Tag Archives: JLL Research

Michigan Markets Commercial Real Estate News Brief: November 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.

Industrial Market on the Upswing in Grand Rapids

Western Michigan’s industrial market is experiencing improvement with declining vacancies and steady rental rate growth. Demand for warehouse space is up and more than 1.5 million square feet of space has already been delivered this year.

Of all the projects in the pipeline, a recent one includes a two-building industrial site recently approved by the Michigan Strategic Fund (MSF). The potential project, led by the DEG Development Company, is expected to generate $12.3 million in investment. Construction will take place at 1810 Turner Ave. and will include one 70,150-square-foot building and one 126,750-square-foot building.

Download the Q3 Grand Rapids Office Insight and Q3 Grand Rapids Industrial InsightRead More

Ohio Markets Commercial Real Estate News Brief: November 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.

The Need for Industrial Space on the Rise in Cincinnati and Columbus

Columbus, Ohio

Photo Credit: Always Shooting

It’s been a big year thus far for both Cincinnati and Columbus industrial markets. Cincinnati has experienced record-breaking activity since the start of the year, and total industrial vacancy sits at just 3.1%. Meanwhile, industrial vacancy in Columbus hovers near 4.4%.

To accommodate the rising demand, both cities are ramping up construction. Nearly 2 million square feet is currently being added to Cincinnati’s market, causing a much-needed uptick in vacancy.

Though Columbus is set to deliver 1.6 million square feet of space by the end of 2017, vacancy is expected to remain low. In fact, there is more than 9.5 million square feet of user demand in the market.

Download the Q3 Cincinnati Industrial Insight and Q3 Columbus Industrial InsightRead More

Pittsburgh Commercial Real Estate News Brief: September 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 Pittsburgh to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Downtown Pittsburgh Outpacing Suburbs with Office Tenants

Photo Credit: Mr.TinDC

The number of corporate office moves in the downtown Pittsburgh area is surpassing those in the suburbs, according to new Skyline research. Pittsburgh has seen a steady demand for office space in downtown’s most prominent buildings, keeping vacancy at 11.7%. So, what’s drawing tenants here?

While suburban properties still have their own perks, many companies are quickly realizing that downtown is where the young talent is. Likewise, it’s also where the competitive amenities are to retain their workforce. Many building owners are now also taking the plunge to upgrade office spaces with renovations to meet tenant demand.… Read More

Louisville Commercial Real Estate News Brief: September 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 Louisville to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

New Mixed-Use Property Begins Construction in Paristown

Photo Credit: Brent Moore

Construction on the $28 million mixed-use Paristown Pointe neighborhood is now underway. The project underwent strategic planning for nearly five years and was first announced in 2015. Developers and city leaders envision the development as an arts and cultural hub with a number of anchors.

Development plans include the following:

  • A $6 million renovation and expansion of Louisville Stoneware
  • A $1 million brewery / taproom from Goodwood Brewing Co.
  • A $12 million performance and entertainment venue for the Kentucky Center for the Performing Arts

Other project details include infrastructure improvements, like outdoor public space, building and landscape features, storm water infiltration and streetscape improvements. The entire development is expected for delivery by spring 2019.

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Commercial Real Estate News Brief: September 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 internet of things, crowdfunding in CRE investment and hurricane preparedness in CRE.

Keep up with Spaces’ monthly recaps—subscribe today.

Internet of Things (IoT) Transforms Building Management

JLL CRE News Brief

Newspaper image via NS Newsflash.

How can building owners differentiate in a saturated marketplace? The answer is simple: By employing more intelligent building solutions.

According to Forbes, “A holistic, data-driven approach to real estate management is critical as we look into the future of workspaces.”

Building managers can leverage data collection for lighting, HVAC, security, etc. to advance energy and operational efficiency and ultimately improve the tenant experience. If executed properly, new technology combined with IoT creates a competitive advantage for more strategic and cost-effective facility management.… Read More

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

A How-to Guide for Creating a Workplace that Works

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By: Tim Kay, Managing Director, JLL

“You can’t un-bake a cake. The key ingredients have to be in there from the start.”  – Tim Kay, Managing Director, JLL.

Tim Kay, JLL Managing Director, speaks at Hobbs+Black Architects on the importance of workplace design, wellness and technology.

Early this summer I was invited by Hobbs + Black Architects and Interior Environments to speak at an event in Ann Arbor, Michigan highlighting the increasing importance of technology, wellness and design in the workplace. Similar to baking a cake, creating a workplace that aligns with a company’s culture and meets the needs of its employees involves a fine-tuned mixture of essential ingredients.

Together, these ingredients can help create a recipe for workplace success:

1 Cup Examining Your Current Culture

Does your current workplace represent your company’s culture? Does the persona your company portrays through its brand, social media, website and advertising match the physical environment? Culture and brand must align in the workplace so those first impressions gathered by prospective employees are supported by their impression when they visit your office for an interview. If there is a lack of congruency, the likelihood of successfully recruiting that talent is slim.… 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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