Every month, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know on the latest trends. In this month’s edition, JLL spotlights 3D printers, the data center market and worthwhile office tweaks.
3D Printers Offer Faster, More Cost-Effective Construction
Flexible workspace is not just for millennial freelancers or tech startups anymore. Large, multinational companies are rapidly adding flexible workspaces to their global portfolios. Discover the global trends taking place within the flexible office sector and the implications for the Midwest, pulled from the complete Flexible Office Space Report.
The Ins and Outs of Flexible Office Spaces
Flexible space is a term used to describe a variety of office types used by occupiers to increase portfolio flexibility, reduce occupancy costs, and enhance collaboration. Co-working is the most common type, followed by executive suites and incubators. Co-working spaces and incubators tend to be located in downtowns or dense neighborhoods, while executive suites tend to be located in suburban areas near large employment centers.
Nearly half of corporations already use some type of flexible office solution, and by 2020, 65% of companies expect to incorporate co-working into their office portfolio.
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 headquarters cities, smart buildings and how to accommodate today’s “on-demand” workforce.
What Makes a Headquarters City?
Newspaper image via NS Newsflash.
According to an article from JLL Real Views, cost isn’t the sole differentiating factor for companies when deciding upon the location of their next headquarters space. Our experts highlight five factors companies take into consideration, including:
Newly designed dynamic meeting space on the first floor of the Union Trust building in Pittsburgh.
Outside investment has been strong the last three years in Pittsburgh. As new owners are entering the market, they are breathing new life into the old office product and helping Pittsburgh keep pace with modern real estate trends.
Out of the current 28 office renovation projects, 11 have been completed. Thus far, the Union Trust Building has benefited the most. With just 39% occupancy when purchased out of bankruptcy in 2014, today the Trophy Class building is seeing over 91% occupancy; a more than 133% increase.… Read More
What’s brewing up business in the Midwest? Look no further than Grand Rapids. With 7.2 microbreweries for each 100,000 residents, the city has earned the title of Beer City, USA—and rightfully so. With a rising number of breweries tapping into the Grand Rapids region, the city’s brewing economy continues to grow.
Today, Michigan is one of the top five pint producers in the U.S., thanks to the rise of the beer industry in Grand Rapids. In fact, the state’s beer industry alone accounts for $10.5 million. These breweries and pubs offer more than just a good time and tourist attraction; the industry contributes 34,390 jobs in Michigan. We’ll toast to that.
JLL’s Roger Staubach, Executive Chairman and Hall of Fame Quarterback, is back with his prediction for Sunday’s big game. His pick? The Brady-led New England Patriots.
But, the win may only be by a small margin. If the Boston and Philadelphia office markets are any indication of what we can expect Sunday, be prepared for a close matchup. Both cities tout strong office markets, talent and innovative economies.
JLL has gone beyond athletic comparisons and instead used real estate data to help determine the Super Bowl winner since 2011. Since then, the firm has accurately predicted the winner 70% of the time based on vacancy rates, leasing activity, investor interest and more.
Hear more about Staubach’s Super Bowl 52 prediction in the video below.
In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Pittsburgh.
Pittsburgh’s 1600 Smallman to be Transformed into One of a Kind ‘Industrial Chic’ Space
Developers of 1600 Smallman, located on the west end of the Strip District, are gearing up to transform the space into a true, first of its kind office in the Pittsburgh submarket. Formerly an industrial warehouse space, developers plan to take the vintage charm of the space and update it with modern amenities.
The building once sat vacant for 40 years, but will now undergo renovations, including:… Read More
Cleveland has earned national media attention for its continued revival—and it’s paying off. In just the last two years alone, office investment sales in Cleveland have totaled more than $550 million. In fact, sales volumes are approachingpre-recession levels with steady improvements since 2010. So, what’s catching the eye of these investors?
The city’s office market is tightening following a boom in demand for residential space from millennials, causing many former office buildings to be redeveloped into multifamily units. Because of the influx of young professionals downtown, businesses are also picking up on the perks of being in the urban core, which has heightened confidence from both in- and out-of-state investors.… Read More