Jobs Come Back to Ohio (JLL Employment Reports)

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By: Andrew Batson, Senior Research Analyst, JLL 

Following a painful recession between 2008 and 2010, during which 8.7 million jobs were lost, the American job market is thriving once again.

In fact, CNNMoney reported, “…there are now more jobs in the country than ever before.” But, we still have work to do. According to the same source, the job market still needs two to three years to fully recover.

In the Midwest, economic and employment growth are following the national upward trend. With new job opportunities and maturing industries, Ohio’s three big cities are contributing to the nation’s ongoing economic health.

Read on for an overview of employment trends, based on JLL’s most recent Office Employment Updates released in January 2015.

Employment News: Cincinnati

Cincinnati reported its highest addition in job growth since June 2012, with 23,000 new jobs year-over-year. Office employment, in particular, helped to accelerate the region’s job growth. Out of the 5,700 new jobs added to the city last year, approximately 65 percent were professional and business services positions, according to the Bureau of Labor Statistics (BLS).

Download the full report for details.

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Commercial Real Estate News Brief: December 2014

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Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania.  

New Features Make Smart Buildings Even Smarter 

JLL CRE News BriefUnfortunately the U.S. currently ranks second globally for CO2 emissions, right behind China, according to a recent article in TechCrunch from JLL’s Parker White (@jParkerWhite).

What’s more shocking, CRE is accountable for about 40 percent of all emissions in the U.S. Luckily, change is already in the works. To combat commercial real estate emissions, we’re seeing a few technologies enter the scene, including:… Read More

Reinvent Your Office in 2015: Workplace Strategy Tips

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By: JC Pelusi, Market Leader, Managing Director, JLL 

Incredible, innovative and intelligent workspaces exist in our own Midwest backyard. Fast Company highlighted the recently renovated and re-designed Quicken Loans office in downtown Detroit, for example.

The physical workspace is an indisputable factor in employee satisfaction and production. A strategic office space can drive cost reduction, attract and retain talent, and fuel employee engagement. It’s the backbone of any business, and the home-base for big decisions and milestones.

That’s why JLL’s regional team decided to conduct a survey to learn more about what businesses in Ohio, Michigan and Pennsylvania prefer when it comes to office space.

Pinpointing Trends: Open vs. Closed Office Space

Do cubicles accelerate actual production of work, or do they limit creativity? Does real estate even matter when professionals are job searching? These are the types of questions we asked local professionals. We weren’t surprised that 80 percent said their dream office would include a good mix of open and closed space.

A few other trends uncovered include:

  • Fifty-one percent of respondents work within a mix of open and closed space, and another 36 percent work in a traditional office.
  • Thirty-five percent said open, collaborative office space hinders individual productivity. But, 16 percent said it fuels productivity.
  • When considering a new employer, real estate is a factor in 70 percent of respondents’ decision-making process.

The future of your business will be influenced by your space, but remember that there is no universal rule for the perfect space. Every business should observe its particular work styles, and build in amenities and features that cater to those preferences.

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Happy Holidays from JLL

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From our team to yours, wishing you a safe, happy and healthy holiday season.… Read More

How Low Gas Prices will Impact the Office Market (SLIDESHARE)

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By: Dan Adamski, Managing Director, JLL

For the first time in years, filling up isn’t getting us down.

Diesel prices sitting below $3 are welcomed by consumers, especially as the holidays arrive. In June of this year, gas prices reached $3.68. Now, they’re as low as $2.73, according to AAA. The drop in gas costs hit quickly, and its impact on multiple industries varies.

The Situation: Oil Prices Fall Worldwide

For the first time in five years, the price of one barrel has dipped below $70, which is down from more than $100 per barrel in the last five months. Causes for the drop in costs include:

  • Excess supply and little slow down in production
  • Drop in overall demand, due to slower economic growth in China and lower levels of oil consumption in Europe
  • Strict fuel standards (good news for the environment) and a sharper focus on energy efficient practices

The biggest cause, however, is supply. There are three million more barrels a day in the global market now than there was in 2011. Combined with a new focus on sustainability and weaker demand, it’s no wonder that prices have decreased.

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Commercial Real Estate News Brief: November 2014

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Commercial real estate is a dynamic industry. Keep up with Spaces’ monthly recaps of the most valuable industry articles we’ve recently come across, focused on news in Ohio, Michigan and Pennsylvania.  

Calling All Brick & Mortar Retailers: Tips to Stay Competitive (VIDEO)

E-commerce has forever changed the face of retail. So much so, in fact, that many brick and mortar retailers are asking, ‘What is the modern role of physical retail space?’ 

With more and more choices available to consumers online, retailers will need to bet on a brand experience (online and in-person) that differentiates against the competition. JLL research suggests retailers also maximize in-store value through innovative architecture, strong brand identity, positive economic responsibility and flexibility when it comes to technology and change.

How can your brick and mortar store outpace the competition? Check out JLL’s video for more information on the redefined landscape of retail.

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Retailers Ring in the Holidays with a Focus on In-Store Customer Experience (REPORT)

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By: JC Pelusi, Market Leader, Managing Director, JLL 

JLL HolidayDeloitte reported that total holiday sales are forecasted at $981 to $986 billion, up from $602 billion spent last year, according to the NRF. That’s a lot of potential business—and competition—for retailers.

Not surprisingly, new data from JLL’s 2014 Holiday Sentiment Report found that 77 percent of retailers still feel the holiday season is their most critical time. The survey, which includes feedback from more than 800 national and global retailers in JLL-managed shopping centers across the country, also found that the number of in-store shoppers is expected to increase, or remain stable, this year. 

Why does it matter? Retailers have the chance to compete with e-commerce, and create a charming, memorable customer experience.

JLL’s survey revealed a few ways in which retailers are going above and beyond this holiday season.… Read More

JLL Detroit & Pittsburgh Offices Recognized as Top Workplaces

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By: JC Pelusi, Market Leader, Managing Director, JLL 

Business success is dependent on employee happiness, productivity and progress. Ultimately, it all comes back to the people behind the job.

Here at JLL, we champion culture that’s committed to community betterment and individual growth. In fact, Forbes named JLL among America’s Most Trustworthy Companies in 2013. And this year, InformationWeek selected JLL among its Elite 100, which includes top business technology innovators in the U.S.

Closer to home, two of our local offices have been also been recognized as Top Workplaces. The Pittsburgh Business Times recognized the Pittsburgh office among the Best Places to Work in Western PA 2014, and the Detroit Free Press selected its local office as a 2014 Top Workplace.

Here’s why.… Read More

Owens Corning Honors JLL with ‘Supplier Recognition Award’

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By: George Elliott, Managing Director, JLL 

Toledo, Ohio-based Owens Corning has manufacturing, distribution, office and R&D facilities in 28 countries across the globe. Every year, Owens Corning recognizes its leading suppliers with awards in various categories, from safety, sustainability, innovation, value creation, risk mitigation, among others.Owens-Corning-logo

This year, Owens Corning recognized JLL with one of its highest honors — the Supplier Recognition Award. JLL’s team stood apart from more than 6,000 other suppliers who competed for the award through value creation and cost savings.

But, let’s rewind to where it all started.

Manufacturer Meets Real Estate Expert

JLL’s relationship with Owens Corning dates back to 1998, when it was initiated by The Staubach Company. It became official in 2001 when Staubach formalized its relationship with Owens Corning in an exclusive outsource agreement.

Since then—and following it’s merger with Staubach—JLL has helped the global manufacturer with asset and lease management, incentives consulting, strategic planning, and property disposition and acquisition.

Here at JLL, we are proud to work so closely with a best-in-class organization like Owens Corning, and even more honored to be recognized with its most prestigious award.

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How To Advance Your CRE Negotiation Strategies

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By: Collin Wheeler, Vice President at JLL 

JLL-Keys-successReal estate is expensive. In fact, it’s usually one of the most expensive line items on a business’ financial statements.

A decrease in rent, real estate taxes or capital exposure can have major impact on the bottom line. Often overlooked, hidden liability within a lease document can also have consequences. In the ever-changing economy, I frequently see organizations fall into a common real estate trap when they lose sight of financial impact, and make hasty, simple decisions based on landlord direction and lack of leverage.

Are you approaching your next move or occupancy decision? Below, I discuss a few tips to engaging in more strategic negotiations, plus insight into why working with a tenant representation advisor will save you money in the long run.

You might be shaking your head in disagreement (I get that), but please read on.  In addition to bottom line dollars, there are other avenues of liability and flexibility that are addressed.  In an age where business can change overnight (expand, contract or merge), flexibility within real estate situations are increasingly important.

Negotiation 101: Keys to Success

You can set yourself up for successful negotiation by being proactive, whether you are facing relocation or staying in your current asset.  There are two keys to getting what you want: time and leverage. Here’s why.

  • Time: If your lease is expiring in six months (and you haven’t engaged the landlord), you’re in a tough spot. At JLL, we involve the landlord no less than a year in advance of expiration. From the landlord’s perspective, he or she hopes to keep current, paying tenants in place. This means no down time (or lost rent) between tenants, no significant capital requirements by a new tenant as an enticement to lease, and no additional costs associated with a new transaction.  Therefore, most landlords are open to and appreciative of early negotiations.

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