The downtown Chicago office market recorded record-high rents and vacancies at or near all-time lows in 2016. The city is a robust tech hub, bolstered by an extensive transportation network and proximity to one of the busiest airports in the world—connecting Chicago with other U.S. and foreign markets. Unemployment continues to diminish as graduates from nearby top-tier universities enter the local workforce in a diversified economy. Despite this economic growth, the City of Chicago and the State of Illinois continue to grapple with the budget crisis.… Read More
A center of industry innovation with a high concentration of companies, ideas and talent, Chicago is a tech hub that will maintain its resilience and employment growth through the next cycle and beyond.
That’s because it’s not just startups after the 25-year-old whiz software developer. Big enterprise users from the Fortune 500 on down are challenging tech, both name-brand and early-stage, to attract millennial brainpower. Take IMC, a fast-growing trading firm JLL Managing Director Matt Carolan and Senior Vice President Phil Geiger expanded to 78,000 square feet in Willis Tower earlier this year.
“IMC is battling it out with the Googles, Facebooks and LinkedIns of the world for top tech talent,” Phil said. “Like companies across the spectrum, they secured market-leading space as a big component of their recruitment strategy.”… 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
“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
JLL Research’s recent technology office outlook revealed incredible opportunity in the Chicago tech sector and we’re here to look behind the numbers.
Innovative. Talented. T-shirts. Could you describe the fast-growing Chicago tech scene in one word? We asked attendees at Chicago Inno’s Chicago Fest to try.
Once the world’s largest structure with its very own zip code, the Merchandise Mart has transformed into the beating heart of Chicago’s tech scene. From 1871’s fledgling firms to giants like Yelp and Braintree, the Mart is a retro-chic playground for today’s tech elite.
The Mart’s foundation as a tech epicenter started in the 1980s, when ownership launched a $100 million modernization of the building’s lobby, façade and most important, major upgrades to utilities, JLL Senior Research Analyst Hailey Harrington told Bisnow.
150 nominees, including innovators and influencers in tech, education, marketing, food and healthcare, came through to pose and chat with us about what lights their fire. We’ve highlighted seven of their success stories below.
Bill Fienup, President, Catalyze Chicago
When are you most on fire?
Every morning when we wake up and come into the office. There’s always some activity or some pressing need, whether it’s helping our members or putting together an event. We’re always doing something exciting.
If you could change one thing about your work space, what would it be?
I wish we had more space to store members’ inventory and product. All of our members are entrepreneurs building a physical product, and they need to put it somewhere. Some cool products companies are working on at Catalyze right now include:
- Guard Llama: A panic remote fob button that you push when you’re in distress and it sends the police to your location.
- Outernet: A satellite Internet provider that provides educational content (Khan Academy, Wikipedia, etc.) across 95 percent of the world. It’s like a DVR box to download Internet.
- Greenlight Planet: Replacing the kerosene lantern with an LED, battery-powered, solar-rechargeable light.
Increased tenant activity around the CBD has kicked absorption into high gear. Since the start of 2014, 2.7 million square feet has been absorbed from the market with 775,000 square feet in the second quarter alone. Specific submarkets and product types are having a greater impact on this growth than others.
“Segments of CBD inventory in demand by tech and creative users experienced the greatest share of absorption in the second quarter, including properties in the River North/River West cluster and Fulton Market micromarket,” says JLL Managing Director Pam Stamataky.… Read More
Here’s some exciting office market news before your July 4th long weekend. Both the Chicago CBD and suburbs finished Q2 with a flurry of deals. In fact, since Q3 2014, more than 60 percent of 20,000-plus square-foot leases in both submarkets have been expansions.
… Read More
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.”
Here are seven secrets behind downtown’s rising office market and its potential for landlord leverage:… Read More
The following post first appeared on the Built In Chicago Blog.
By Brooke Houghton
Statrt-up Real Estate Advisor
Jones Lang LaSalle
Starting your company in a garage is legendary in the tech world. What’s not legendary, or often talked about, is the downside of working from home — be it from your garage, home office or even the local coffee shop.
The… Read More
NOTE: The following post originally appeared on the Catapult Chicago Blog.
By Corey Siegrist
Vice President, Tenant Representation
Jones Lang LaSalle
From dozens of new restaurants to Sterling Bay’s purchase of 10+ buildings, the Fulton Market/River West area is quickly becoming one of the most sought-after neighborhoods for tech and emerging growth companies. It may… Read More