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
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
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
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
Just call Sam Kennedy the startup whisperer. He spent four years in a dual role at the venture firm Guild Capital and running a national tech conference, Techweek. Working with early-stage tech companies from around the world in both gigs helped him recognize patterns and apply them to help run their businesses more efficiently.
After connecting with JLL brokers at tech events around the city, Sam joined the team as Vice President and Tech Practice Group Lead to elevate the way JLL interfaces with startups in the Chicago market and beyond. “At a time when I was thinking about how I might harness my network to try something new, JLL gave me the best of both worlds. The support of a Fortune 500 real estate company with the opportunity to start an entrepreneurial project,” Sam says. Let’s learn more.
Typical day: I’m always on my feet, getting to know landlords and leasing agents around the city and catching up with entrepreneurs and tech startups. It’s my job to inform JLL’s service lines on which companies are growing. It’s about changing our internal framework and modernizing the way JLL pursues the new generation of companies out there. While that might mean less cold calling, the business is still very relationship-based with authentic connections being made online and in-person. Data is also more widely available than ever, which makes us differentiate by thinking through the personality of a company and how they can interpret existing data to make strategic decisions.… Read More
One of the Chicago tech scene’s biggest challenges has been competing with the coastal cities for venture capital funding. Local Investors place a stronger emphasis on business fundamentals and startups have to stretch their resources to thrive.
The increasing office rents in tech-favorable submarkets driven by the industry’s appetite for creative office space mean tech firms in Chicago must be more efficient with the investment capital. Here’s why coworking could be the answer.
Welcome to the sharing economy
The notion of sharing is catching on globally. From sharing major life snapshots on Instagram to daily updates on Twitter, sharing was bound to infiltrate the workplace. Across several sectors, the sharing economy is transforming how people view the ownership and leasing of spaces and services.… Read More
Today’s law firms need to upgrade their space to stay competitive and attract top talent, but lower vacancy and higher-priced new construction are creating substantial upward rent pressure.
Second-generation law firm offices coming to market in 2017 present significant opportunity. Firms willing to consider these spaces will have great options with reduced out-of-pocket firm capital.
Take a look at JLL client Arnstein & Lehr’s story below, where leveraging a unique sublease is leading to major office upgrades:… 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
JLL Research’s recent technology office outlook revealed incredible opportunity in the Chicago tech sector and we’re here to look behind the numbers.
JLL Chicago’s third quarter stats are out and all signs point to River North as the leader in downtown’s office market recovery.… Read More
While today’s sensationalized headlines have led to some natural jitters across the suburban office landscape, a deeper dive into the numbers reveals a market on the rise and experiencing significant economic growth. More than 50 suburban business leaders joined JLL, the Schaumburg Business Association and the Federal Reserve Bank of Chicago, along with additional sponsors MECU and Rabine Group, last week to discuss the impact of global economic conditions on Schaumburg and the surrounding suburban submarkets.… Read More
Despite the much-publicized trend of office tenants leaving the suburbs for downtown, the suburban office market saw no shortage of big deals in 2013, with companies taking advantage of favorable conditions to trade up to better space.
Two major deals recently completed by the Jones Lang LaSalle tenant representation team illustrate this dynamic at work:
- In the largest office lease … Read More