Category Archives: JLL Research

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.

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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.

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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

Employee POV: What Makes JLL Center One of Pittsburgh’s Coolest Offices

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Courtesy of JLL

What makes an office cool? Flexible workspaces, breaking down silos and innovative tech solutions are a good place to start. All this paired with sweet skyline views and a prime go-to happy hour spot nearby doesn’t hurt either.

JLL Center at Tower Two-Sixty is a current example of all that a “cool” office space should include. Just last spring, Tower Two-Sixty became the new home of our Pittsburgh headquarters—JLL Center. One year later, it’s being recognized by the Pittsburgh Business Times as one of the coolest offices in the area. Located in the heart of the city, JLL Center fosters a modern, open and inviting environment featuring shuffleboard, cutting-edge technology and a patio overlooking Market Square.

JLLers across all departments are benefiting from the innovative workspace. But, don’t just take our word for it. Here’s what some had to say about the new office space:

Q: JLL relied on its own employees to shape workplace design and strategy. How do you see that employee-driven design implemented throughout the office space?Read More

How the Law Industry Can Fight Stagnant Growth

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By: Rob Roe, JLL Managing Director 

The 2008 recession resulted in significant changes to the legal business. According to our 2016 U.S. Law Firm Perspective, law firms have faced numerous challenges, such as economic uncertainty and volatile legal employment rates, as demand has stagnated.

Despite these challenges, the 2016 Altman Weil Report revealed that nearly 74% of firms with 250 lawyers or fewer have experienced revenue and profit growth since 2008. There has been a slow upward trend in revenue, however, firms must reevaluate their growth strategies to remain profitable.

So, how are they overcoming these challenges?

Industry leaders are starting to regain their footing by adopting new strategies to trim overhead costs, spark growth and maintain high levels of profitability.… Read More

Investor Refresher: The Basics of Increasing Commercial Tenant Satisfaction and Retention

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By: Jeff Adams, Vice President, JLL

Building ownership and management is a business. Thus, losing tenants, like clients, can directly impact your ultimate sucess.

It can take two years to regain lost income if a single tenant leaves according to our study, The Cost of Losing a Tenant. You must also account for construction costs and the absence of rent during leasing downtime.

As a landlord, it’s important to maintain a healthy portfolio of consistent, long-term tenants. To increase tenant retention and earn a consistent profit, you should put a strategic action plan in place to maintain current tenants. Through strategic management, the ultimate goal is to achieve building-wide tenant satisfaction.

Why? According to a survey done by Kingsley Associates, the likelihood of lease renewal is tripled when tenants are sufficiently satisfied with management.Read More

Commercial Real Estate News Brief: May 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 retail store experiences, startup work styles and how to tap into today’s talent pool.

Keep up with Spaces’ monthly recaps—subscribe today.

Brick-and-Mortar Retail Stores Create Customer-Centric Experiences

With today’s retail landscape more competitive than ever, traditional brick-and-mortar retail stores, malls and shopping outlets are finding new ways to attract shoppers. In order to pull shoppers away from online shopping, malls in particular are focusing more on the shopping experience, rather than sales or discounts.

To expand their offerings, developers have begun adding restaurants, activity centers, movie theaters, pop-up shops and more to deliver on an all-in-one experience.

Some malls and shopping centers are turning to events to attract shoppers. Food truck festivals, concerts, and carnivals are becoming more common. These events can generate as much as $60,000 in revenue per year for malls. Physical retail stores and malls hope these events give shoppers an experience that online shopping can’t match.… Read More

Pittsburgh 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 Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Co-working Trend Gains Popularity in Downtown Pittsburgh

The co-working trend shows no sign of slowing down, especially as more niche spaces continue to open up in and around downtown Pittsburgh. The number of freelancers and contract workers is expected to increase nearly 40% by the year 2020, which drives much of the demand for co-working spaces.

Among those targeting a specific niche population is Coterie, which was designed by and targets women. Also new to Pittsburgh’s Strip District is Zip Office Business Center, which targets small businesses and those that may require retail shipping services.

Small businesses, entrepreneurs and freelancers continuously turn to these shared spaces for their flexible leases and access to competitive amenities in a growing economy.

Related Read: Co-Working Sparks a Real Estate RevolutionRead 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.

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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

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

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 to keep you in-the-know. In this month’s edition, JLL spotlights multifamily demand, the growth in e-commerce and the impact of home rentals on the hospitality industry.

Keep up with Spaces’ monthly recaps—subscribe today.

Rising Downtown Populations Spur Need for More Multifamily Development

More millennials, members of Generation X, and even baby boomers moving downtown have created an uptick in demand for multifamily development. Detroit, for instance, happens to be one market whose multifamily sector has taken off with 1,551 units added in just the last five years.

According to a data from the U.S. Census Bureau, 52 out of America’s 100 largest cities were in the renter majority in 2015. This trend is expected to continue even as millennials begin families. Baby boomers who are looking to downsize from their larger, multi-bedroom homes will cause the overall percentage of renters to keep increasing.

Related Read: JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

Because Midwest cities like Cincinnati, Detroit and Columbus are experiencing positive population growth, business retention and investment follow closely behind. Cities will soon need to strategize how to equip infrastructure and public spaces to accommodate the growing downtown populations.… Read More