JLL Louisville Office Outlook - Q3 2019Alex Westcott
The document provides an analysis of the Louisville, KY office market in Q3 2019. Key points include:
- Humana continued renovating its owned office space, vacating leased space and impacting availability downtown.
- Suburban leasing remained steady, with two large deals in Commerce Crossings.
- The market remains split between contracting CBD due to moves to owned space, and steady suburban activity, though overall vacancy is up downtown.
JLL Louisville Office Outlook - Q4 2019Alex Westcott
The document provides an analysis of the Louisville, KY office market in Q4 2019. It summarizes that vacancy increased in the CBD while activity remained strong in the suburbs. While large corporate downsizing that occurred in the last two years is expected to end, rising construction costs will pressure rents higher. Key events included Microsoft opening an AI/IoT hub and the owner of 400 W. Market avoiding foreclosure by buying back the building's note. Overall the market remained relatively steady with modest expected growth in 2020.
JLL Louisville Office Outlook - Q1 2017Ross Bratcher
The first quarter of 2017 saw positive leasing activity and national wins for Louisville. Two large leases totaling 165,000 square feet were signed by national companies selecting Louisville. Vacancy rates decreased while rents and absorption increased. With continued economic and job growth, the Class A market is projected to tighten further. New speculative developments were announced to help meet demand across various submarkets.
JLL Louisville Office Outlook - Q3 2019Alex Westcott
The document provides an analysis of the Louisville, KY office market in Q3 2019. Key points include:
- Humana continued renovating its owned office space, vacating leased space and impacting availability downtown.
- Suburban leasing remained steady, with two large deals in Commerce Crossings.
- The market remains split between contracting CBD due to moves to owned space, and steady suburban activity, though overall vacancy is up downtown.
JLL Louisville Office Outlook - Q4 2019Alex Westcott
The document provides an analysis of the Louisville, KY office market in Q4 2019. It summarizes that vacancy increased in the CBD while activity remained strong in the suburbs. While large corporate downsizing that occurred in the last two years is expected to end, rising construction costs will pressure rents higher. Key events included Microsoft opening an AI/IoT hub and the owner of 400 W. Market avoiding foreclosure by buying back the building's note. Overall the market remained relatively steady with modest expected growth in 2020.
JLL Louisville Office Outlook - Q1 2017Ross Bratcher
The first quarter of 2017 saw positive leasing activity and national wins for Louisville. Two large leases totaling 165,000 square feet were signed by national companies selecting Louisville. Vacancy rates decreased while rents and absorption increased. With continued economic and job growth, the Class A market is projected to tighten further. New speculative developments were announced to help meet demand across various submarkets.
While institutional investors have primarily invested in suburban office assets over the past six quarters, the downtown office market is expected to see a shift in this trend over the second half of 2016. Several large downtown assets are currently listed for sale, which could attract more institutional investment to the urban core. Large blocks of vacant office space have become available in the northern suburbs due to relocations, shifting leverage towards tenants looking in those areas. However, strong leasing activity is projected to continue filling the space. Speculative development projects are moving from build-to-suit to filling the suburban pipeline, reflecting increased tenant demand outside of the downtown area.
The Columbus office market experienced negative impacts from the pandemic in 2021. Major employers pushed off space decisions or reduced footprints, especially in suburban submarkets which saw over 1.2 million square feet of negative absorption and an 8% rise in vacancy. The CBD was less impacted with a 5% rise in vacancy and 324,000 square feet of negative absorption. While work-from-home flexibility may become more common, employers are expected to still use office spaces as hubs for employee engagement. The market now has sufficient new and vacated Class A space to accommodate expanding companies in both the suburbs and CBD for the "new normal" going forward.
Vacancy across the region is down 180 basis points from the third quarter of last year. Much of the gains have come in Class B properties, which have absorbed three times more square footage in 2016 than Class A properties. Find out more in our Q3 Office Outlook.
Office vacancy is at an eight year low the region absorbed more than 600,000 square feet of space for the second year in row. Find out more in Q4 Office Outlook.
YTD net absorption across the Pittsburgh office market was 209,030 square feet. Vacancy increased to 16.8% due to SAP Ariba vacating 109,000 square feet in the CBD. While leasing activity has been consistent, new construction has captured most demand, putting downward pressure on asking rents for existing properties. Landlords are enhancing amenities to compete, and over 450,000 square feet of positive absorption has occurred in renovated properties since 2016.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
- The quarterly financial report summarizes the city's revenues and expenditures for the first quarter of FY 2016-2017 as of December 30, 2016. Overall revenues and expenditures for the general fund and utility fund were within budget for the quarter.
- Property tax collections were at 58% of the annual budget for the general fund portion. Revenues for the general fund were at 43% of budget while expenditures were at 22% of budget for the quarter.
- Revenues for the utility fund, which includes water and sewer, were at 24% of budget while expenditures for the utility fund were at 17% of budget for the quarter. The city's financial position remains positive at the end of the first quarter.
Study Session December 14, 2016- KPMG Financial ReviewCity of Corona
This document summarizes a study session on unfunded pension liabilities and obligations for the City of Corona. It discusses that KPMG was contracted to review pension and other post-employment benefit liabilities and perform a sustainability analysis. It then provides an overview of the city's sales and property tax revenues over the last 10 years, as well as steps taken to address shortfalls, such as department reorganizations, position eliminations, and refinancing bonds.
The document summarizes tourism's economic significance to Sullivan County, Tennessee. It finds that tourism spending in Sullivan County has grown steadily between 2002-2007, generating $270 million in 2007. On an average day, tourism spending in Sullivan County results in $740,360 in direct spending, supporting nearly 3,000 jobs and generating over $217,000 in daily payroll. Tourism is a major industry in Sullivan County, accounting for 9.6% of all employment.
The document provides an overview of the Cleveland office market in Q3 2019, including recent leasing, construction, sales, and employment trends. It notes that Cleveland has gained recognition as a competitive corporate location due to its affordable costs and educated workforce. Several companies recently relocated or expanded in Cleveland, while Sherwin-Williams is considering Cleveland for a new 1 million square foot headquarters. Office demand is expected to moderate in 2020, but vacancy rates should remain stable as new construction remains limited. Flexible workplace design and coworking are emerging trends as employers cater to evolving workforce needs.
Leasing activity signals future gains. More than 250,000 square feet of expansions were signed this quarter, with most commencing in the next six months.
Greater Zion Tourism Report for November 2020greaterzion
The document provides tourism data and reports for the Greater Zion region through November 2020. It summarizes declines in travel spending, hotel occupancy rates, airport passenger numbers, and visitation for state parks and Zion National Park compared to the same periods in 2019 due to the COVID-19 pandemic. National traveler sentiment surveys also found increased anxiety about travel and a decreased likelihood of traveling in the next three months. Local factors like event cancellations and new restrictions further impacted the tourism economy in the region.
- Developers in the Short North district of Columbus are proposing several new mixed-use developments that will deliver over 110,000 SF of new Class A office space, expanding the neighborhood.
- In downtown Columbus, developers are renovating older buildings like the former Columbia Gas building to attract tenants and provide attractive Class A space, as the downtown market remains tight.
- Two large new speculative suburban office projects, Bridge Park in Dublin and Hamilton Quarter in New Albany, are expected to bring over 1 million SF of new space to growing mixed-use districts.
- Across the Columbus market, development activity is surging with over 737,000 SF currently under construction.
JLL just released the Q1 Chicago Suburbs Office Outlook. The report has some great insight into recent market activity and provides a forecast for the year ahead.
While institutional investors have primarily invested in suburban office assets over the past six quarters, the downtown office market is expected to see a shift in this trend over the second half of 2016. Several large downtown assets are currently listed for sale, which could attract more institutional investment to the urban core. Large blocks of vacant office space have become available in the northern suburbs due to relocations, shifting leverage towards tenants looking in those areas. However, strong leasing activity is projected to continue filling the space. Speculative development projects are moving from build-to-suit to filling the suburban pipeline, reflecting increased tenant demand outside of the downtown area.
The Columbus office market experienced negative impacts from the pandemic in 2021. Major employers pushed off space decisions or reduced footprints, especially in suburban submarkets which saw over 1.2 million square feet of negative absorption and an 8% rise in vacancy. The CBD was less impacted with a 5% rise in vacancy and 324,000 square feet of negative absorption. While work-from-home flexibility may become more common, employers are expected to still use office spaces as hubs for employee engagement. The market now has sufficient new and vacated Class A space to accommodate expanding companies in both the suburbs and CBD for the "new normal" going forward.
Vacancy across the region is down 180 basis points from the third quarter of last year. Much of the gains have come in Class B properties, which have absorbed three times more square footage in 2016 than Class A properties. Find out more in our Q3 Office Outlook.
Office vacancy is at an eight year low the region absorbed more than 600,000 square feet of space for the second year in row. Find out more in Q4 Office Outlook.
YTD net absorption across the Pittsburgh office market was 209,030 square feet. Vacancy increased to 16.8% due to SAP Ariba vacating 109,000 square feet in the CBD. While leasing activity has been consistent, new construction has captured most demand, putting downward pressure on asking rents for existing properties. Landlords are enhancing amenities to compete, and over 450,000 square feet of positive absorption has occurred in renovated properties since 2016.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
- The quarterly financial report summarizes the city's revenues and expenditures for the first quarter of FY 2016-2017 as of December 30, 2016. Overall revenues and expenditures for the general fund and utility fund were within budget for the quarter.
- Property tax collections were at 58% of the annual budget for the general fund portion. Revenues for the general fund were at 43% of budget while expenditures were at 22% of budget for the quarter.
- Revenues for the utility fund, which includes water and sewer, were at 24% of budget while expenditures for the utility fund were at 17% of budget for the quarter. The city's financial position remains positive at the end of the first quarter.
Study Session December 14, 2016- KPMG Financial ReviewCity of Corona
This document summarizes a study session on unfunded pension liabilities and obligations for the City of Corona. It discusses that KPMG was contracted to review pension and other post-employment benefit liabilities and perform a sustainability analysis. It then provides an overview of the city's sales and property tax revenues over the last 10 years, as well as steps taken to address shortfalls, such as department reorganizations, position eliminations, and refinancing bonds.
The document summarizes tourism's economic significance to Sullivan County, Tennessee. It finds that tourism spending in Sullivan County has grown steadily between 2002-2007, generating $270 million in 2007. On an average day, tourism spending in Sullivan County results in $740,360 in direct spending, supporting nearly 3,000 jobs and generating over $217,000 in daily payroll. Tourism is a major industry in Sullivan County, accounting for 9.6% of all employment.
The document provides an overview of the Cleveland office market in Q3 2019, including recent leasing, construction, sales, and employment trends. It notes that Cleveland has gained recognition as a competitive corporate location due to its affordable costs and educated workforce. Several companies recently relocated or expanded in Cleveland, while Sherwin-Williams is considering Cleveland for a new 1 million square foot headquarters. Office demand is expected to moderate in 2020, but vacancy rates should remain stable as new construction remains limited. Flexible workplace design and coworking are emerging trends as employers cater to evolving workforce needs.
Leasing activity signals future gains. More than 250,000 square feet of expansions were signed this quarter, with most commencing in the next six months.
Greater Zion Tourism Report for November 2020greaterzion
The document provides tourism data and reports for the Greater Zion region through November 2020. It summarizes declines in travel spending, hotel occupancy rates, airport passenger numbers, and visitation for state parks and Zion National Park compared to the same periods in 2019 due to the COVID-19 pandemic. National traveler sentiment surveys also found increased anxiety about travel and a decreased likelihood of traveling in the next three months. Local factors like event cancellations and new restrictions further impacted the tourism economy in the region.
- Developers in the Short North district of Columbus are proposing several new mixed-use developments that will deliver over 110,000 SF of new Class A office space, expanding the neighborhood.
- In downtown Columbus, developers are renovating older buildings like the former Columbia Gas building to attract tenants and provide attractive Class A space, as the downtown market remains tight.
- Two large new speculative suburban office projects, Bridge Park in Dublin and Hamilton Quarter in New Albany, are expected to bring over 1 million SF of new space to growing mixed-use districts.
- Across the Columbus market, development activity is surging with over 737,000 SF currently under construction.
JLL just released the Q1 Chicago Suburbs Office Outlook. The report has some great insight into recent market activity and provides a forecast for the year ahead.
- Increased leasing activity across most submarkets has dropped the total vacancy rate to 16.7 percent.
- The technology sector exhibits the most demand with over 600,000 square feet of tenant requirements active in the market.
- Development is focused on urban submarkets, totaling 841,026 square feet under construction, as companies seek higher-quality space downtown and in urban areas.
The document provides an in-depth analysis of the Q4 2020 Columbus office market. It summarizes that construction and preleasing activity indicate developers and users expect reentry in 2021 after the impacts of COVID-19. Specifically, it notes three new speculative buildings broke ground totaling 489,000 square feet, with some preleasing. Vacancy rose to 19.3% due to negative absorption, but asking rents increased over $1 per square foot despite the challenging conditions. The outlook anticipates continued increases in rents and concessions alongside upcoming speculative deliveries.
JLL Pittsburgh Office Outlook - Q4 2015Andrew Batson
JLL's Pittsburgh Office Outlook identifies the top trends driving the local real estate market. The report also includes an analysis of market statistics, leasing activity, notable sales transactions and economic conditions.
The COVID-19 pandemic has impacted the Pittsburgh office market. Less than 1% of office inventory was made available through subleases in Q2 2020 as leasing activity declined but started to return to normal levels in June. While over 500,000 square feet of net absorption was negative due to sublease space and slowed leasing, construction of speculative office projects resumed as restrictions were lifted. Demand remains for new construction focusing on health and safety, and the local economy is expected to start regaining footing in the coming months, though 2020 activity may lag previous years.
The Pittsburgh office market had quite the summer in 2018. More tenants flock to the urban core, 420 Boulevard of the Allies sold, and District Fifteen is fully leased before delivering.
Year-to-date leasing activity surpassed the 2015 total in the third quarter, a positive sign for market. As the long-awaited East End Bridge nears completion, developers are looking to acquire land along the newly-opened access points as activity shifts to the northeast. In addition, four projects were announced in the third quarter total over 300,000 square feet of proposed speculative space as developers remain bullish on the market.
The Pittsburgh office market experienced approximately 600,000 square feet of negative absorption in Q1 2021 as large companies placed sublease space on the market. Total vacancy reached 20.6% due to increased sublease availability putting upward pressure on vacancy rates. While activity has been slow over the past year, office re-entry is expected to return to 80% by the end of 2021 as vaccines roll out. Remote work will impact leasing demand going forward as companies have proven remote work can be successful but comes with costs of reduced collaboration.
- The first quarter saw 401,006 square feet of net absorption in the Pittsburgh market. Vacancy rates decreased to 16.2% while average asking rents increased.
- In the Fringe submarket, two new developments delivered - District 15 for Facebook and SAP Center for SAP. Additional projects are under development or proposed in this submarket and in Oakland/East End.
- Wabtec's decision to relocate operations to North Shore exemplifies strong demand to locate near the city's talent pool. New projects in Oakland/East End could increase competition for other urban submarkets.
JLL Detroit Office Insight & Statistics - Q3 2017Harrison West
The document provides an overview of office market trends in Detroit for Q3 2017. Key points include:
- Construction and development activity continued to increase, notably in downtown areas. Several new projects were announced or broke ground.
- Leasing activity was dominated by smaller deals across urban and suburban markets. A few notable leases occurred in the Fisher Building.
- Investment sales saw an uptick, with several high-profile office buildings changing hands at increasing prices.
- Vacancy rates continued falling while asking rents rose, indicating an improving market. The outlook remains positive as conditions strengthen.
The document summarizes the Q3 2021 real estate market report for Pittsburgh, Pennsylvania. It finds that new leasing is slowly recovering as more companies begin returning to offices, representing 81% of 2020 levels. However, net absorption remains negative as the recovery remains gradual. Asking rental rates have increased slightly by 2.4% year-over-year as new construction delivers at higher prices. Tenants continue pursuing newer, higher-quality buildings in desirable locations like the Strip District. New construction has lagged pre-pandemic levels, which will constrain supply growth over the next year.
JLL Detroit Office Insight & Statistics - Q4 2017Harrison West
Total vacancy fell to 18.5 percent across the metro, while average asking rents rose to $19.18. In total, 885,582 square feet of office space was absorbed in 2017. Multiple significant lease transactions took place in the fourth quarter, perhaps most notably Google’s announcement to move from Birmingham to a 17,000-square-foot space at the office component of the new Little Caesars Arena
New development is multiplying in the Fringe and Oakland / East End submarket. Demand from the technology industry continues to brew. However, leasing activity has not yet brought absorption back to positive.
The third quarter saw the delivery of the downtown streetcar and the GE Global Operations Center at the banks, both projects were two of Cincinnati’s most highly anticipated deliveries in years. Developers continued to cautiously move forward with planned projects as they look to land large users for preleasing before they begin construction.
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The document provides an analysis of the Q3 2019 Louisville industrial real estate market. It summarizes that speculative development announcements increased during the quarter, with over 1 million square feet of new construction planned. Absorption remains steady, though below record levels from 2018, and vacancy rates are expected to rise to around 10% due to increased supply. Overall the industrial market remains strong.
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JLL Louisville Office Outlook - Q1 2019
1. Office
Outlook
An in-depth look at the
Louisville office market.
Analysis includes sales,
leasing, construction and
employment.
Louisville | Q1 2019
JLL Research