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
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:
JLL Research’s recent technology office outlook revealed incredible opportunity in the Chicago tech sector and we’re here to look behind the numbers.
Like all other sectors, the legal industry is faced with changing demands around how it conducts business, interacts with clients and attracts and retains talent. More than 100 law firm leaders joined JLL this morning at Rustle & Roux to discuss what law firms need to do to stay competitive and how that is reflected in their real estate.
JLL research guru Christian Beaudoin set the stage, reinforcing the importance of law firms in the downtown office landscape. Law firms represent 42 percent of pre-leased space in Chicago’s new office towers under development, highlighting a subtle shift in tenant demand to the north and west. While 75 percent of JLL corporate clients have adopted open plan workspaces, what’s really going on inside law offices?… Read More