Tag Archives: consumer confidence

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.

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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

Tech, suburban migration fuel Chicago CBD office growth

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The downtown office market saw measured growth in the first quarter of 2015, with vacancy down to 12.7 percent and rent up 4.7 percent. But those numbers alone don’t tell the full story.

“The tech boom and suburban migration are not new phenomena, but both classes of tenants continue to drive leasing momentum,” said JLL Senior Vice President Nooshin Felsenthal. “It all comes back to job growth and companies’ desire to attract top-tier talent.”

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Photo credit: Steve Geer

Here are seven secrets behind downtown’s rising office market and its potential for landlord leverage:… Read More