Category Archives: Industrial Market

Job Incentives Fuel Real Estate Growth in Columbus

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By: Sam Stouffer, Senior Research Analyst, JLL

Discover the economic and real estate impacts of job creation incentives for both the industrial and office property sectors in the Columbus Region from the first installment of our Growing Columbus research.

Corner of shining blue skyscraper

Job growth in Columbus… Read More

Why Multi-Story Warehouses are Coming to America

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Editor’s Note: This post was originally published on JLL Real Views

For warehouses looking for space to grow in many of America’s big cities, the only way to go is up.

Take New York City. The rise of e-commerce and same-day delivery is ramping up demand for industrial space in one of the country’s biggest consumer markets. That demand is colliding with the city’s chronic land shortage — and city restrictions aimed at easing traffic congestion — leading some property developers to plan multi-story warehouses.… Read More

What Beer Can Do For Your City: A Grand Rapids Case Study

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By: Bob Horn, Senior Vice President, JLL and Harrison West, Research Analyst, JLL

What’s brewing up business in the Midwest? Look no further than Grand Rapids. With 7.2 microbreweries for each 100,000 residents, the city has earned the title of Beer City, USA—and rightfully so. With a rising number of breweries tapping into the Grand Rapids region, the city’s brewing economy continues to grow.

Today, Michigan is one of the top five pint producers in the U.S., thanks to the rise of the beer industry in Grand Rapids. In fact, the state’s beer industry alone accounts for $10.5 million. These breweries and pubs offer more than just a good time and tourist attraction; the industry contributes 34,390 jobs in Michigan. We’ll toast to that.

In our latest case study, What Beer Can Do for Your Town, we highlight several ways the industry has impacted Grand Rapids and the spaces brewers are eyeing up for their next venture.… Read More

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

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

Who’s Winning the E-commerce Race? Midwest Real Estate Markets

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By: Matt Powers, Executive Vice President, JLL

Editor’s Note: This article was originally published on the NAIOP blog

Demand for industrial space across the U.S. is booming. In fact, the vacancy rate in industrial buildings dropped to 5.3 percent in the first quarter of 2017 — the lowest rate in 17 years. The active market is evidence that a shift in consumer shopping patterns has taken hold, changing the nature of warehouse demand. Responding to healthy consumer spending and growing e-commerce sales, the combined logistics and third-party logistics (3PL) sectors signed 21.8 million square feet of leases in the first quarter of 2017. This represents 24 percent of total leasing activity in the warehouse and distribution market.… 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

Louisville Market 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 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