Commercial Real Estate News Brief: October 2014

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Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania.  

The Link Between Wellbeing and Green Office Design (REPORT) 

JLL CRE News BriefGreen, energy-efficient office space is more than a trend. In fact, research has shown that certain office design features can have great impact on employee health, happiness and productivity. A few of these features include thermal comfort, noise and acoustics, lighting, look and feel, and location.

Are you updating your space, or going green? Below are common office features that limit productivity and workplace satisfaction, reported by Fast Company.

  • Extreme office temperatures (either too hot or too cold);
  • Using more electric lighting than natural lighting;
  • Lack of exposure to plants and nature; and
  • Closed, non-collaborative workspaces.

For more information about the benefits of environmentally friendly office spaces, download JLL’s full report, compiled in partnership with the World Green Building Council: Health, wellbeing and productivity in offices: The next chapter for green building. 

Developers Respond to Rising Demand to Rent 

In recent years, young professionals have opted to rent rather than own. The New York Times attributes this trend to the unwillingness to be tied down by a mortgage. Consequently, this rising demand is causing developers and builders to focus their efforts on “the most promising housing opportunity in post recession America: apartment living.” 

Many young professionals are migrating to downtown areas of popular cities, including our region. The New York Times recognized Cleveland and Pittsburgh as two attractive urban options for young professionals to live.

Pittsburgh, in particular, is attracting young, educated talent now more than ever. According to the New York Times, “if the trends continue, places like Pittsburgh and Buffalo could develop a new reputation—as role models for resurgence.” 

Cleveland, Detroit Ranked Among “Most Innovative Cities”

Cleveland and Detroit are making headlines—and for good reason. According to CNN Money, Detroit and Cleveland are among the top 10 “most innovative cities in America.”

Detroit ranked fifth on the list for its efforts to repurpose abandoned homes, its work involving the new light rail line, and a booming high-tech scene. In case you missed it, Detroit was also ranked among JLL’s list of top high-tech hubs.

Cleveland was named the tenth most innovative city for its Sustainable Cleveland program, including a strong commitment to cultivating locally sourced food, and its development of a rapid bus transit program. Visit the full article to check out all 10 innovative cities

News Wrap-Up in Our Region 

Cincinnati  

Cleveland  

Columbus 

  • American Realty Capital Properties, based in New York, purchased an 82,000-square-foot office property on Frantz Road. The building is 100 percent leased.
  • A 581,342-square-foot industrial property in Obetz was sold for $36.19 million by Exxcel Project Management. The original developer is still associated with the property in the deal.

Detroit

  • American Realty Capital purchased the 374,00-square-foot Victor Corporate Center. According to Crain’s Detroit Business, “It is the second-largest metro Detroit office space deal in terms of price this year.”
  • With intentions to acquire a property in Canton Township, NBJX USA Inc. also plans to eventually create 75 new jobs.

Pittsburgh  

 Newspaper image via NS Newsflash.

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