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
The 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
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!
— JLL Chicago (@JLLChicago) April 19, 2017
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
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!
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!
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.
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
JLL Chicago took home six awards, the most of any company, yesterday at the 29th Annual Greater Chicago Food Depository Commercial Real Estate Awards. The evening brought together nearly 2,000 of Chicago’s top commercial real estate professionals to celebrate this past year’s outstanding achievements across the industry.
As one of the industry’s most high-profile and longstanding awards program, the evening raises more than $1 million to provide more than 3.84 million meals for hungry Chicago area residents.
“To receive this recognition from our commercial real estate peer group is an honor and a reflection of JLL’s industry leadership and our best-in-class Chicago team,” said Dan Ryan, our Central Region Market Director. “To be involved with the Greater Chicago Food Depository’s important work in our local community makes this even more meaningful for all of us at JLL.”
JLL Chicago’s 2016 award recipients include:… Read More
Ever tried to contact a Millennial? You probably had better luck via text or email than a traditional phone call. Their changing preferences aren’t just impacting etiquette—they’re changing the contact center industry and creating jobs.
“Contact center employees have always required a customer service mindset,” JLL Senior Vice President and Contact Center Practice Group lead Kyle Harding told GlobeSt.com. “But today’s contact center employees also need to be skilled users of technology.”
JLL was on the scene last week for the grand opening of mHUB and as you can see, sparks were flying. Chicago’s first innovation center for physical product development and manufacturing, mHUB is a collaboration among Chicago’s leaders in business, innovation and research.
“Developing and manufacturing physical products is a capital intensive process and involves a steep learning curve,” said Haven Allen, mHUB co-founder and executive director. “Our industry partners will help fund crucial physical assets for mHUB that our early-stage innovators need to improve their odds of getting to market faster.”
Take a look at mHUB’s story below, where our Tenant Representation and Project and Development Services teams partnered to deliver manufacturing’s future:… Read More
Our Suburban Tenant Representation team recently hosted a webinar exploring how President Trump’s policy changes could impact suburban Chicago real estate.
“With vacancy near 10-year lows, strong tenant demand and robust investment activity, the suburbs continue to be a value story with as much as a $20 per square foot rent differential compared with downtown,” said JLL International Director Andrea Van Gelder.
As the new administration takes shape, the suburban market and its well-balanced economy could be affected in good, bad and surprising ways.… Read More
Building a distribution center in the middle of a brutal Salt Lake City winter is challenging enough. Making the entire process financially viable while shifting delivery and budget risk (including winter conditions) onto the developer and landlord is what JLL’s Build to Suit Practice Group does best.
The JLL Chicago team of John Musgjerd, Ben Erskine and Steven Spinell recently changed their name to clearly reflect what they do best: build-to-suits on behalf of their clients. After completing Zurich North America’s critically acclaimed Schaumburg headquarters, the team, along with partner Todd Schaefer, connected with book publisher and distributor Readerlink on an entirely different project—a new 500,000 square-foot industrial distribution center servicing the western U.S.… Read More
A lifetime committed to becoming a professional hockey player taught Steven Spinell the value of hard work, time management and teamwork. Coming from a real estate family opened his eyes to the endless opportunities for success in the industry.
After bonding with fellow Miami of Ohio alum Ben Erskine on JLL’s Suburban Tenant Representation team, Steven joined as Associate in 2016, focusing on companies in the North Market as well as national business development for JLL’s Build to Suit Practice Group. “It’s unbelievable how much detail goes into the build-to-suit process. Through years of experience and high-profile projects, John Musgjerd and Ben Erskine have mastered all the moving parts,” said Spinell.
Typical day: I’ve transitioned from a team support role to being the boots-on-the-ground guy. I focus on business development, primarily in the North Market under Dan McCarthy‘s guidance, as well as pursuing build-to-suit opportunities for our practice group. You’ll find me on the phones prospecting, working on financial analyses and providing transaction support.
The 411 on JLL’s Build to Suit Practice Group: Build-to-suit projects are tremendously risky and complex.… Read More
Author: Ryan Emerick
While much of the local spotlight has focused on the migration of large firms from the suburbs to the urban core, downtown is not the only thriving submarket. Strong tenant demand has also sparked a dwindling supply of office space in the O’Hare submarket. Vacancy rates near O’Hare have dropped from a high of 26.9 percent to 16.4 percent and are now at their lowest levels since 2000.… Read More
Hundreds of industry leaders joined JLL Chicago last week to discuss Chicago 2025 and the city’s dynamic expansion. With 4,300 new hotel rooms planned, the lowest office vacancy in 16 years (10 percent), 4 million square feet of speculative industrial construction in the pipeline and 3 million square feet of office space headed to market, the next decade is going to be one for the books.
JLL Chief Economist Ryan Severino kicked things off with a broad-based market outlook, factoring in challenges of the past year from Brexit to an unexpected election result. Despite entering a 2017 filled with elevated policy uncertainty, the Chicago market’s universal truths are bolstering its investment appeal. Chicago’s still the third-largest metro economy in the U.S., with above average annual gross metro product growth and a diverse economy where no single industry comprises more than 20 percent of total employment. Going forward, our unusually high percentage of adults with undergraduate or graduate degrees will be of paramount importance in building on this economic momentum.
We’re definitely living in interesting times, agreed JLL International Director and panel moderator Bruce Miller. … Read More
Author: David Barnett, Research Analyst
The Illinois General Assembly is back in session today to discuss Senate Bill 7, which would expand gambling in the state by permitting casinos to be built in Chicago, Danville, Rockford, Lake County, Cook County and Williamson County.
What’s the scope?
This week JLL Chicago will convene commercial real estate investors, clients and leading experts from throughout the city for Chicago 2025, our annual forecast. We sat down with JLL pros across asset classes ahead of the event for a preview of their sector-specific outlooks.
With David Letterman off the air, JLL Chicago Research is here to fill your Top Ten void. Consider this your crash course for 2016, a year-in-review of Chicago’s best moments, focused on commercial real estate, workplace, market trends and pop culture.
Chicago’s office market has traditionally been dominated by trophy towers and high-rise construction. While there is plenty of demand for trophy space fueling the current development activity (4.3 million square feet), those buildings are not meant for every tenant. Some companies are more attracted to loft spaces, creative offices or repositioned assets. To help in the tenant analysis, JLL Research has created the Downtown Chicago Building Matrix – Cost vs. Class with examples in each quadrant:… Read More
Jim Harris has the opportunity to help shape a cultural icon. Senior General Manager, Retail at Navy Pier, he is part of a team that’s completely reimagining the 100-year-old historic landmark. “We don’t want to create a boardwalk atmosphere, we want to be a place where people come and interact with the landscape of the City of Chicago,” Jim says.
JLL won Navy Pier’s accounting contract in 2012, retail management in April 2015 and just won specialty leasing and brand activations. Jim came on for the first day of the management assignment and didn’t want to leave. What other property could make him the primary contact for seven boats and in close touch with Chicago’s top restauranteurs? It’s a different world than managing a mall.
This holiday season: Navy Pier retailers do 75 percent of their sales between April and September, which means this time of year provides an opportunity for creative thinking. With highly attended events like upcoming “The Voice” auditions in January and the Chicago Flower & Garden Show in March, we’re giving the off-season a traffic boost ahead of a major retail transformation.… Read More