Category Archives: Commercial Real Estate Trends

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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Pittsburgh Commercial Real Estate News Brief: September 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 Pittsburgh to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Downtown Pittsburgh Outpacing Suburbs with Office Tenants

Photo Credit: Mr.TinDC

The number of corporate office moves in the downtown Pittsburgh area is surpassing those in the suburbs, according to new Skyline research. Pittsburgh has seen a steady demand for office space in downtown’s most prominent buildings, keeping vacancy at 11.7%. So, what’s drawing tenants here?

While suburban properties still have their own perks, many companies are quickly realizing that downtown is where the young talent is. Likewise, it’s also where the competitive amenities are to retain their workforce. Many building owners are now also taking the plunge to upgrade office spaces with renovations to meet tenant demand.… Read More

Louisville Commercial Real Estate News Brief: September 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 Louisville to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

New Mixed-Use Property Begins Construction in Paristown

Photo Credit: Brent Moore

Construction on the $28 million mixed-use Paristown Pointe neighborhood is now underway. The project underwent strategic planning for nearly five years and was first announced in 2015. Developers and city leaders envision the development as an arts and cultural hub with a number of anchors.

Development plans include the following:

  • A $6 million renovation and expansion of Louisville Stoneware
  • A $1 million brewery / taproom from Goodwood Brewing Co.
  • A $12 million performance and entertainment venue for the Kentucky Center for the Performing Arts

Other project details include infrastructure improvements, like outdoor public space, building and landscape features, storm water infiltration and streetscape improvements. The entire development is expected for delivery by spring 2019.

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Michigan Markets Commercial Real Estate News Brief: September 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.

Downtown Detroit’s Little Caesars Arena Opens to Public

Photo Credit: City of Detroit

After a period of construction and anticipation, the new Little Caesars Arena opened to the public for its first open house and event. The new arena is set to become one of Detroit’s main entertainment staples, as it will house the Detroit Red Wings games among other large-scale events.

The arena is just one aspect of District Detroit, which will include 50 blocks worth of sports and entertainment venues, restaurants, bars and business buildings once completed. Take a look at Curbed Detroit’s photo gallery of the Little Caesars Arena for a closer look at the venue.

Related: Download the Q2 Detroit Office Report or Q2 Industrial ReportRead More