Author Archives: Marissa Oberlander

Cracking the code: Find your tech talent in Chicago

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Looking to snag a computer programmer on sale? Chicago should be your startup’s tried and true market of choice, given its status as the rare, affordable, large urban market.

“Competition for tech talent, as well as good play-and-play tech spaces, is fierce,” said Jesse Van Dyke, Managing Director and co-lead of JLL Chicago’s Technology Practice Group.

tech talent

Concentration of employees working in the computer field

The market’s tech ecosystem can be the best indicator of potential job growth and industry stability. Consider planting your tech flag in Chicago, a great location at a great price:… Read More

Top 10: Stop hating Mondays, your happiness at work matters

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Human Experience

Yesterday our Suburban Tenant Representation team hosted a webinar exploring the Future of Work and how Human Experience plays a critical role in shaping a productive culture. In other words, it pays for your company to invest in your satisfaction.

“Understanding real estate’s financial and operational performance is now table stakes,” said JLL Managing Director Ed Nolan. “How people feel about work plays a key role in promoting engagement, empowerment and fulfillment at the office.”

In the midst of tenants’ intense focus on reducing gross rent and utilities costs there lies a missed opportunity to harness human capital.

“Even minor improvements in employee productivity and retention can spur double-digit savings in costs per square foot and strategically drive real estate decisions,” said JLL Managing Director Ben Erskine.

Our top 10 webinar takeaways, based on 18 months of JLL research:… Read More

The Illinois Budget Challenge: Your questions, answered

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Yesterday in Springfield, the Illinois House of Representatives voted to override a veto by Governor Bruce Rauner and to pass a budget that includes spending reductions and state income tax increases. This measure gives the State of Illinois its first formal budget in three years.

The good news

Passage of this budget provides some level of certainty for the companies and individuals that have been delaying decisions based on the state’s spending and taxation proposals. It also provides rating agencies with a better understanding of the state’s plan for meeting its financial obligations.

The tax news

Effective July 1, 2017, individual income taxes will rise from 3.75 percent to 4.95 percent. Corporate income tax rates will increase from 5.25 percent to 7 percent. These increases represent a 33 percent jump in personal and corporate income taxes for Illinois residents and companies.

What will happen to the commercial real estate market in this new environment?

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What does e-commerce want? Power, labor, world domination?

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e-commerce

Welcome to Episode 5 of JLL Chicago Industrial – Real Time, our Industrial Research podcast. In this episode:

  • What retailers want out of their e-commerce distribution network
  • The landlord perspective: The prevalence of build-to-suits to accommodate these facilities’ highly specialized technology and workforce amenity requirements
  • A deep dive into surrounding demographics to enhance retailers’ site selection process

Hosted by: Industrial market research experts George Cutro and Chad Buch

Featuring:

Listen to this 14-minute podcast with the player above or CLICK HERE.

Know someone who’d like to listen? Post to LinkedIn.… Read More

Chicago Property Tax Update: What you need to know

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On June 13, 2017 the 2016 property tax rates, calculated by the Cook County Clerk’s office, were released. This is the final step in the tax process before bills are mailed. The average City of Chicago residential taxpayer should expect to see a roughly 10 percent increase in their property tax bill and commercial property owners (or their tenants) should expect an increase of approximately 9.3 percent in their property taxes.

property tax

1. Average composite tax rates are shown. Actual tax rates may vary. 2. Tax bills based on an average commercial property with a market value of $270,000. Actual tax bills will vary. Source: Cook County Clerk David Orr. Memo dated June 13, 2017.

Tenant implications

While this tax increase was not unexpected, commercial property owners and tenants should be prepared for the implications on their expenses this billing cycle.… Read More

Evolution of the Legal Workplace

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DLA Piper’s David Mendelsohn, Managing Partner, has a message for all the law firms out there looking to revamp their space: “Do not hold back. Be as creative and bold as your firm’s culture allows you to be.”

legal workplace

DLA Piper’s David Mendelsohn said if you want employees to be productive, it’s about starting with clear objectives, knowing what you want to accomplish and then staying committed to those objectives every step of the way.

While the traditional office sector has been at it for years, law firms are beginning to see the value in modernizing their space to stay competitive and attract top talent. With the help of JLL’s Law Firm Practice Group, DLA Piper did just that.

Earlier this year, DLA left its home of nearly 30 years, 203 N. LaSalle, and made its way to River Point, the gleaming 52-story office tower perched at 444 W. Lake overlooking the Chicago River. The move symbolized the global law firm’s commitment to focusing on its people and creating a productive work environment.

So how can other firms like DLA use their real estate to engage and retain employees and remain competitive?

JLL dove into this discussion recently inside DLA’s brand new office and in front of an audience of nearly 100 of Chicago’s law firm leaders.… Read More

CTA’s L turns 125: Where to eat local and celebrate

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This week marks 125 years of service for the L, Chicago’s iconic elevated railway that began running in 1892. To mark the occasion, we chatted with Lauren Smith, Senior Analyst on JLL’s Public Institutions team, about her team’s retail leasing work with the Chicago Transit Authority and the best places to pick up a snack along the transit system.

JLL’s Public Institutions team has worked with the CTA since 2008, providing a wide range of real estate services, including managing the CTA’s retail leasing program. Recently, the CTA has seen a welcome uptick in interest from hyperlocal retailers that are making significant investments into their CTA spaces and adding variety to the retail program.

“The retail environment of the CTA is nothing like traditional neighborhood retail. Much of the customer base consist of commuters quickly passing through,” Smith says. “A lot of people are looking to grab a quick cup of coffee or a bite to eat on the way, though we are seeing more sit-down restaurants and cafés come into the program.”

Since the transit retail environment is so unique, with spaces ranging from smaller subway kiosks to larger street-level storefronts and some stations see more than 3 million annual riders (7 million at the Lake Red Line station), rents for CTA retail spaces have a wide range and typically diverge from the surrounding retail market.

Some of the latest delicious additions to CTA’s retail spaces:… Read More

Chicago’s pledge to honor the Paris Agreement and fight climate change

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Today Chicago’s Mayor Rahm Emanuel signed an executive order committing the city to the Paris Agreement sustainability guidelines. This builds upon Chicago’s bold pledge to transition to 100 percent renewable energy in city buildings by 2025, marking a major leap forward from the largest city to set such an ambitious goal.

Paris Agreement

“It’s a significant statement for a city like Chicago to commit to power all city properties with renewable energy,” says Christian Beaudoin, JLL’s Director of Research in the U.S. “Municipalities are moving in this direction and, at some point in the not-too-distant future, this will be standard for cities across the country.”

How will we pull it off? … Read More

Chicago’s top 5 shopping districts

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Chicago's top 5 shopping districts

“Whoever said money can’t buy happiness simply didn’t know where to go shopping.” –Bo Derek

Whoever said that simply didn’t know about prime urban corridors. These nationally recognized shopping districts, both existing and emerging, are propelling brick and mortar retail into the 21st century, featuring high-tech homages to the brands we love and those we’re just getting to know.

Chicago’s top 5 retail corridors cater to a broad audience of tourists and locals, some placing a premium on luxury while others prioritize value and convenience. Just in time for ICSC RECon, we chatted with top JLL Chicago Retail brokers about each corridor’s inner workings.… Read More

Prevent hacker disaster at your property

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hacking data breach

In the wake of this month’s global cyberattack, perpetrated by ransomeware called WannaCry, companies around the world are strengthening their efforts to secure their data and avert costly breaches.

A growing wave of malicious attacks have cost major retailers, banks, insurance companies and more billions of dollars in lost business, stock value, legal settlements, data recovery and security costs. Hackers continue to find new and unexpected virtual “back doors” to enter, and one of the latest concerns is commercial real estate.

“Hackers have and will infiltrate building systems, from the lighting to the HVAC to modems and routers,” said JLL Managing Director Steve Pollard, leader of the Multi-site Project and Development Services team. “Fortifying these systems needs to be a top priority for commercial real estate executives and IT professionals.”… Read More

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 Woodfield Mall appears to be flagging, JLL Research attributes that to Zurich’s relocation and expects occupancy to soon mirror the strength of its peers.

suburban ChicagoRead More

Industrial Podcast: Chicago’s changing industrial real estate landscape

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industrial podcast

Welcome to Episode 4 of JLL Chicago Industrial – Real Time, our Industrial Research podcast hosted by George Cutro and Chad Buch. In this “live” episode, the team is on the scene at JLL Chicago Industrial‘s client event, “The Changing Landscape of Chicago Industrial Real Estate.” They sat down with JLL’s Trevor Ragsdale, Kris Bjorson, John Picchiotti, Ben Bischmann and Debra Bonebrake for candid conversations on top trends, market outlooks and the latest JLL Industrial news.


Listen to the podcast with the player above or CLICK HERE.

industrial podcast

Our expert industrial panel: Keith Stauber, Matt Powers, George Cutro, John Picchiotti, John Huguenard and Trevor Ragsdale

The theme of this “Pardon the Interruption”-style panel, inspired by the famous show, was the future. On the heels of 23 consecutive quarters of positive net absorption, the Chicago industrial market is thriving and evolving. Some top takeaways:… Read More

Industrial Podcast: When did construction season become year-round?

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industrial podcast

Welcome to Episode 3 of JLL Chicago Industrial – Real Time, our Industrial Research podcast hosted by George Cutro and Chad Buch. In this episode, the team interviews Rick Steger, JLL Managing Director and national Industrial Project Management lead, about his construction outlook. Spoiler alert, the pipeline is strong and manufacturing is making a comeback. Listen to the end to hear our hosts’ hard-hitting “speed round” and a preview of this week’s client event.

Listen to the podcast with the player above or CLICK HERE.… Read More

Spotlight on Schaumburg: Strong and steady wins the race

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Schaumburg

JLL’s Northwest Market leasing and research teams: Adam Pines, Christian Beaudoin, Mark Kolar and Jack Trager

Suburban Chicago office may be the tortoise, not the hare, from the old fable, but the market is steadily trending up with healthy fundamentals and tenant demand. More than 50 suburban business leaders joined JLL, the Schaumburg Business Association and the Federal Reserve Bank of Chicago, along with additional sponsors Andigo, the Village of Schaumburg, CP Apparel and Guaranteed Rate, last week to discuss the local commercial real estate climate and the impact of economic conditions on the Northwest suburbs.… Read More

Chicago office market thriving despite budget impasse

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Authors: David Barnett, Research Analyst, and Hailey Harrington, Research Manager

budget impasseThe downtown Chicago office market recorded record-high rents and vacancies at or near all-time lows in 2016. The city is a robust tech hub, bolstered by an extensive transportation network and proximity to one of the busiest airports in the world—connecting Chicago with other U.S. and foreign markets. Unemployment continues to diminish as graduates from nearby top-tier universities enter the local workforce in a diversified economy. Despite this economic growth, the City of Chicago and the State of Illinois continue to grapple with the budget crisis.… Read More

JLL Celebrates Earth Day 2017

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Every year on April 22, we all get a little nudge to pause and celebrate Earth Day. Not only does the day serve as a reminder to consider our individual footprints, but it also encourages us to think about the environmental impact of our buildings and communities.

The built environment accounts for nearly 40 percent of carbon emissions annually in the United States, which means the real estate industry can play a significant role in reducing the impact of climate change. At JLL, we are committed to delivering sustainable solutions that improve energy and resource efficiency, as well as ensure safe, healthy and productive workplaces.

In celebration of this year’s Earth Day, our Health Champions have partnered with Building a Better Tomorrow, our firm-wide sustainability program, to organize green and healthy activities with JLL offices across the United States. Take a look at our Earth Week social media highlights across JLL offices and managed buildings below!

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Women’s History Month: Being bold for change at JLL

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women's history month

Women’s History Month originated on March 7, 1982 as Women’s History Week. In 1987, Congress passed the first joint resolution to designate March as Women’s History Month. Leading up to International Women’s Day on March 8 and beyond, JLL Chicago came together to celebrate and speak out.… Read More

Industrial Research podcast: Q1 2017 stats preview

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industrial research podcast

Welcome to Episode 2 of JLL Chicago Industrial – Real Time, our Industrial Research podcast hosted by George Cutro and Chad Buch. In this episode, the team previews the Chicago market’s first quarter industrial statistics, breaking down everything from vacancy and absorption to construction costs and investment sales. Keep your eyes peeled for a detailed submarket report in the coming weeks!

Listen to the podcast with the player above or CLICK HERE.… Read More

JLL Chicago launches Industrial Research podcast

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industrial research podcast

Welcome to JLL Chicago Industrial – Real Time, our new Industrial Research podcast hosted by George Cutro and Chad Buch. In our first episode, the team discusses cold storage, the Chiquita Banana deal and dark horse submarkets for 2017. Enjoy and stay tuned for regular market trends, hot topics, deal coverage and more!

Listen to the podcast with the player above or CLICK HERE.… Read More

Everybody gets a roof deck: Fulton Market goes from Oprah to office mecca

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We’ve all seen it before. The meatpacking plant becomes the pioneering coffee shop becomes the hippest new neighborhood on the fringe. With 54 percent of the world’s population now living in urban areas and one million more moving to cities each week, the demand is there for these once-neglected submarkets to become cities’ greatest assets. For a prime local example, look no further than Fulton Market.

Fulton Market

Unlike the sleepy, 9-to-5 CBD and over-saturated River North and West Loop submarkets, Fulton Market offers off-the-beaten-path edge just minutes from downtown and is beginning to host an ever-widening array of uses. How did it all start? As one of Oprah’s “Favorite Things.”… Read More