Category Archives: Grand Rapids Commercial Real Estate

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

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

Keep up with Spaces’ monthly recaps—subscribe today.

High Construction Costs Limit Industrial Development in Grand Rapids

Industrial real estate demand continues to rise in Grand Rapids, presenting an optimal opportunity for new development. However, rising construction costs constrain development when there is no secured tenant. With fewer investments speculative space, vacancy rates have fallen as companies forego new developments and move into existing spaces.

Companies, such as Robert Grooters Development Co. (RGDC), are beginning to take risks to bring new developments to the area. RGDC hopes to introduce 1.1 million square feet of industrial space to the region by 2018.

Looking forward, the West Michigan industrial real estate market is expected to continue growing. High lease rates will eventually prompt speculative construction, allowing the market to expand with the rising demand.… Read More

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

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.

Keep up with Spaces’ monthly recaps—subscribe today.

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

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

Michigan Markets Commercial Real Estate News Brief: April 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.

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

JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

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By: Andrew Batson, Director of Research, JLL

JLL Full Circle

While cities spread throughout the Heartland are still making their comeback, the economic and investment outlook is promising according to our new research, Full Circle. The report takes a deep dive into the growth and development occurring in each of our markets, including Ann Arbor, Cincinnati, Cleveland, Columbus, Detroit, Grand Rapids, Louisville and Pittsburgh.

So, what did our research find?

Cities across the region are in the middle of a major renaissance as reurbanization continues to draw people, business and investments toward the downtown areas.

1. Young Professionals Gravitate Toward the Urban Core, Creating Need for More Multifamily Development

The face of the urban cores is changing, with the majority of each market’s downtown population made up of the millennial generation (20- to 36-year-olds), followed by generation Z (0- to 19-year-olds).

As these younger generations flock downtown, the need for more multifamily development is increasing. Each market has experienced positive population growth since 2000. What’s more is residential population has also posted impressive numbers in each market, most notably in Detroit with a downtown population of 37,700 followed by downtown Pittsburgh with 33,000.… Read More

Michigan Markets Commercial Real Estate News Brief: March 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.

Detroit May Soon Welcome its New Tallest Building, More Green Space

Dan Gilbert recently announced a proposal for a $775 million tower to be constructed on the former Hudson’s department store site on Woodward Avenue. The tower, which would stand 734 feet tall, would be the city’s tallest building, surpassing the Detroit Marriott at the Renaissance Center at 727 feet.

While talks are still in the works, Gilbert’s proposal laid out plans for 250 residential units, an underground parking garage, as well as office, retail and tech space in a connected nine-story base hub.

More green space will also make its way to Detroit’s east riverfront. Developers are proposing mixed-use space along the riverfront property as well as an abundance of parks, beaches and scenic walkways for city-goers.… Read More

Commercial Real Estate News Brief: February 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 to keep you in-the-know. In this month’s edition, JLL spotlights executives’ optimism within the industry, varying supply rates and the changing retail landscape.

Keep up with Spaces’ monthly recaps—subscribe today.

New Survey Highlights CRE Executives’ Optimism on Industry Outlook

JLL CRE News Brief

Newspaper image via NS Newsflash.

New research released by KPMG LLP finds just over half—52%—of commercial real estate (CRE) executives believe improving real estate fundamentals will be the largest driver of their firm’s revenue growth this year.

A number of factors contribute to the overall positive outlook for executives, including an expanding economy and consistent interest in Class A properties in the U.S. Following the 2016 presidential election, financial markets are also expected to loosen, which will likely improve capital flow.

With improving financial markets, many companies are also expecting their real estate investment to increase. Approximately 22% of companies anticipate an increase between 5 and 10%. Due to an overall positive outlook in foreign investment, new investment in real estate will come from both existing investors and new market players.… Read More

Roger Staubach and JLL Predict a Patriots Victory for Sunday’s Big Game

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After successfully predicting last year’s champion, the Denver Broncos, JLL Americas Executive Chairman and Hall of Fame Quarterback Roger Staubach is predicting a Patriots win in Sunday’s big game.

Making predictions for football’s biggest event since 2011, JLL has accurately predicted the winner 70% of the time. Traditionally, predictions are based off of factors off the field, including:

  • Tenant and investor opportunities
  • Demand for premium office space and leasing activity
  • Economic factors, such as job growth

Cities with a positive economic outlook and strong real estate markets typically mirror that consistency on the field, too. And, as it turns out, Boston has way more to offer than just Tom Brady-led victories. Boston is succeeding in a number of industries, including education, technology, life sciences and more to drive job growth in the region.

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