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
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!
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
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
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.
Today’s headquarters decisions are more important than ever, driving companies’ recruitment, retention and brand strategies. When available space in the market doesn’t fit with the corporate vision, some companies are choosing to build new to create a truly personalized workplace of the future.
Build-to-suit projects are inherently complicated and risky. That’s why we have a dedicated team that takes an entirely different approach, offering our clients greater transparency and control.
Take a look at JLL client Zurich North America’s story below, where our Build-To-Suit Practice Group partnered with JLL’s Project and Development Services team to deliver a state-of-the-art headquarters campus in Schaumburg:… Read More
Recently ranked a Top 10 U.S. Biopharma Cluster by Genetic Engineering and Biotechnology News, Chicago hosts six world-renowned medical schools, the largest concentration of physicians and two major federal research labs. Let’s take a look at why the life sciences industry continues to thrive:… Read More
Making a meaningful difference in our community is one of JLL Chicago’s top priorities. In 2016, we came together as a team and chose to focus our charitable engagement around three incredibly important organizations: American Heart Association, Leukemia & Lymphoma Society and Misericordia.
Let’s look back at some of this year’s efforts, which resulted in nearly $50,000 in contributions to these invaluable groups.
American Heart Association
Through Managing Director Jesse Van Dyke, JLL Chicago has had a strong relationship with the American Heart Association for more than 15 years. In addition to representing the organization’s Midwest real estate needs, Jesse’s connection is extremely personal.… Read More
“The core of downtown Chicago is competing with global cities and we are a low cost leader,” says JLL Managing Director Keith Largay. At Bisnow’s recent State of the Market event, he outlined four investment trends that have investors feeling cautiously optimistic about the city’s future:… Read More
With the World Series kicking off this evening, take a look at JLL Research’s side-by-side comparison of Chicago v. Cleveland in baseball and commercial real estate. The Cubs’ win percentage and Chicago’s five-year rent growth are telling the same “Fly the W” story.
Still don’t believe us? JLL Research has also uncovered a direct correlation between the strength of the Downtown Chicago office leasing market and the performance of the Chicago Cubs.… Read More
This week the JLL team joined Zurich North America to celebrate the grand opening of the firm’s new 783,800 square-foot Schaumburg headquarters. While the historic project has been years in the making, Wednesday’s event was highlighted by the announcement of the project’s LEED Platinum certification, the highest rating by the U.S. Green Building Council.
After the ceremony and some entertainment by the Zurich employee choir, JLL Sustainability Practice Lead Keara Fanning took us on a green tour, showcasing the industry-leading outcomes achieved by the team’s LEED Platinum pursuit:… Read More
John Brogan began his real estate career at a young age. At 10, he was helping his mom invest in and flip residential properties, and by 16 they had amassed an 11-property portfolio around his hometown of Nashville, Indiana. “We moved a lot, but I became well-versed in finance and rent collection. I also had a lucrative lawn-mowing gig,” John jokes.
After four years in the military post-college developing his leadership and problem-solving skills, John came back to his childhood business and began to think bigger. The world of commercial real estate beckoned and he joined JLL Chicago’s Suburban Tenant Representation team as an Associate in June. We decided to get to know him a little better in the first installment of our new profile series.
My typical day: My No. 1 job is business development for my teammates and mentors, Eric Kunkel and Scott Ohlander. I’m the boots on the ground in the suburban market, connecting prospects to our team’s combined 41 years of industry experience. In addition to business development, my focus includes client relationship management and lease consulting and negotiation for office tenants.
Hometown: Nashville, Indiana. It’s a 1,000-person town founded in the early 1800s as an artist colony. A little-known tourist destination in the hills of Indiana.… Read More
The 2016 NFL Draft’s first round kicks off tonight, and we have the perfect view of Draft Town from JLL’s headquarters at Aon Center. In anticipation, we checked in with our former football stars for their Chicago Bears’ predictions:
Name: Kurt Kittner
Title: Managing Director, Downtown Tenant Representation
Played for: Chicago Bears, Atlanta Falcons, University of Illinois
Best known for: Winning the Big Ten Championship. Career leader at Illinois with 70 touchdown passes and 24 wins.
Hopes the Bears draft: Zeke Elliott, Running Back at Ohio State.… Read More