Tag Archives: Commercial Real Estate News

Pittsburgh Market Commercial Real Estate News Brief: August 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.

Pittsburgh Clusters into Defined Industry Neighborhoods

Photo Credit: Matthew Paulson

As Pittsburgh continues to attract large investments, new companies are locating where they see the most success for their specific industry. Companies are branching into clusters, creating a web of more clearly defined industry neighborhoods.

For example, technology companies are locating in the Fringe, Oakland and East End areas where they are in close proximity to the CBD and universities, such as Carnegie Mellon and the University of Pittsburgh. Similarly, energy companies tend to locate in the West and Southpointe areas, while law firms, financial companies and business services are most commonly found in the CBD.

Related: Download the Q2 Pittsburgh Office Report or Q2 Industrial Report 

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Louisville Market Commercial Real Estate News Brief: August 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.

A Swell in Investment Activity Reinforces Confidence in the Louisville Market

Photo Credit: David Grant

Investment sales increased in the second quarter as more companies sought to relocate their headquarters within the Louisville business community. Multi-million dollar expansions by manufacturers, such as GreiffPackaging, Arroweye Solutions and Bluegrass Supply Chain Services LLC, have contributed to the high velocity of investment and stimulated job availability within the city.

Passport Health recently announced its relocation to the vacated 15.5-acre lot in West Louisville. The investment will help to expand the city’s healthcare system and likely have a positive impact the region, which has previously struggled to attract private investment.

Investment activity in both the suburban submarkets and the city’s CBD is expected to remain active as businesses continue to focus on the Northeast submarkets. In addition, newly vacated space in PNC Tower is expected to encourage future investments in the CBD.

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Michigan Markets Commercial Real Estate News Brief: August 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 Construction Costs Limit Industrial Development in Grand Rapids

Industrial real estate demand continues to rise in Grand Rapids, presenting an optimal opportunity for new development. However, rising construction costs constrain development when there is no secured tenant. With fewer investments speculative space, vacancy rates have fallen as companies forego new developments and move into existing spaces.

Companies, such as Robert Grooters Development Co. (RGDC), are beginning to take risks to bring new developments to the area. RGDC hopes to introduce 1.1 million square feet of industrial space to the region by 2018.

Looking forward, the West Michigan industrial real estate market is expected to continue growing. High lease rates will eventually prompt speculative construction, allowing the market to expand with the rising demand.… Read More

Ohio Markets Commercial Real Estate News Brief: August 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.

Strengthening Economy Sparks Demand and Leasing Activity in Cleveland

Photo of Downtown Cleveland Ohio just before Sunrise. Photo Credit: Chris Capell

Redevelopment projects have introduced new residential space in Cleveland, sparking a population boom in the city over the last five years.

Investors have since taken notice of the improving market conditions. However, with few office development projects in the pipeline, rental rates are expected to rise in the urban core. As a result, developers are shifting focus to the East submarket where several construction projects are currently in the works.

As residents and businesses flock to Cleveland, the city’s strengthening economy will continue to increase demand for office space, lowering vacancy rates in the coming months.

Related: Download the Q2 Cleveland Office Report or Q2 Industrial Report

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Commercial Real Estate News Brief: August 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 virtual reality in CRE, a rapid increase in commercial multifamily leasing, and modern architecture in city CBDs.

Keep up with Spaces’ monthly recaps—subscribe today.

Virtual Reality Enhances the Buying Experience for Prospective Tenants

Virtual reality (VR) technology is transforming the way real estate agents showcase and sell properties. VR software allows users to experience floor plans, views, lighting, landscaping and parking features from any device. As more industry professionals turn to VR for its added convenience, virtual tours will likely become the industry standard. As agents continue to seek profitable ways to implement the new technology, the VR market is expected to increase to $80 billion by 2025.

For now, real estate professionals are leveraging VR technology to offer an interactive experience that eliminates the need for on-site visits and enable tenants to better visualize spaces. Technologies like Matterport scans, Studio 216 and more allow clients to experience virtual spaces that feel real, which help when trying to visualize the look and feel of an office layout.

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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

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.

Keep up with Spaces’ monthly recaps—subscribe today.

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.

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

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