Total net absorption across the metro equaled 322,977 square feet in the third quarter, a welcome change from the negative absorption posted in each of the previous two quarters.
JLL West Michigan Industrial Insight & Statistics - Q4 2018Harrison West
In the fourth quarter, total vacancy fell ten basis points to 3.4 percent, while average asking rents grew by 3.6 percent and currently come in at $3.73 per square foot across the region. Average asking rents have increased 13.7 percent year-over-year, illustrating just how big of a spike there has been in asking rents over the past twelve months.
Office construction in Pittsburgh has continued on at robust levels over the last four years. Tenant demand has held steady with supply gains and as a result, vacancy continues to hover in the mid-teens.
JLL West Michigan Industrial Insight & Statistics - Q4 2019Harrison West
The fourth quarter brought a slowdown to the West Michigan industrial market. Vacancies have risen 70 basis points year-over-year and appear to level off at 4.1 percent. Rent growth has also slowed, as average asking rents market-wide have dropped by 3.7 percent year-over-year. While the market has cooled somewhat, construction activity in the region remains robust.
JLL West Michigan Industrial Insight & Statistics - Q3 2018Harrison West
The third quarter of 2018 was another positive period for the West Michigan industrial market. Vacancy fell by 40 basis points quarter-over-quarter, as 628,225 square feet of space was absorbed, while rent growth continued yet again, with average asking rents increasing by 2.3 percent over the same period. Current average rents are $3.60 per-square-foot, while vacancy is at a staggering 3.5 percent across the region.
JLL West Michigan Industrial Insight & Statistics - Q4 2018Harrison West
In the fourth quarter, total vacancy fell ten basis points to 3.4 percent, while average asking rents grew by 3.6 percent and currently come in at $3.73 per square foot across the region. Average asking rents have increased 13.7 percent year-over-year, illustrating just how big of a spike there has been in asking rents over the past twelve months.
Office construction in Pittsburgh has continued on at robust levels over the last four years. Tenant demand has held steady with supply gains and as a result, vacancy continues to hover in the mid-teens.
JLL West Michigan Industrial Insight & Statistics - Q4 2019Harrison West
The fourth quarter brought a slowdown to the West Michigan industrial market. Vacancies have risen 70 basis points year-over-year and appear to level off at 4.1 percent. Rent growth has also slowed, as average asking rents market-wide have dropped by 3.7 percent year-over-year. While the market has cooled somewhat, construction activity in the region remains robust.
JLL West Michigan Industrial Insight & Statistics - Q3 2018Harrison West
The third quarter of 2018 was another positive period for the West Michigan industrial market. Vacancy fell by 40 basis points quarter-over-quarter, as 628,225 square feet of space was absorbed, while rent growth continued yet again, with average asking rents increasing by 2.3 percent over the same period. Current average rents are $3.60 per-square-foot, while vacancy is at a staggering 3.5 percent across the region.
JLL West Michigan Industrial Insight & Statistics - Q2 2018Harrison West
Conditions remain strong in the West Michigan industrial market. Vacancy currently sits at 3.9 percent, as over 1.1 million square feet has been absorbed so far in 2018. We continue to see positive rent growht, driven by compressed vacancies and high demand still in the market. Spaces have been leasing fast, and buildings that are for sale are not on the market for long.
JLL Ann Arbor Office Insight & Statistics - Spring 2018Harrison West
Office space in the Ann Arbor market remains in high demand in early 2018. Total vacancy has decreased 1.7 percent year-over-year to its current 8.3 percent. The average asking rent for the market is $24.09 per square foot, while downtown and suburban rents are $30.62 and $23.09 per square foot, respectively.
JLL West Michigan Industrial Insight & Statistics - Q1 2019Harrison West
Following a significant spike in asking rents at the end of last year, average asking rents have returned to normalcy, coming in at $3.42 per square foot, which is flat year-over-year. Vacancy fell ten basis points in the first quarter as almost 413,000 square feet of space was absorbed market-wide.
JLL Grand Rapids Office Insight & Statistics - Q1 2018Harrison West
After a few years of steady growth, rents seems to have plateaued, while vacancies have stabilized. Conditions are likely to remain steady until the new Class A supply begins to deliver. The west side remains a hot market for both leasing and development activity, and we expect to see some tenants leaving downtown to explore opportunities in cheaper, trendier submarkets.
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.
JLL Cleveland Chart of the Week: October 26, 2015Andrew Batson
Leasing activity and tenant demand in Cleveland looks quite strong. Leasing activity through the first three quarters of 2015 totaled more than 1.7 million square feet and 85.5 percent of tenants signing leases were recorded as having stable or growing footprints.
JLL Grand Rapids Office Insight & Statistics - Q4 2017Harrison West
Grand Rapids’ office market saw healthy growth in the fourth quarter of 2017 as rents continue to increase and vacancies steadily decline. The average asking rent in the Grand Rapids market is now $17.84 per square foot while overall vacancy sits at 12.9 percent. New construction has begun and other projects continue to fill the pipeline.
JLL West Michigan Industrial Insight & Statistics - Q3 2017Harrison West
The third quarter of 2017 saw the steady improvement of market conditions for the West Michigan industrial market. Asking rental rates continued their rise due to high demand and low vacancy. Asking rents rose three basis points quarter-over-quarter, while vacancy fell 50 basis points quarter-over-quarter.
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JLL West Michigan Industrial Insight & Statistics - Q2 2018Harrison West
Conditions remain strong in the West Michigan industrial market. Vacancy currently sits at 3.9 percent, as over 1.1 million square feet has been absorbed so far in 2018. We continue to see positive rent growht, driven by compressed vacancies and high demand still in the market. Spaces have been leasing fast, and buildings that are for sale are not on the market for long.
JLL Ann Arbor Office Insight & Statistics - Spring 2018Harrison West
Office space in the Ann Arbor market remains in high demand in early 2018. Total vacancy has decreased 1.7 percent year-over-year to its current 8.3 percent. The average asking rent for the market is $24.09 per square foot, while downtown and suburban rents are $30.62 and $23.09 per square foot, respectively.
JLL West Michigan Industrial Insight & Statistics - Q1 2019Harrison West
Following a significant spike in asking rents at the end of last year, average asking rents have returned to normalcy, coming in at $3.42 per square foot, which is flat year-over-year. Vacancy fell ten basis points in the first quarter as almost 413,000 square feet of space was absorbed market-wide.
JLL Grand Rapids Office Insight & Statistics - Q1 2018Harrison West
After a few years of steady growth, rents seems to have plateaued, while vacancies have stabilized. Conditions are likely to remain steady until the new Class A supply begins to deliver. The west side remains a hot market for both leasing and development activity, and we expect to see some tenants leaving downtown to explore opportunities in cheaper, trendier submarkets.
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.
JLL Cleveland Chart of the Week: October 26, 2015Andrew Batson
Leasing activity and tenant demand in Cleveland looks quite strong. Leasing activity through the first three quarters of 2015 totaled more than 1.7 million square feet and 85.5 percent of tenants signing leases were recorded as having stable or growing footprints.
JLL Grand Rapids Office Insight & Statistics - Q4 2017Harrison West
Grand Rapids’ office market saw healthy growth in the fourth quarter of 2017 as rents continue to increase and vacancies steadily decline. The average asking rent in the Grand Rapids market is now $17.84 per square foot while overall vacancy sits at 12.9 percent. New construction has begun and other projects continue to fill the pipeline.
JLL West Michigan Industrial Insight & Statistics - Q3 2017Harrison West
The third quarter of 2017 saw the steady improvement of market conditions for the West Michigan industrial market. Asking rental rates continued their rise due to high demand and low vacancy. Asking rents rose three basis points quarter-over-quarter, while vacancy fell 50 basis points quarter-over-quarter.
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Ways to End Gray Market Sales & Its EffectNEW Momentum
In today’s fast evolving global economy, gray market diversion is gradually becoming an acute concern that most brands encounter. Unlike black market practices, were refurbished, counterfeit or stolen products are sold as authentic brand products, gray market activities involve unauthorized movement of commerce across multiple territories by fake distributors and channel partners.
Since 2010 more than 4.8 million square feet of office space has been absorbed by local companies growing operations and expanding footprints. Office demand growth has favored downtown, but has not been limited to it.
The office employment sector continued its streak of strong jobs growth, posting an annual net gain of 5,500 jobs according to the latest data from the BLS.
JLL Cincinnati Office Employment Update May 2015Andrew Batson
The office employment sector continued its streak of strong jobs growth, posting an annual net gain of 5,500 jobs according to the latest data from the BLS.
JLL Cincinnati Office Employment Update May 2015Andrew Batson
The office employment sector continued its streak of strong jobs growth, posting an annual net gain of 5,500 jobs according to the latest data from the BLS.
Atlanta's office market rebounded
in the fourth quarter of 2018 after
two consecutive quarters of negative
absorption. Leasing activity well ahead
of 2017's pace allowed the market to
record the second strongest quarter of
absorption since 2015. As the market
moves in a positive direction, vacancy
rates will continue to decline while rental
rates increase at a faster pace.
The Cincinnati metro continued its steady expansion by recently adding 20,000 payrolls, year-over-year, bringing total non-farm employment to 1.06 million. Meanwhile, unemployment fell 80 basis points year-over-year to 4.1 percent.
Similar to JLL Office Insight Q3 2015 - Indianapolis (20)
The Indy industrial market continued to grow this quarter. Net absorption has already surpassed last year’s total and completed construction is closing in on last year’s total.
Finance and insurance driving expansions and relocations in the market
As of third quarter, metro employment in the finance and insurance industries finally approached pre-recession levels.
The office market saw substantial leasing activity from firms like Ally Financial which recently relocated 150 employees to the Shoreview Corporate Center with plans to add another 250 jobs by 2017.
Other firms like One Beacon Insurance Group, Securian Financial Group, Travelers Companies, and General Casualty Company have either invested in new space or absorbed existing space in all corners of the Minneapolis-St. Paul market.
Grand Action, a non-profit organization made of the city’s wealthiest benefactors, led the way on three major projects that, starting in the 1990s, transformed downtown Grand Rapids. The
Minneapolis CBD leads in large leasing deals
Vacancy rates in Minneapolis CBD continue their trend of shrinking every quarter. Vacancy at IDS Center declined 250 basis points since 2014 and the building now has its lowest quarterly vacancy in recent years. The demand for premium downtown office space is substantial and even co-working firms are getting in on the craze. Recently, two shared-space companies out of Chicago, Industrious and Assemble, leased a collective 36,000 sf with plans to rent out collaborative workspace to entrepreneurs and small firms by end of year.
Leasing activity and tenant demand in Cleveland looks quite strong. Office employment sectors have recorded sustained jobs growth over the last three years, which is translating into increased tenant demand.
Downtown Detroit is beginning to show its credit worthiness to the capital markets. With interest rates at all time lows but expected to rise in the near future, investors are looking to take advantage.
After increasing in July, the local labor market contracted by 2,000 workers in August. Along with that employment held flat, still near a historic high. As a result, unemployment edged down 40 basis points to 3.3 percent.
The size of the local labor force declined by 32,000 workers in August. That contraction caused the unemployment rate to decline 40 basis points to 5.7 percent.
According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Detroit stood at ~2.0 million payrolls, representing an annualized increase of 45,200 jobs or 2.4 percent. Meanwhile, unemployment decreased 2.7 percentage points year-over-year to 6.2 percent.
Detroit’s economy added 46,900 net new jobs over the last year, representing a 2.5 percent increase. With steady employment gains across the metro, look for further improvement in Detroit’s office and industrial property sectors.
Manufactured goods constitute 90 percent of Illinois exports and roughly half of the state’s manufacturing output. Last year Chicago area companies accounted for over two thirds of the $68.3 billion worth of exports that originated in Illinois. Metro exports have exhibited steady improvement over the past five years growing by an average of $3.8 billion annually as manufacturing user demand followed suit.
Roughly 60 percent of Chicago’s exports were sent to countries with existing free trade agreements in place. According to the Department of Commerce members of the proposed Trans-Pacific Partnership imported $28.7 billion worth of products from Chicagoland last year. Should TPP move forward escalating trade volumes are likely to impact the local industrial market.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
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BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
MC Heights-Best Construction Company in jhanglaraibfatim009
MC Heights stands as the epitome of excellence in construction within Jhang. With a commitment to unparalleled quality and innovative design, MC Heights redefines urban living in the heart of Jhang. Offering luxurious residential spaces, cutting-edge commercial complexes, and vibrant community areas, MC Heights caters to the diverse needs of modern lifestyles. Our dedication to superior craftsmanship and customer satisfaction ensures that every aspect of MC Heights exceeds expectations, making it the premier choice for those seeking unparalleled sophistication and comfort in Jhang.
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
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Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
Avrupa Konutlari Yenimahalle - Listing TurkeyListing Turkey
Welcome to Avrupa Konutları Yenimahalle, where luxury living meets unparalleled convenience in the heart of Istanbul. Developed by Artaş Holding, one of Turkey’s leading construction companies, this prestigious residential project offers a contemporary lifestyle experience like no other.
https://listingturkey.com/property/avrupa-konutlari-yenimahalle/
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdf
JLL Office Insight Q3 2015 - Indianapolis
1. Total jobs vs unemployment rate | Indianapolis
Source: JLL Research
Leasing activity by size
Source: JLL Research
Office construction pipeline
Source: JLL Research
Local unemployment on the decline
The Indianapolis unemployment rate decreased slightly since last month to 4.4
percent, according to the most recent estimates available from the Bureau of
Labor Statistics. Indianapolis’ total labor force once again grew to its highest
level ever recorded (1,027,150) and total employment reached a new historical
high for the third consecutive month (981,713). The most substantial monthly
gains among office sectors once again occurred in the Professional and
Business Services sector (900 new jobs) followed closely by Financial Activities
(500 new jobs).
Leasing activity on the rise
Leasing velocity increased for a fifth consecutive quarter. Already this year we
have seen more than 60 deals signed in excess of 10,000 square feet. Nearly
half of these deals are either new to Indianapolis or expansions within the market.
This activity has led to 184,000 sq. ft. of net absorption so far in 2015. As a result
of this strong occupancy growth, the overall office vacancy rate currently sits at
15.7 percent, down 1.5 percentage points from midyear. The CBD, in particular,
is enjoying a solid year with over 200,000 sq. ft. of net absorption year-to-date
thanks to deals signed by the Department of Children & Family Services,
Managed Health Services, Scopelitis and WP Glimcher among others.
New speculative office construction hits the market
Work was completed on Phase II of Milhaus’ mixed-use Artistry project in
downtown Indianapolis this quarter. The introduction of this 20,000-square-foot
office project marks the first new office space added to the market since Phase I
of Artistry was completed last year. More speculative construction is on the way
next year as work continues on River North at Keystone. PK Partners 90,000 sq.
ft. Class A development is nearly 40% pre-leased. Meanwhile, Atapco Properties
recently broke ground on Lakeside Green Business Center. This 61,000 sq. ft.
Class A office building is taking shape in the North Meridian submarket. Atapco
razed three Class B office buildings totaling 82,000 sq. ft. that had been
experiencing low occupancy in recent years to make way for this development.
Market fundamentals continue upward trend
2,257
Office Insight
Indianapolis | Q3 2015
31,845,766
Total inventory (s.f.)
322,977
Q3 2015 net absorption (s.f.)
$18.91
Direct average asking rent
263,550
Total under construction (s.f.)
15.7%*
Total vacancy
183,952
YTD net absorption (s.f.)
6.7%*
12-month rent growth
55.7%
Total preleased
*Significant alterations to our tracked inventory and methodology were made in the first quarter, rendering statistical results that diverge from the
recent historical trend.
14 10 39
-
200,000
400,000
600,000
800,000
30,000+ 20,000-29,999 10,000-19,999
Total leased Number of leases
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000 Total Employment Unemployment
Peak: 981,713 jobs
1.8%
Project Size Delivery
Interactive Intelligence BTS 112,500 4Q 2015
River North at Keystone 90,000 1Q 2016
Lakeside Green Business Center 61,050 2Q 2016
Artistry Phase II 20,220 3Q 2015