Category Archives: Commercial Real Estate News

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.

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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

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.

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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.

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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

Michigan Markets 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 Michigan markets to keep you in-the-know.

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District Detroit Welcomes Residential Development Boom

District Detroit, the city’s major upcoming entertainment development, has announced plans for the city’s largest residential development in more than 20 years. The upcoming project will include the renovation of historic buildings as well as new construction.

Among buildings being redeveloped for multifamily housing, are:… Read More

Ohio Markets 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 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

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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 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

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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.

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

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.

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

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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