Tag Archives: JLL Research

Commercial Real Estate News Brief: July 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 mixed-use retail strategies, the transformation of healthcare real estate, and the rise of retail drones.

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Modern Shopping Centers Require a Mix of Space, Place and Management

With some 109,500 shopping centers located in the U.S., more retail property managers are beginning to realize the value of using strategic designs to improve the shopping experience. Competing with e-commerce companies and physical retail spaces, managers must now seek new ways to create an environment where customers want to spend money without making the experience seem artificial.

In efforts to stimulate future developments, the Van Aken District in Cleveland began transforming its former transit hub into a vibrant, transit-oriented mixed-use space. The project is expected to bring over 100,000 square feet of retail space, 60,000 square feet of office space, a parking garage and a residential apartment complex to the city by 2018.… Read More

Artificial Intelligence (AI) Isn’t Just a Buzzword Anymore

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It’s here, in Pittsburgh, in full swing.

By: Alice Sande, Marketing Manager, JLL and Toby Bilski, Senior Research Analyst, JLL

What makes Pittsburgh the ideal environment for today’s robotics and AI leaders? For one, the city ranks in the top five markets for highest millennial concentration. Today’s young talent pool is highly sought after by tech… Read More

Pittsburgh Market Commercial Real Estate News Brief: June 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.

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Pittsburgh Earns High Marks for Millennials

According to a new study by Growella, young professionals looking for an ideal live-work-play downtown environment should look no further than Pittsburgh. The city ranked as the second best city for millennials to live, and No. 1 in the Northeast.

Pittsburgh earned an A grade for factors such as entry-level job availability, commute time, quality public transportation systems, recreational options, income earning potential and the number of other millennials that currently reside there. The estimated population of 20-34-year-olds is more than 346,000 people.… Read More

Ohio Markets Commercial Real Estate News Brief: June 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.

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Cleveland and Columbus Grow with New Multifamily Developments

Both Cleveland and Columbus are gaining national attention for their accelerated growth. Both cities are experiencing upticks in their downtown and metro populations. Columbus was recently ranked the 14th largest city in the U.S. while Cleveland saw a 76% increase in residents between the ages of 25-34 since 2000.

The population increases have contributed to the increased multifamily development in each city’s metro area. A new apartment development along the Scioto River was recently announced in Columbus. Similarly, the city of Cleveland has a number of multifamily projects in the works, including a 34-story tower in Playhouse Square and a $50 million development for Ohio City’s One Twenty West apartments.… Read More

How the Law Industry Can Fight Stagnant Growth

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By: Rob Roe, JLL Managing Director 

The 2008 recession resulted in significant changes to the legal business. According to our 2016 U.S. Law Firm Perspective, law firms have faced numerous challenges, such as economic uncertainty and volatile legal employment rates, as demand has stagnated.

Despite these challenges, the 2016 Altman Weil Report revealed that nearly 74% of firms with 250 lawyers or fewer have experienced revenue and profit growth since 2008. There has been a slow upward trend in revenue, however, firms must reevaluate their growth strategies to remain profitable.

So, how are they overcoming these challenges?

Industry leaders are starting to regain their footing by adopting new strategies to trim overhead costs, spark growth and maintain high levels of profitability.… Read More

Commercial Real Estate News Brief: April 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 to keep you in-the-know. In this month’s edition, JLL spotlights multifamily demand, the growth in e-commerce and the impact of home rentals on the hospitality industry.

Keep up with Spaces’ monthly recaps—subscribe today.

Rising Downtown Populations Spur Need for More Multifamily Development

More millennials, members of Generation X, and even baby boomers moving downtown have created an uptick in demand for multifamily development. Detroit, for instance, happens to be one market whose multifamily sector has taken off with 1,551 units added in just the last five years.

According to a data from the U.S. Census Bureau, 52 out of America’s 100 largest cities were in the renter majority in 2015. This trend is expected to continue even as millennials begin families. Baby boomers who are looking to downsize from their larger, multi-bedroom homes will cause the overall percentage of renters to keep increasing.

Related Read: JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

Because Midwest cities like Cincinnati, Detroit and Columbus are experiencing positive population growth, business retention and investment follow closely behind. Cities will soon need to strategize how to equip infrastructure and public spaces to accommodate the growing downtown populations.… Read More

JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

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By: Andrew Batson, Director of Research, JLL

JLL Full Circle

While cities spread throughout the Heartland are still making their comeback, the economic and investment outlook is promising according to our new research, Full Circle. The report takes a deep dive into the growth and development occurring in each of our markets, including Ann Arbor, Cincinnati, Cleveland, Columbus, Detroit, Grand Rapids, Louisville and Pittsburgh.

So, what did our research find?

Cities across the region are in the middle of a major renaissance as reurbanization continues to draw people, business and investments toward the downtown areas.

1. Young Professionals Gravitate Toward the Urban Core, Creating Need for More Multifamily Development

The face of the urban cores is changing, with the majority of each market’s downtown population made up of the millennial generation (20- to 36-year-olds), followed by generation Z (0- to 19-year-olds).

As these younger generations flock downtown, the need for more multifamily development is increasing. Each market has experienced positive population growth since 2000. What’s more is residential population has also posted impressive numbers in each market, most notably in Detroit with a downtown population of 37,700 followed by downtown Pittsburgh with 33,000.… Read More

Pittsburgh Office Renovations Sweep Through Urban and Suburban Markets

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PittsburghThe workforce continues to develop and gravitate toward urban cores, which makes it necessary for companies to focus recruitment efforts there and in surrounding secondary markets. Pittsburgh is a prime example of a hot market for job seekers due to advancements in technology, energy and more. However, that doesn’t necessarily create cause for new construction.

In the Pittsburgh office market, rents have not achieved the rate necessary for new construction to be viable, even as tenant demand gravitates toward a higher quality space. Accordingly, investors are realizing the returns that value-add properties provide, and they are responding with 15 office renovation projects.

These renovations include historic downtown locations like The Grand at Fifth Avenue, as well as surrounding suburban office parks like Penn Center East. In total, the 15 projects will impact more than 4 million square feet of office space in the Pittsburgh market.… Read More

JLL Research: 3 Trends That Will Disrupt Contact Centers in 2017

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Contact Centers

Courtesy of JLL

By: Lisa Schunemann, JLL Healthcare Brokerage Analyst 

The contact center industry didn’t just exceed expectations in 2016; it outperformed global economic growth altogether. The demand for high-quality services and updated tech solutions continues to grow spending, revenue and the workforce in the industry. In fact, North American revenues reached $9.4 billion in 2015, up just over 22% from 2013.

Our newly released Contact Center Outlook report highlights the current state of the market, as well as the top three trends to keep an eye on this year that will impact the way these centers operate.… Read More

Roger Staubach and JLL Predict a Patriots Victory for Sunday’s Big Game

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After successfully predicting last year’s champion, the Denver Broncos, JLL Americas Executive Chairman and Hall of Fame Quarterback Roger Staubach is predicting a Patriots win in Sunday’s big game.

Making predictions for football’s biggest event since 2011, JLL has accurately predicted the winner 70% of the time. Traditionally, predictions are based off of factors off the field, including:

  • Tenant and investor opportunities
  • Demand for premium office space and leasing activity
  • Economic factors, such as job growth

Cities with a positive economic outlook and strong real estate markets typically mirror that consistency on the field, too. And, as it turns out, Boston has way more to offer than just Tom Brady-led victories. Boston is succeeding in a number of industries, including education, technology, life sciences and more to drive job growth in the region.

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