Category Archives: Commercial Real Estate Trends

All Eyes on CLE: Why ‘The Land’ Is Capturing Investor Interest

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By: Andrew Batson, Director of Research, JLL

Cleveland Key Tower

Image Credit: Tim Evanson

Cleveland has earned national media attention for its continued revival—and it’s paying off. In just the last two years alone, office investment sales in Cleveland have totaled more than $550 million. In fact, sales volumes are approaching pre-recession levels with steady improvements since 2010. So, what’s catching the eye of these investors?

The city’s office market is tightening following a boom in demand for residential space from millennials, causing many former office buildings to be redeveloped into multifamily units. Because of the influx of young professionals downtown, businesses are also picking up on the perks of being in the urban core, which has heightened confidence from both in- and out-of-state investors.… Read More

Ohio Commercial Real Estate News Brief: January 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, including Cincinnati, Cleveland and Columbus.

Details Unveiled for Scioto Peninsula Development

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More details for the 21-acre mixed-use development along the Scioto Peninsula have been released. After being chosen as the site’s developer, Buckingham Companies announced plans for the following:

  • 1,700 total housing units, made up of condos and apartments
  • 800,000 square feet of office space
  • 150,000 square feet of restaurant and retail space
  • A boutique hotel with nearly 150 rooms

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Commercial Real Estate News Brief: January 2018

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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 hotel industry, the rise of warehouse and distribution centers and cost-saving improvements to college campuses.

Hotels Seek New Opportunities to Stay Ahead of the Curve  

JLL CRE News Brief

Newspaper image via NS Newsflash.

The rise of the sharing economy has prompted hotels to explore new ways to add value to their current models.

In order to compete against companies such as Airbnb, hotels are shifting focus to creating a unique customer experience. Hotels in tourist hotspots such as Chicago and Detroit are becoming more modernized and are embracing advanced technology to increase productivity and to cater to the demands of millennial travelers.… Read More

Commercial Real Estate News Brief: December 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 tax reform, technology in the CRE industry and mixed-use developments.

Tax Reform Brings Big Changes to the Commercial Real Estate Industry

JLL CRE News Brief

Newspaper image via NS Newsflash.

In case you haven’t heard, the House and the Senate released separate versions of the Tax Cut and Jobs Act earlier this month. With the new tax code, the CRE industry is expected to benefit from strong economic growth—especially in the retail sector.

With a lower corporate tax rate, CRE lending institutions, such as banks, should expect higher after-tax profits. Additionally, if there is an increase in interest rates, lending institutions will likely see an increase in the net-interest margin, boosting their profits. Likewise, CRE investment management firms may also see an increase in after-tax profits as a result of the lower rate.

To learn more about the new tax code and how it might impact the CRE industry, read our 2017 Guide to Tax Reform.

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Pittsburgh Commercial Real Estate News Brief: November 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.

Healthcare and Tech Development Intersect in Pittsburgh

Much of the third quarter’s leasing activity comes from the robotics and technology industry in Pittsburgh.

Along with the technology industry, healthcare is also driving development in Pittsburgh. The University of Pittsburgh Medical Center (UPMC) was selected this year for the state’s Community HealthChoices managed care program, which means the medical center may be in need of more office space.

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Louisville Commercial Real Estate News Brief: November 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.

Growth from “Big 3” Employers Drive Industrial Development in Louisville

Thanks to continued growth from the region’s three main employers—UPS, GE and Ford Motor Co.—the region is poised to attract more industrial development, including e-commerce fulfillment centers, pharmaceutical distribution operators and more. With strong confidence in the market, owners are empowered to consider portfolio expansion. A few of the most recent expansions come from Exeter and GLP, which both announced acquisitions in the third quarter of this year.

Though total industrial vacancy hovers near 10.7%, rental rates should stabilize as space is absorbed by the demand of tenants in the market.… Read More

Michigan Markets Commercial Real Estate News Brief: November 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.

Industrial Market on the Upswing in Grand Rapids

Western Michigan’s industrial market is experiencing improvement with declining vacancies and steady rental rate growth. Demand for warehouse space is up and more than 1.5 million square feet of space has already been delivered this year.

Of all the projects in the pipeline, a recent one includes a two-building industrial site recently approved by the Michigan Strategic Fund (MSF). The potential project, led by the DEG Development Company, is expected to generate $12.3 million in investment. Construction will take place at 1810 Turner Ave. and will include one 70,150-square-foot building and one 126,750-square-foot building.

Download the Q3 Grand Rapids Office Insight and Q3 Grand Rapids Industrial InsightRead More

Ohio Markets Commercial Real Estate News Brief: November 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.

The Need for Industrial Space on the Rise in Cincinnati and Columbus

Columbus, Ohio

Photo Credit: Always Shooting

It’s been a big year thus far for both Cincinnati and Columbus industrial markets. Cincinnati has experienced record-breaking activity since the start of the year, and total industrial vacancy sits at just 3.1%. Meanwhile, industrial vacancy in Columbus hovers near 4.4%.

To accommodate the rising demand, both cities are ramping up construction. Nearly 2 million square feet is currently being added to Cincinnati’s market, causing a much-needed uptick in vacancy.

Though Columbus is set to deliver 1.6 million square feet of space by the end of 2017, vacancy is expected to remain low. In fact, there is more than 9.5 million square feet of user demand in the market.

Download the Q3 Cincinnati Industrial Insight and Q3 Columbus Industrial InsightRead More

Commercial Real Estate News Brief: November 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 Urban Land Institute’s semi-annual survey, the rise of suburban office markets and a guide to model your office renovation process.

Keep up with Spaces’ monthly recaps—subscribe today.

Commercial Real Estate Industry Poised for Growth Through 2019

JLL CRE News Brief

Newspaper image via NS Newsflash.

The new semi-annual market survey from Urban Land Institute (ULI) is out, and according to new findings, things are looking up for commercial real estate. The industry is expected to see “moderated growth” through 2019, which includes rent growth, positive returns, and stable occupancy rates across all property types.

Specifically, the industrial sector is expected to pull ahead, largely fueled by the flourishing e-commerce and data center landscape. In fact, industrial is forecasted to grow roughly 3.7% over the next two years.

Visit Construction Dive for more highlights from the report.… Read More

How PropTech Is Changing the Future of Commercial Real Estate

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By: Dave MacDonald, Managing Director, JLL

Property technology, otherwise known as PropTech, refers to the innovation and origination poised to disrupt the way commercial real estate processes are done. While PropTech is not a new-to-the-industry concept, a new wave has presented even more sophisticated capabilities. Today’s PropTech is incorporating:

  • Artificial intelligence (AI)
  • Big data and analytics
  • Virtual reality (VR) and augmented reality (AR)
  • Computer aided design (CAD)

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