment leases as operating expenses. Now, in an effort to be more transparent, these companies will be required to include their leases as line items.Read More

Who’s Winning the E-commerce Race? Midwest Real Estate Markets

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By: Matt Powers, Executive Vice President, JLL

Editor’s Note: This article was originally published on the NAIOP blog

Demand for industrial space across the U.S. is booming. In fact, the vacancy rate in industrial buildings dropped to 5.3 percent in the first quarter of 2017 — the lowest rate in 17 years. The active market is evidence that a shift in consumer shopping patterns has taken hold, changing the nature of warehouse demand. Responding to healthy consumer spending and growing e-commerce sales, the combined logistics and third-party logistics (3PL) sectors signed 21.8 million square feet of leases in the first quarter of 2017. This represents 24 percent of total leasing activity in the warehouse and distribution market.… Read More

Pittsburgh Market Commercial Real Estate News Brief: June 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.

Keep up with Spaces’ monthly recaps—subscribe today.

Pittsburgh Earns High Marks for Millennials

According to a new study by Growella, young professionals looking for an ideal live-work-play downtown environment should look no further than Pittsburgh. The city ranked as the second best city for millennials to live, and No. 1 in the Northeast.

Pittsburgh earned an A grade for factors such as entry-level job availability, commute time, quality public transportation systems, recreational options, income earning potential and the number of other millennials that currently reside there. The estimated population of 20-34-year-olds is more than 346,000 people.… Read More

Louisville Market Commercial Real Estate News Brief: June 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.

Keep up with Spaces’ monthly recaps—subscribe today.

Louisville Improves Green Sustainability Rankings in New Research

Louisville ranks 37th out of the country’s 50 largest metro areas on clean technology policies, according to a new research piece by Clean Edge. The ranking is an improvement from last year when the city ranked 45th out of 50.

The city of Louisville has been hard at work implementing new policies and green initiatives to help reduce the effects of climate change. The city’s mayor, Greg Fischer, signed the Compact of Mayors in 2016, which commits to reducing greenhouse gases.… Read More