Monthly Archives: May 2018

Retail therapy draws tenants to suburban Class A product

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Shopping on your lunch hour never gets old. Especially in the suburbs, where the live/work/play perks of urban density are in short supply. Suburban malls offer the opportunity to run errands during lunch, while also conveniently supporting a wide array of business amenities such as restaurants and event space for everyday meetings and larger corporate gatherings.

Across suburban Chicago, Class A office properties within a mile of a major mall are outperforming their competition in three out of four major suburban submarkets. While the area around Fashion Outlets of Chicago appears to be flagging, JLL Research attributes that to lack of concentrated Class A buildings surrounding the retail center and the size of nearby O’Hare airport.

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Where to snag Class A space at a $20 PSF discount

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Class A

Just in time for summer, we’re here with an office space discount you have to see to believe. In the last five years, the gap between top-tier downtown and suburban space has dramatically widened, creating interesting opportunities for occupiers looking for luxury.

Since 2012, Class A rents have increased just 3.2 percent in the suburbs, compared with more than 21.5 percent downtown. For even the smallest tenants, this represents six-figure savings that could be reallocated to other business priorities, from talent retention to technology upgrades.… Read More

Top 10: Finding quality labor during a workforce shortage

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At a recent NAIOP Chicago event, the topic wasn’t real estate; it was labor. February saw the highest monthly level of job creation since mid-2016 and unemployment sits at just 4.1 percent as skilled talent becomes increasingly difficult to recruit and retain.

labor

JLL’s Meredith O’Connor and Keith Stauber

“Job growth continues rapidly even with talent shortages and employment occurring faster than the labor force can expand,” said JLL Managing Director Keith Stauber, moderator. “These trends also mirror consumer confidence, which has been at its highest levels since 2000.”

Greater competition for labor has pushed occupiers to look at long-term workforce productivity and sustainability (including metrics like net migration and population growth) rather than short term affordability.

The NAIOP panel of experts featured JLL International Director Meredith O’Connor, Co-Chairman of JLL’s Headquarters Practice Group and a Business and Economic Incentives lead. Her top 10 takeaways:… Read More

Getting to know Meredith O’Connor

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Thanks to her innate talent, drive and uncompromising work ethic, Meredith O’Connor is without equal in the city. Her secret superpower? She’s a connector. By building relationships with likeminded and equally motivated individuals, no matter their career or industry specialization, she’s built a business to be reckoned with and lifelong friends along the way.

A key player in helping corporations uncover often overlooked business and economic incentives, Meredith’s work continues to change skylines and bolster economies across the country. Let’s take a look at how it all began.

Meredith O'Connor

Meredith and her family of seven

Career beginnings

Government was the perfect start for Meredith, doing great things for the city she grew up in and loves. After she got her MBA, she was promoted from sergeant at arms in the City Council into the Planning Department. Under the inspiring leadership of Mayor Daley and in partnership with a team passionate about economic development, she jump-started her career working on exciting projects from the ’96 Democratic National Convention to the 2016 Olympic bid.… Read More