Category Archives: Commercial Real Estate News

Ohio Markets Commercial Real Estate News Brief: June 2017

0 CommentsBy

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.

Cleveland and Columbus Grow with New Multifamily Developments

Both Cleveland and Columbus are gaining national attention for their accelerated growth. Both cities are experiencing upticks in their downtown and metro populations. Columbus was recently ranked the 14th largest city in the U.S. while Cleveland saw a 76% increase in residents between the ages of 25-34 since 2000.

The population increases have contributed to the increased multifamily development in each city’s metro area. A new apartment development along the Scioto River was recently announced in Columbus. Similarly, the city of Cleveland has a number of multifamily projects in the works, including a 34-story tower in Playhouse Square and a $50 million development for Ohio City’s One Twenty West apartments.… Read More

Commercial Real Estate News Brief: June 2017

0 CommentsBy

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 the impact of transit hubs, catering to the liquid workforce and the rise of fringe neighborhoods.

Keep up with Spaces’ monthly recaps—subscribe today.

Transit Hubs Become the Center of Commercial Real Estate Development

As more young professionals opt to walk or take public transportation to work, major cities, such as Cleveland, Columbus, Detroit and Pittsburgh, are directing efforts to revamp their public transit systems.

Approximately 87% of public transit trips have a direct impact on the economy as they deliver a larger talent pool and customer base to the city center. As the millennial workforce gravitates toward the urban core to work and live, cities are redesigning their public transit systems for enhanced comfort and convenience.

Improvements to public transit infrastructure have stimulated economic growth and commercial real estate development in the CBD as businesses buckle down to secure office space along the route. An increasing number of businesses are relocating to reap the benefits of social networks formed around the renovated hubs.

Young Professionals Demand Flexibility and Off-Site Work Spaces

As the workplace becomes increasingly digitized, employees are demanding more flexibility in their schedules. Changes in the work dynamic have reshaped the real estate landscape, as offices must now compete with off-site spaces, which offer more freedom for employees to work when they want.… Read More

Pittsburgh Market Commercial Real Estate News Brief: May 2017

0 CommentsBy

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.

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

0 CommentsBy

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 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

Michigan Markets Commercial Real Estate News Brief: May 2017

0 CommentsBy

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.

Keep up with Spaces’ monthly recaps—subscribe today.

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

0 CommentsBy

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

Commercial Real Estate News Brief: May 2017

0 CommentsBy

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

Pittsburgh Market Commercial Real Estate News Brief: April 2017

0 CommentsBy

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.

Co-working Trend Gains Popularity in Downtown Pittsburgh

The co-working trend shows no sign of slowing down, especially as more niche spaces continue to open up in and around downtown Pittsburgh. The number of freelancers and contract workers is expected to increase nearly 40% by the year 2020, which drives much of the demand for co-working spaces.

Among those targeting a specific niche population is Coterie, which was designed by and targets women. Also new to Pittsburgh’s Strip District is Zip Office Business Center, which targets small businesses and those that may require retail shipping services.

Small businesses, entrepreneurs and freelancers continuously turn to these shared spaces for their flexible leases and access to competitive amenities in a growing economy.

Related Read: Co-Working Sparks a Real Estate RevolutionRead More

Louisville Market Commercial Real Estate News Brief: April 2017

0 CommentsBy

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.

Retail and Industrial Developments Gain Momentum in Louisville

Courtesy of JLL

A number of new development projects are in the pipeline for downtown and metro Louisville. Among those include a new distribution center and a retail development.

Illinois developer, Molto Properties, announced plans to construct a new distribution center in the Renaissance South Business Park. Molto Properties has already accounted for more than 1 million square feet of space within the business park. This new warehouse and distribution property would add an additional 677,160 square feet to their portfolio.

Construction of a 363,000-square-foot retail and lifestyle center has also begun in SouthPointe Commons near Fern Creek. The property will include a big box store, a movie theater and restaurants. Upon completion, the project is expected to create nearly 560 permanent jobs in the region.… Read More

Michigan Markets Commercial Real Estate News Brief: April 2017

0 CommentsBy

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.

Keep up with Spaces’ monthly recaps—subscribe today.

High-Profile Transactions Bolster Detroit’s Q1 Office Standings

Downtown Detroit closed Q1 of 2017 with a number of high-profile tenant commitments and transactions. Among the 470,000 square feet of leases signed is Microsoft’s tech center and Hudson’s Block Plan.

While downtown activity is booming, our research shows there is still plenty of interest in suburban office markets as well. Among suburban commitments include new leases by Magna Seating and Blue Cross Blue Shield of Michigan.

With so much activity within the urban core and Detroit’s submarkets, our experts expect rental rates to rise. Currently, the average asking rental rate is at $19.66 per square foot, which is competitively low compared to other high-demand regions.… Read More