Tag Archives: Millennials

Q2 2018 Office Insight: Millennials driving major moves and redevelopments

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Millennials

Across submarkets, Millennials fueled the commercial office market’s robust performance in the second quarter.

As global companies continue to change the complexion of their workforce in favor of digital natives, Millennials are having an increasingly outsized influence on major expansions and headquarters relocations. In 2018 alone, international companies including Rio Tinto, Showpad and iam bank have expanded their Chicago-based North American headquarters. The reason? Illinois is the second-largest producer of computer science graduates in the country.

With Illinois graduates accounting for nearly 10 percent of U.S. computer science degrees last year but only modest tech wage growth locally, Bay Area tech firms and legacy employers alike are seeing Chicago as a necessary outpost, especially for highly technical positions. Most recently, that prompted Walgreens’ to plant its flag at the Old Post Office, establishing a 200,000-square-foot digital hub.

This war for talent has definitely made its way into the development pipeline, with 6.6 million square feet underway. While incremental vacancy increases are likely at this point in the cycle, we’re still seeing rent growth, strong absorption numbers and stable concessions.… Read More

Headquarters quiz: Five clicks to your new crib

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Since 2008, downtown Chicago has attracted 88 suburban and 13 out-of-market companies, of which 32 have been headquarters relocations. If your company is thinking of making the move or you’re just curious about new neighborhoods, take this headquarters quiz and land on the best submarket for your team!

 

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Why move your headquarters? Top CEOs speak out

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While corporate real estate strategies are definitely one-size-fits-one, headquarters relocations seem spurred by surprisingly similar reasons. We wouldn’t call this kind of groupthink a bad thing, rather a natural reaction to a global demographic shift. You can’t ignore more than one million people moving into cities every week.

We analyzed the corporate press releas es associated with Chicago’s 32 headquarters relocations since 2008, paying close attention to quotes from each CEO. These leaders have waxed philosophic, strategic, straight up practical and everything in between in their commentary, offering a glimpse into larger pushes for organizational change and innovation.

Our word cloud above sizes words based on how frequently they’ve been used by CEOs. Roll your mouse over each word to see a sample quote and we’ll dig into the top reasons for moving below.… Read More

Retail Series Part 1: Holiday shopping forecast

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Hold on to your wallets, this holiday shopping season is shaping up to be one for the books. JLL Research predicts consumers will spend more on their holiday gifts than ever before—a solid four percent hike in 2016 compared with 2015.

Black Friday boost

Holiday shopping

Strolling carolers at Rosedale Center

For a boots-on-the-ground perspective on Black Friday, the season’s first official shopping frenzy, we checked in with JLL’s Scott Michaelis, general manager of Rosedale Center in the Twin Cities. More than 80 retailers opted to open at 6pm on Thanksgiving, he tells us, and Thursday traffic was up 30-plus percent. Sales from key retailers surveyed were slightly up compared with 2015 with self-gifting, small gifts and sale apparel leading the way.

“We see local factors ripe for successful sales with expected gains of three to four percent over 2015. The local economy is good and unemployment rates are low, both indicators of a strong season,” Scott says.… Read More

More than 55,000 new multifamily units since 2000?!

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We did a double take too. Since 2000, the Chicago market has delivered or renovated 55,324 units. We’re talking all classes and properties with 20 units or more, excluding student housing and affordable housing.This number speaks to a Chicago market nearing the peak of the multifamily cycle. Rents have risen sharply since the turn of the century, mirroring a national trend. With roughly 7,000 units flooding the market in the next 24 months, though, we’ll likely hit our local capacity and see new supply start to taper.

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Chicago Tech Series Part 2: Building a technology enabled workplace

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A new workplace paradigm emerged over the past 10 years, shifting focus to design elements such as open plan layouts, space density and construction. Subsequently another workplace component, technology, has evolved from a behind-the-scenes role to a crucial element of the business, its operations and its office space.

For companies to maximize the productivity of their employees and their space, they need to understand the required components of a fully integrated technology enabled workplace. We’ve outlined the five key components in the presentation below:

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Tech users clamoring for Class B space

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222-S-Riverside-Plaza_lowrez

222 South Riverside Plaza

While Silicon Valley’s offices may be shiny, new and futuristic, tech firms in other parts of the country like Chicago are opting for older, more affordable and highly customizable Class B space.

“We’re seeing the most significant demand in the market from the tech sector right now,” JLL Senior Vice President of Agency Leasing Nikki Kern told CNBC. “We definitely are seeing a big push for Class B space from tech users.”

What’s the attraction?… Read More