Tag Archives: CRE Trends

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

The Cleveland Comeback: Urban Redevelopment Can Rebrand a City

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 By: Andrew Batson, Director of Research, JLL

Before the 2016 Republic National Convention (RNC), the city of Cleveland suffered a major image problem. After, however, the mindset of many of its residents and the general public changed.Cleveland Public Square

Two years of construction and planned redevelopment paved the way for Cleveland to make its way back into the spotlight—this time, with modern event facilities and trendy restaurants downtown and along the lakeshore.

Cleveland isn’t the only city using redevelopment as a tool to rebrand its image, but it provides a solid blueprint for doing so. Cities are investing more time and money into their downtown spaces in the hopes of being considered for large-scale events, becoming a tourist destination, driving business growth, and attracting top talent for current businesses.… Read More

Commercial Real Estate News Brief: July 2016

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In the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles to keep you in-the-know. In this month’s edition, JLL spotlights investors making the move to secondary markets, Brexit’s impact on CRE and the RNC in Cleveland.

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Investors Move Toward Secondary Markets

JLL CRE News Brief

Newspaper image via NS Newsflash.

As rental rates continue to climb out of reach for tenants in the top markets, investors are shifting their interest to secondary markets. Secondary markets are not only gaining interest from large corporations, but also startups, which may seek Class B and C buildings to accommodate their budgets.

Markets like Cincinnati are seeing spikes of institutional investment in suburban areas with trades among Class B and C buildings, including the 253,000-square-foot Pictoria Tower I in Springdale. Detroit’s CBD is also on the upswing with vacancy rates hitting all time lows, while still gaining popularity among millennials and young professionals entering the workforce.

Meanwhile, Columbus continues to adjust its rental packages for the influx of startups entering the market in the hopes of continued growth to mid- or large-size businesses. Similarly, Pittsburgh’s mixed-use environments are also in high demand as the economy continues to grow.… Read More

Commercial Real Estate News Brief: June 2016

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In the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles to keep you in-the-know on the latest in commercial real estate development. In this month’s edition, JLL spotlights the optimism from CRE executives about the industry’s future, strategic construction investments in the U.S., and JLL’s acquisition of Harry K. Moore in Louisville.

Keep up with Spaces’ monthly CRE recaps, and subscribe to JLL Spaces today.

Executives Feel Optimistic About the Future of CRE

JLL CRE News Brief

Newspaper image via NS Newsflash.

The future of commercial real estate is bright. In a recent Forbes Insights Report, sponsored by CIT, more than 200 executives weighed in on the state of the domestic CRE market. Many acknowledged that some areas need improvement; however, with every challenge comes an opportunity. The majority of executives surveyed characterized their industry as optimistic, with many opportunities to grow.

Key findings from the survey include:

  • 52% of those surveyed said they felt their segment of the market was either “strong or very strong.”
  • More than 60% described their market as opportunistic, with a mix of challenges and opportunities for growth—especially with the development of new CRE technology.
  • Respondents believe interest rates, consumer confidence, tax rates, unemployment and the global economy are the top five factors driving CRE investments.

Although the advancement of new CRE technology is revolutionizing the industry, many executives are struggling to adapt within their firms. In the study, only 11% of executives rated themselves as having a leading advantage in terms of implementation. Read the full article for more details.

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Commercial Real Estate News Brief: April 2016

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CRE Industry UpdateIn the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles to keep you in-the-know. In this month’s edition, JLL spotlights how U.S. office development is meeting demand, the benefits of engaged employees, and what it takes to be recognized as one of the healthiest employers in central Ohio—plus additional headlines across the region.

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U.S. Office Development: Is Demand Being Met?

Office space in the U.S. is in high demand, and developers are doing all they can to create space. On top of the 140 million square feet delivered since 2010, an additional 88 million is currently being built.

Despite this growth, current development is lower than the previous cycle—by 49%. Why the big change? JLL’s recent report dives into the current cycle recovery, plus a shift in workplace preferences.

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Commercial Real Estate News Brief: March 2016

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In the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles to keep you in-the-know. In this month’s edition, JLL spotlights workplace trends in 2016, the impact of cosharing office space, and what startups need to know when looking for new office space. 

Keep up with Spaces’ monthly recaps, and subscribe to JLL Spaces today.

Workplace Trends to Watch in 2016

CRE Industry UpdateA new generation (Generation Z) is officially entering the workforce in 2016. After seeing the impact millennials made on office space, we’re expecting fresh perspectives will spark change. According to a recent article from HubSpot, the biggest workplace trends of 2016 will include:

  1. Employee Transitions: Roughly 3.6 million Baby Boomers (born 1946 – 1964) are expected to retire in 2016 to make room for the first college graduates of Generation Z (born 1994 – 2010). Millennials (born 1980s – 2000s) are moving up the ranks into manager positions.
  2. New Office Designs: Offices are shrinking, opening up lounge areas and removing barriers between employees to foster productivity and good morale.
  3. The Technology Takeover: Technology is changing the way employees work. From retrieving information immediately to improving efficiency, technology is finding its purpose in the workplace. Technology may even replace the need for certain jobs—it’s predicted that machines may be able to do half of all jobs in the next two decades.
  4. Workplace Flexibility: More than ever, flexible work arrangements are driving employee decisions to stay at or leave a job. As a result, more professionals are choosing freelance jobs to have more control over their lives.

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