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Office Outlook: Great Lakes Market Trends to Watch (Research)

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By: Andrew Batson, Manager of Research & Analysis, JLL

Last year was strong for the U.S. economy. Markets large and small saw expansion in both employment and output.

In fact, according to JLL’s newly released Office Outlook report, secondary and tertiary markets are positioned to gain speed this year as economic expansion diversifies.

Across the board, two sectors drove domestic economic success in 2015. Technology and financial services were responsible for roughly 33% of total U.S. leasing activity in Q4. What’s more, since Q2 2014, about 50% of leasing activity represented companies undergoing expansion.
Market success

The good news doesn’t stop there. Even with the addition of 44.2 million-square-feet of new supply across the U.S., 2015 saw the lowest vacancy level in eight years.

According to the report, companies are “looking to new markets across the country as more than 1.7 million square feet of new-to-market leases were signed during the fourth quarter.” JLL experts have high expectations for growth this year, suggesting there is “no sign of a slowdown for [the] U.S. office market.”

How does the Great Lakes region stack up to national trends? Read on for highlights in your market from the Q4 2015 Office Outlook Report.… Read More