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Market Reports

Stars Are Aligned for Twin Cities’ Apartment Market to Remain Strong

Following the recession, demand for multifamily development took off in many areas of the country. We predicted it as significant economic and demographic changes were happening, spurring a shift from homeownership to renting. As a result, the multifamily sector experienced a resurgence that hadn’t been seen in decades. In some cities where an abundance of multifamily projects have been delivered, there is discussion of potential saturation. That’s not the case in the Twin Cities of..

March 23, 2017

Grocery, Infill Mixed-Use Projects Make Up Bulk of New Retail Supply in Triangle

The Raleigh and overall Triangle retail markets ended 2016 in a very healthy position. The Triangle vacancy rate is currently at 6.09 percent, nearing 10-year lows dating back pre-recession and includes retail absorption nearing 900,000 square feet over the past four quarters. The region’s diverse economic engine driven by technology, university systems, heathcare and Raleigh as a state capital, combined with a relatively low cost of living and temperate climate, continue to push population..

March 20, 2017

New Industrial Supply Struggles to Keep Pace With Absorption in Milwaukee

Metro Milwaukee’s industrial market continued to be a strong performer in 2016, and this strength should continue for the foreseeable future. We’re now seeing a healthy uptick in new industrial development, and even speculative development in select submarkets. While the demand for industrial space has continued to increase, the new supply has failed to keep pace. [caption id="attachment_173130" align="alignright" width="100"] James T. Barry III, The Barry Co.[/caption] Sustained..

March 16, 2017

Rents, Occupancy Rise for Triangle’s Industrial Market as Supply Lags Demand

The Raleigh-Durham business climate has been on the climb for several years now and it doesn’t seem to be slowing anytime soon. The market continues to outpace most of the mid-tier markets across the country by all metrics of economic stability, quality of life, business environment, education, arts and quality of workforce. As a result, construction of office and retail projects has been strong, yet industrial construction and thus available space is lacking. Average asking rental rates..

March 13, 2017

Developers in Downtown Milwaukee Play With Hot Hand Due to Strong Demand

Ben Franklin, one of our nation’s Founding Fathers, famously said, “Well done is better than well said.” Milwaukee has a long history of ideas that are well said. There is no shortage of opinions and sound ideas on how to attract companies to the city, how to improve the public transportation system and how to get more people to live in the city. [caption id="attachment_173126" align="alignright" width="100"] Regina Levchets, JLL[/caption] But these well-intentioned ideas, more..

March 9, 2017

Despite Active Construction in Raleigh-Durham, Office Absorption Outpaces Supply

At the close of 2016, over 1.9 million square feet of office space was absorbed in the Raleigh-Durham market and overall vacancy increased by one percentage point from 10 percent to 11 percent. Activity was strong and can partially be attributed to a very active suburban Raleigh submarket that absorbed over 1.1 million square feet. Vacancy in this submarket ended the year at 10 percent, down from a high of 17 percent in 2010. It was also an active construction year for Raleigh-Durham, with..

March 6, 2017

Jacksonville Retail Market Finally Makes Broad-Based Recovery from Downturn

While Florida as a whole was able to bounce back from the Great Recession relatively quickly, one market that had been lagging behind in that recovery was Jacksonville. However, a surge of new development and strong population growth has kicked Jacksonville’s retail market back into high gear. Occupancy rates have gone up year-over-year to 91.1 percent and the retail sector currently has 748,000 square feet of new space under construction, according to JLL’s 2016 Florida Retail Report...

February 27, 2017

Millennials Flocking to Downtown Columbus, Ohio

Millennials are the future, they’re concerned about the future and they’re bringing all of us into the future. This generation wants to live where they do their “living.” They want green space, bike paths, access to transit or shared transportation and an active neighborhood. In short, they want to live in downtown Columbus. Not the downtown of years ago, where the streets rolled up at 5 p.m. and you’d be hard-pressed to find a coffee shop open on the weekend. But the downtown of..

February 23, 2017

Major Expansions, JaxPort Boost Health of Jacksonville Industrial Market

Jacksonville’s industrial market continues to improve as encouraging fundamentals are in place that are prompting developers to commit to building spec warehouse again. The lack of new construction over the last eight years, the expected reduction in regulations and taxes by the new administration in Washington and the commitment to upgrades in the local infrastructure will drive growth in our market. A 5.3 percent vacancy rate for warehouses and distribution space is also a major..

February 20, 2017

Apartment Construction Boom Will Test the Resilience of the Chicago Market

Solid employment growth and the attractiveness of an urban lifestyle led to improvements in the multifamily market across metro Chicago in 2016. Although there was positive movement in the performance of key indices in both the city and the suburbs, corporate migration from the suburbs to the city brought young professionals and high-paying job opportunities, especially to the core. Millennials overwhelmingly favored renting over homeownership in 2016 and sought residence in urban centers..

February 16, 2017