Category Archives: Suburbs

Attaining Triple Aim: How healthcare can leverage real estate

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triple aim

In today’s capital-constrained environment with shrinking reimbursements from insurance companies, health systems are rethinking their business models by rethinking their real estate footprint.

“Bold, sweeping changes are a mandate for today’s health systems,” said JLL Senior Managing Director Greg Gerber. “Especially in competitive markets with numerous high quality systems vying for market share and operating at a high complexity level.”

Created by the Institute for Healthcare Improvement in 2008 as a roadmap toward value-based care, the “Triple Aim” has three mandates: improving patient experience, improving health of populations and reducing per capita cost of care. We explored the challenges, opportunities and surprising role real estate plays in each area with our Healthcare Practice Group.

Improving patient experience

In an outcomes-driven, performance-based reimbursement model, patient experience is critical and convenience is key. Locating facilities “closer to home” for patients is a surefire way hospitals can expand patient access and optimize their real estate footprint, reinvesting the savings in their core services.

“On the hospital campus, you’re talking about high-cost acute care. By taking healthcare into the community, you are reducing costs and making it easier for patients to stay proactive and healthy,” said Senior Vice President Sarah Cogswell.… Read More

Budget backlash for Illinois industrial? Nope…

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budget

Welcome to Episode 6 of JLL Chicago Industrial – Real Time, our Industrial Research podcast. In this episode:

  • Sure, taxes are up, but there are more positives than we think
  • Illinois isn’t the only state grappling with significant long-term obligations
  • Investors can’t ignore Chicago’s universal truths as the nation’s transportation hub, second-largest industrial market by square footage and largest inland port

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

Featuring: Research and economics pro Christian Beaudoin

Listen to this 10-minute podcast with the player above or click here.

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

Interested in hearing more industrial real estate insights? Listen to all podcast episodes here.… Read More

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 plug-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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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.

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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

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

JLL wins big at 29th Annual Chicago Commercial Real Estate Awards

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Chicago Commercial Real Estate Awards

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

Top 10: Trump’s unexpected impact on suburban Chicago real estate

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TrumpOur 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

Introducing JLL’s Build to Suit Practice Group

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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.

Build to Suit Practice Group

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

Getting to know Steven Spinell

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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.

Steven 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

O’Hare submarket cleared for takeoff

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Author: Ryan Emerick
O'Hare submarket

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

Illinois is betting on proposed budget package

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Author: David Barnett, Research Analyst

Illinois casino

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?

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Chicago 2025 market insights from JLL experts

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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.

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10 Top Ten Lists – 2016

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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.

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