Tag Archives: Commercial Real Estate News

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.

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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

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

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

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Tech Companies Keep an Eye on Pittsburgh Market

Pittsburgh is already home to a number of tech giants like Google, Facebook and Uber. Now, Apple, which currently employs 1,275 people in the state, is considering expansion in its Pittsburgh locations.

It remains unclear whether the expansion would include the retail or corporate side; however, the company made big increases in its corporate office over the last few years. Upon arrival in 2001, the company employed just 10 people in its Three Crossings office. Today, it employs nearly 50, which includes mostly software engineers.

All the movement in the tech industry has had a significant, but positive impact on the city of Pittsburgh. According to a 2014 study, Pittsburgh ranked second in intergenerational upward mobility among large metro areas. This is largely due to the high number of tech, energy and robotics companies moving into the metro area.… Read More

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

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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

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

Pittsburgh Market 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 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

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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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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

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 to keep you in-the-know. In this month’s edition, JLL spotlights healthcare real estate, future-proof office solutions and solar electricity benefits.

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Healthcare Real Estate Professionals Prepare for a Wave of Adjustments

The healthcare industry continues to evolve, which means real estate strategies for hospitals, practitioners and other medical offices do, too. Becker’s Hospital Review highlighted the six trends that will impact healthcare real estate this year:

  1. The repeal of the Affordable Care Act (ACA)
  2. Value-based reimbursement and changes to healthcare delivery setting
  3. Tax exempt hospitals coming under pressure
  4. Health systems monetizing real estate assets
  5. New rules impacting leasing arrangements
  6. Continuation of regulatory scrutiny

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.

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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

Commercial Real Estate News Brief: January 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 drones’ impact on CRE, how autonomous vehicles will reshape cities, and how several local markets are creating a more ‘walkable’ downtown.

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Drone Technology Takes Off in CRE, Creates New Opportunities and Challenges

JLL CRE News Brief

Newspaper image via NS Newsflash.

Much like virtual reality (VR), drone technology has created new opportunities within the commercial real estate industry to streamline the transaction process.

Drones are unmanned aerial vehicles flown autonomously, and are used in a number of industries, including commercial real estate. How? With drone technology, prospective clients can view aerial property photographs or recorded video. This can help clients and investors determine the potential assets and challenges of a property. The end result is a faster transaction process, as clients have access to more property information than ever before.

One of the biggest challenges associated with drone technology, however, is current legal regulation. Commercial drone users often face difficulties determining who owns the airspace in which the drone is flying over. Similarly, the Federal Aviation Administration (FAA) ruled that operators of commercial drones must obtain a waiver for those participating and comply with a number of other regulations.… Read More