Tag Archives: Construction Outlook

Michigan Markets 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 Michigan markets to keep you in-the-know.

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Major Detroit Developments Put City Among Top 10 for Construction Jobs

Despite a widespread labor shortage among construction workers, the city of Detroit ranked number seven out of the top 10 markets with the highest growth rate. Major downtown and metro developments, like the Little Caesars Arena, sparked most of the growth.

Roughly 21,700 construction workers now work in the Detroit area, which is more than a 15% increase from last year. Large developments, like the Little Caesars Arena, have nearly 1,400 workers onsite per day.

The development momentum isn’t expected to slow down anytime soon. A new $77 million Midtown development is expected to begin construction in fall of 2018. The property will include more than 335 residential units, as well as nearly 8,000 square feet for retail space. Among the jobs that will be created from the site include 200 from the construction industry.… Read More

Construction Outlook Shows Tenant Improvement Boom [INFOGRAPHIC]

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By: Andrew Batson, Senior Research Analyst at JLL

Office construction is up 32% since last year, according to JLL’s new construction outlook. Of the 86.3 million square feet under production, tenant improvement (TI) – or the renovation of existing space – is trending.

Office Construction

In fact, there’s been a 14.2% increase in TI since the second quarter of 2013. Rather than building new properties from the ground up, landlords are looking to reinvent and fill vacant space.

Why? As construction, material and labor costs steadily increase, revitalizing existing space makes landlords more competitive and tenants more profitable.

2015 State of Construction Industry

For top takeaways from JLL’s new construction outlook report, download the report.

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