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Michigan Commercial Real Estate News Brief: February 2018

February 23, 20180 CommentsBy JLL Spaces

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets, including Ann Arbor, Detroit and Grand Rapids.

Proposed Grand Rapids Office Tower Would Offer New Class A Space

Developer Franklin Partners LLC’s proposed seven-story office tower would bring some much-needed Class A office space to Grand Rapids, which is currently experiencing a tightening market.

The 90,000-square-foot building would sit at the corner of Ottawa Avenue and Oakes Street SW, and would be constructed of glass and steel with competitive amenities, including a rooftop patio, fitness area and more. With this in mind, Franklin Partners Principal Don Shoemaker said rents could reach as high as $25 per square foot (psf).… Read More

Michigan Markets Commercial Real Estate News Brief: June 2017

June 23, 20170 CommentsBy JLL Spaces

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

Michigan Markets Commercial Real Estate News Brief: May 2017

May 22, 20170 CommentsBy JLL Spaces

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.

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

Michigan Markets Commercial Real Estate News Brief: March 2017

March 20, 20170 CommentsBy JLL Spaces

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.

Detroit May Soon Welcome its New Tallest Building, More Green Space

Dan Gilbert recently announced a proposal for a $775 million tower to be constructed on the former Hudson’s department store site on Woodward Avenue. The tower, which would stand 734 feet tall, would be the city’s tallest building, surpassing the Detroit Marriott at the Renaissance Center at 727 feet.

While talks are still in the works, Gilbert’s proposal laid out plans for 250 residential units, an underground parking garage, as well as office, retail and tech space in a connected nine-story base hub.

More green space will also make its way to Detroit’s east riverfront. Developers are proposing mixed-use space along the riverfront property as well as an abundance of parks, beaches and scenic walkways for city-goers.… Read More

Midwest Real Estate News Names Three JLL Executives to Annual CRE Hall of Fame

March 8, 20170 CommentsBy JLL Spaces

By: JC Pelusi, Market Leader, Managing Director, JLL

We’re excited to announce that three JLL executives have been recognized among Midwest Real Estate News’ annual Commercial Real Estate Hall of Fame recipients! Congratulations, to Neal Warling, Executive Vice President in Ann Arbor, A.J. Magner, Managing Director in Cleveland, and Dave MacDonald, Managing Director in Detroit.

All three executives are extremely talented and hold a breadth of knowledge related to national commercial real estate, as well as within their individual markets. We caught up with each executive to reflect on their time with the company and how they’ve achieved their success.

Q & A with JLL Hall of Famer: A.J. Magner

Courtesy of JLL

Pelusi: What do you enjoy most about working in the commercial real estate (CRE) industry?

Magner: Participating as a business partner in my clients’ businesses and leading and integrating on interdisciplinary project teams. With every project, there’s always something new to learn and overcome.

Pelusi: What is the secret to your success?

Magner: Surrounding myself with and teaming with smart, hardworking people.

Pelusi: What makes your local market stand out in the CRE industry?… Read More