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

1 CommentBy

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

0 CommentsBy

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

0 CommentsBy

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

0 CommentsBy

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

Michigan Markets Commercial Real Estate News Brief: April 2017

0 CommentsBy

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

Ohio Markets Commercial Real Estate News Brief: April 2017

0 CommentsBy

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.

Cleveland Among Top Cities to Watch for Tech Growth

Courtesy of JLL

Cleveland was recently ranked among the top five cities to watch for tech growth and development. A number of big-name tech companies have recently relocated into the city for its broad talent pool of young professionals and competitive office rental rates.

Tech companies like BrightEdge, originally out of Silicon Valley, and Dakota Software, originally out of New York, opened downtown offices for these reasons.

The city is also in the process of investing in and attracting eligible businesses to its Health-Tech Corridor on the East side. Throughout the corridor are leading biomedical and technology companies, like the Cleveland Clinic and Parker Hannifin. This corridor continues to expand, position Cleveland as a leader in technology.… Read More

Commercial Real Estate News Brief: April 2017

0 CommentsBy

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

JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

0 CommentsBy

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

Pittsburgh Market Commercial Real Estate News Brief: March 2017

0 CommentsBy

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.

Companies Commit to Pittsburgh with New Leases, HQ Searches

A handful of businesses announced plans for new locations and facilities in and around Pittsburgh. NRG Energy broke ground on its future district energy center in Uptown. Once constructed, the facility will deliver steam, chilled water and backup power to UPMC Mercy among other customers. Similarly, Fresh Thyme Farmers Market, a grocery chain, recently signed leases for two Pittsburgh region locations.… Read More

Louisville Market Commercial Real Estate News Brief: March 2017

0 CommentsBy

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.

Louisville Developments Continue with New Distribution, Warehouse Space

Technology Drive Development submitted a revised plan to construct a 224,000-square-foot warehouse and office facility in Jeffersontown. The property will sit at 2621 Technology Drive on the 16.5-acre plot of land that Technology Drive Development already owns. No tenants for the facility have yet been announced; however, Louisville has recently made headlines throughout the previous year for its strong industrial market.… Read More