1) Downtown Detroit is experiencing a renaissance bolstered by large lease announcements like Fifth Third Bank signing a lease for 62,000 square feet to serve as its regional headquarters.
2) Office employment in Detroit grew in 2014, led by gains in the professional and business services sector, though growth tapered somewhat. Unemployment decreased to 6.3%.
3) Landlords in Detroit have begun pushing rents higher due to declining vacancy rates and steady demand gains in recent years. Class A asking rents were up 2.9% year-over-year in Q1 2015.
February 2016 U.S. employment update and outlook JLL
The labor market recorded a soft opening to 2016, adding only 151,000 new jobs, although unemployment fell below 5.0 percent for the first time since 2008.
With the economy growing at its fastest pace in the current cycle, employers across industries are adding jobs, especially in urban and dense markets where talent is migrating. As a result, expansionary activity remained the dominant driver of leasing in the third quarter, accounting for 57.9 percent of lease transactions.
Five up and coming real estate markets for 2016JLL
Demand for office space is rising in five up and coming real estate markets, where costs are affordable and talent is strong. See more at http://bit.ly/1RJlmOU
U.S. employment showed a healthy return to growth in February with 242,000 net new jobs. Unemployment remained at 4.9 percent, but total unemployment dropped to just 9.7 percent—the lowest rate since before the recession.
U.S. office market trends and outlook (Q1 2016) JLL
Outlooks leading into the new year called for further expansion across U.S. office markets. However, stock market tumbles driven by a weakening China and depleted oil prices shifted sentiment from that of a growth perspective to one of increased caution. Despite this, economic and real estate fundamentals remain primarily landlord-favorable through the remainder of 2016.
Learn more, and see market-by-market comparisons, at http://bit.ly/1qrZZGm
Global economic struggles are dampening the US construction recovery. Low growth abroad has reduced investment and consumer spending domestically. While US GDP growth remains steady, construction lags the broader economy and may slow in response to global issues like low commodity prices and China's economic decline. Rising costs also challenge builders as wages and materials prices increase. First quarter construction starts declined from 2015 levels, and some sectors like office have seen significant drops, indicating activity is beginning to flatten due to cautious spending globally. Infrastructure remains a bright spot with increased transportation spending.
February 2016 U.S. employment update and outlook JLL
The labor market recorded a soft opening to 2016, adding only 151,000 new jobs, although unemployment fell below 5.0 percent for the first time since 2008.
With the economy growing at its fastest pace in the current cycle, employers across industries are adding jobs, especially in urban and dense markets where talent is migrating. As a result, expansionary activity remained the dominant driver of leasing in the third quarter, accounting for 57.9 percent of lease transactions.
Five up and coming real estate markets for 2016JLL
Demand for office space is rising in five up and coming real estate markets, where costs are affordable and talent is strong. See more at http://bit.ly/1RJlmOU
U.S. employment showed a healthy return to growth in February with 242,000 net new jobs. Unemployment remained at 4.9 percent, but total unemployment dropped to just 9.7 percent—the lowest rate since before the recession.
U.S. office market trends and outlook (Q1 2016) JLL
Outlooks leading into the new year called for further expansion across U.S. office markets. However, stock market tumbles driven by a weakening China and depleted oil prices shifted sentiment from that of a growth perspective to one of increased caution. Despite this, economic and real estate fundamentals remain primarily landlord-favorable through the remainder of 2016.
Learn more, and see market-by-market comparisons, at http://bit.ly/1qrZZGm
Global economic struggles are dampening the US construction recovery. Low growth abroad has reduced investment and consumer spending domestically. While US GDP growth remains steady, construction lags the broader economy and may slow in response to global issues like low commodity prices and China's economic decline. Rising costs also challenge builders as wages and materials prices increase. First quarter construction starts declined from 2015 levels, and some sectors like office have seen significant drops, indicating activity is beginning to flatten due to cautious spending globally. Infrastructure remains a bright spot with increased transportation spending.
JLL’s Office Skyline focuses on the top tier of the office market, looking at some of the most iconic and highest-rent properties within CBDs and urban cores. Take a look at these five 2016 U.S. office market trends.
Construction activity is shifting nationwide as manufacturing and retail companies make efforts to modernize, create more just-in-time shipping locations and link operations digitally.
Construction starts were up in 2014, driven largely by the office and industrial sectors in energy-producing markets, as well as traditional office markets like New York. Even as demand explodes, though, the cost to build is higher than ever thanks to the continued increase in labor and materials costs.
Demand for large retail space has declined as more consumers shop online. Much of the growth in the industrial sector, in fact, is to meet growing demand for shipping and warehousing space.
The Construction Backlog Index is high, indicating that 2015 will be a big year for construction. Industry unemployment rates remain high, so there is large potential employment pool to meet demand. In addition, we expect materials costs to drop.
Due to dropping oil prices, one sector that may see a construction decline in 2015 is energy. This will greatly impact Houston in particular, as it was a hub of construction activity last year.
U.S. employment update and outlook: December 2014JLL
November gain of 321,000 jobs confirms the strength of the recovery
The U.S. economy saw the growth of an additional 321,000 net new jobs in November. With revisions of earlier months' data, makes November the ninth consecutive month with gains surpassing 200,000 jobs.
Unemployment remained steady from the previous month at 5.8 percent. Total unemployment—which includes detached workers—dropped by 10 basis points to a recovery low of 11.4 percent, as the number of marginally detached workers slowly declines.
See more economic, office and real estate research at http://bit.ly/1s2tk4M
In late 2014, oil prices experienced significant declines due to oversaturated supply and a slowdown in global demand. Prices have since stabilized but at depressed levels. Materials prices were projected to drop in correlation with oil, but high demand for most major construction inputs has kept prices up overall.
Low gas prices typically drive an uptick in demand for retail, e-commerce, and industrial real estate. However, shipping costs remain high due to a decline in available labor, negating much of the oil price savings.
In the office market, the development pipeline continues to expand alongside rents, which increased 3.1 percent this quarter. U.S. markets are set to deliver more than 80 million square feet currently under development. Energy-heavy markets such as Houston are exceptions to this trend, as declining demand stifles the need for new space.
U.S. office market statistics (Q4 2014) and 2015 outlook JLL
Now at its strongest point in the recovery, the economy grew by nearly 3.0 million jobs in 2014, pushing unemployment to its lowest level since the third quarter of 2008. As a result, markets across the country recorded expansionary activity as corporate confidence grew along with demand for office space. Annual net absorption totaled 54.7 million square feet driving vacancy to 15.6 percent—its lowest point since 2008—a trend expected to continue over the next 24 months.
While challenges exist ahead, including historically low labor force participation and the recent fall in oil prices, forecasts for 2015 and 2016 across the U.S. project the highest growth in more than a decade.
Learn more and see market-by-market data at http://bit.ly/1yy1zss
U.S. employment update and outlook: October 2014JLL
Unemployment dips to 5.9 percent in September—its first time below 6.0 percent during the recovery.
The U.S. economy got back on track in September, bouncing back from a sluggish August with 248,000 net new jobs. Growth occurred across sectors and geographies, with office-using industries in particular benefiting from improved corporate confidence leading to permanent hiring.
Total unemployment, which includes discouraged and marginally detached workers, also declined slightly to 11.8 percent, bringing it below the 10-year average.
With numerous other employment metrics all pointing up—including job openings, voluntary quits and CEO confidence—sentiment will only become more optimistic over the coming months.
See more real estate and economic research at: http://bit.ly/1vIGt6m
Top tech cities: Exploring demand, leasing growth, VC funding and more JLL
See what’s going on in America’s top tech markets, and some key trends we’re seeing nationwide. In this presentation, we explore tech leasing growth, tech company demand in key markets and submarkets (and its impact on office rental rates), where to find the best opportunity for VC funding and more.
Visit http://bit.ly/1Sg3RSN for more on what’s happening in today’s tech markets nationwide.
The document discusses recent trends in the industrial real estate and employment markets in Detroit. It states that absorption has been positive for the past two years, pulling vacancies down and allowing the recovery to play out as auto industry production increases. Demand growth favors large, modern facilities, and fewer move-outs will lead to continued tightening of vacancies. Industrial employment in Detroit increased by 31,400 jobs over the past year, led by gains in manufacturing. Several companies in the Detroit area are expanding their industrial facilities and operations due to growing demand.
U.S. law firm revenues are up, but so are office rents.JLL
AmLaw 100 law firm revenue reached a record $81 billion in 2014 and continues to grow at around 4.5% annually. Profits per partner are rising with 16% of AmLaw 100 firms now making over $2.5 million per partner. Office vacancy rates are tightening as CBD Class A vacancy fell to 11.1% in Q2 2015 with some cities like Pittsburgh and Portland below 7%. While more new Class A office space totaling 38.3 million square feet is under construction, a third more than last year, the preleasing rate of 38.1% provides some relief to the tightening market.
U.S. office sector posts lowest vacancy rate of the recovery
In the third quarter of 2014, nearly 15.7 million square feet of office space was absorbed, and through the first nine months of 2014, occupancy levels jumped by 38 million square feet (44.0 percent).
Not only is growth escalating, but it is dispersing. Ninety percent of markets displayed increased occupancy levels compared to year-end 2013 levels and 88.0 percent of markets posted quarterly occupancy gains for the second quarter in a row.
Click through for an overview, then get your free copy of our complete report on the state of the U.S. office market, and expectations for the rest of 2014, at http://bit.ly/1pLKEtk
U.S. Office market statistics, trends and outlook: Q3 2015JLL
The economy is growing and employers across industries are adding jobs, especially in urban and dense markets. As a result, expansionary activity remained the dominant office leasing driver in Q3 2015.
This growth has left primary markets challenged by supply constraints, creating a competitive environment for tenants. Secondary and tertiary markets like Charlotte, Phoenix, Portland and Salt Lake City are now benefitting from economic expansion and investment activity.
Learn more about what’s happening—and what we expect to occur in the coming months—in the U.S. office markets.
Q1 2015 U.S. office market statistics, trends and outlookJLL
Though vacancy remained unchanged at 15.6 percent in Q1, as the year continues we expect it to drop below 15 percent for the first time in a decade. Corporate growth is driving expansionary activity, and tenants are thus faced with increasingly challenging market conditions. Currently more than one-third of all markets are favorable to landlords, and that’s expected to increase to three-quarters. With this leverage, landlords will continue driving rents upward, potentially surpassing a 5.0-percent increase by year end.
Learn more and see market-by-market data at http://bit.ly/1Cfucrv
Construction costs continue to grow nationwide, and many landlords are looking to redevelop existing stock in major markets.
Tenant improvements (TIs) are also gaining momentum, and office landlords are competing for by offering more attractive TI packages. These offerings allow tenants to customize interiors without paying for a full redesign out of pocket, and are a key piece of lease negotiations. The average TI allowance nationwide is $30.00 per square foot, and just over $50.00 per square foot in CBDs.
U.S. employment update and outlook: November 2014JLL
October records another month of 200,000+ job gains
The U.S. economy saw the addition of 214,000 net new jobs in October. With revisions of earlier months’ data, this makes October the eighth consecutive month with gains surpassing 200,000 jobs.
This steady expansion has helped to push down unemployment, which fell by 10 basis points to 5.8 percent. Total unemployment—which includes detached workers—dropped by 30 basis points to a recovery low of 11.5 percent, also below the long-term average.
See more economic, office and real estate research at http://bit.ly/1wCNyXQ
The 313,000 net new jobs created in February represented the highest monthly level of job creation since mid-2016.
Growth was found throughout the labor market, with goods-producing sectors such as construction, retail and manufacturing in particular holding firm and, in the case of retail trade, rebounding after months of losses.
Gains were also possible as a result of a sharp increase in labor-force expansion, which boosted labor force participation and kept unemployment at 4.1 percent rather than declining further.
The quarterly economic indicators report for Northeast Ohio in Q4 2010 found signs of gradual economic improvement. Manufacturing employment increased by almost 10,000 jobs and services employment increased by 6,000 jobs compared to Q4 2009. The unemployment rate dropped nearly 1% to 9.3% and initial unemployment claims decreased from 7,100 to 5,600 between Q4 2009 and Q4 2010. Republican John Kasich was elected governor of Ohio and plans to establish JobsOhio, a new not-for-profit corporation, to direct economic development and job creation efforts in the state.
The document discusses the process of communication. It defines communication as the transmission of information, ideas, and attitudes from one person to another. The key elements of the communication process are:
- A sender encodes a message and transmits it through a channel.
- At the receiving end, the message is decoded by the receiver.
- Feedback is also an important part of the process, as it allows the sender to determine if the receiver understood the message.
When all the elements work together effectively, it leads to successful communication.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
JLL’s Office Skyline focuses on the top tier of the office market, looking at some of the most iconic and highest-rent properties within CBDs and urban cores. Take a look at these five 2016 U.S. office market trends.
Construction activity is shifting nationwide as manufacturing and retail companies make efforts to modernize, create more just-in-time shipping locations and link operations digitally.
Construction starts were up in 2014, driven largely by the office and industrial sectors in energy-producing markets, as well as traditional office markets like New York. Even as demand explodes, though, the cost to build is higher than ever thanks to the continued increase in labor and materials costs.
Demand for large retail space has declined as more consumers shop online. Much of the growth in the industrial sector, in fact, is to meet growing demand for shipping and warehousing space.
The Construction Backlog Index is high, indicating that 2015 will be a big year for construction. Industry unemployment rates remain high, so there is large potential employment pool to meet demand. In addition, we expect materials costs to drop.
Due to dropping oil prices, one sector that may see a construction decline in 2015 is energy. This will greatly impact Houston in particular, as it was a hub of construction activity last year.
U.S. employment update and outlook: December 2014JLL
November gain of 321,000 jobs confirms the strength of the recovery
The U.S. economy saw the growth of an additional 321,000 net new jobs in November. With revisions of earlier months' data, makes November the ninth consecutive month with gains surpassing 200,000 jobs.
Unemployment remained steady from the previous month at 5.8 percent. Total unemployment—which includes detached workers—dropped by 10 basis points to a recovery low of 11.4 percent, as the number of marginally detached workers slowly declines.
See more economic, office and real estate research at http://bit.ly/1s2tk4M
In late 2014, oil prices experienced significant declines due to oversaturated supply and a slowdown in global demand. Prices have since stabilized but at depressed levels. Materials prices were projected to drop in correlation with oil, but high demand for most major construction inputs has kept prices up overall.
Low gas prices typically drive an uptick in demand for retail, e-commerce, and industrial real estate. However, shipping costs remain high due to a decline in available labor, negating much of the oil price savings.
In the office market, the development pipeline continues to expand alongside rents, which increased 3.1 percent this quarter. U.S. markets are set to deliver more than 80 million square feet currently under development. Energy-heavy markets such as Houston are exceptions to this trend, as declining demand stifles the need for new space.
U.S. office market statistics (Q4 2014) and 2015 outlook JLL
Now at its strongest point in the recovery, the economy grew by nearly 3.0 million jobs in 2014, pushing unemployment to its lowest level since the third quarter of 2008. As a result, markets across the country recorded expansionary activity as corporate confidence grew along with demand for office space. Annual net absorption totaled 54.7 million square feet driving vacancy to 15.6 percent—its lowest point since 2008—a trend expected to continue over the next 24 months.
While challenges exist ahead, including historically low labor force participation and the recent fall in oil prices, forecasts for 2015 and 2016 across the U.S. project the highest growth in more than a decade.
Learn more and see market-by-market data at http://bit.ly/1yy1zss
U.S. employment update and outlook: October 2014JLL
Unemployment dips to 5.9 percent in September—its first time below 6.0 percent during the recovery.
The U.S. economy got back on track in September, bouncing back from a sluggish August with 248,000 net new jobs. Growth occurred across sectors and geographies, with office-using industries in particular benefiting from improved corporate confidence leading to permanent hiring.
Total unemployment, which includes discouraged and marginally detached workers, also declined slightly to 11.8 percent, bringing it below the 10-year average.
With numerous other employment metrics all pointing up—including job openings, voluntary quits and CEO confidence—sentiment will only become more optimistic over the coming months.
See more real estate and economic research at: http://bit.ly/1vIGt6m
Top tech cities: Exploring demand, leasing growth, VC funding and more JLL
See what’s going on in America’s top tech markets, and some key trends we’re seeing nationwide. In this presentation, we explore tech leasing growth, tech company demand in key markets and submarkets (and its impact on office rental rates), where to find the best opportunity for VC funding and more.
Visit http://bit.ly/1Sg3RSN for more on what’s happening in today’s tech markets nationwide.
The document discusses recent trends in the industrial real estate and employment markets in Detroit. It states that absorption has been positive for the past two years, pulling vacancies down and allowing the recovery to play out as auto industry production increases. Demand growth favors large, modern facilities, and fewer move-outs will lead to continued tightening of vacancies. Industrial employment in Detroit increased by 31,400 jobs over the past year, led by gains in manufacturing. Several companies in the Detroit area are expanding their industrial facilities and operations due to growing demand.
U.S. law firm revenues are up, but so are office rents.JLL
AmLaw 100 law firm revenue reached a record $81 billion in 2014 and continues to grow at around 4.5% annually. Profits per partner are rising with 16% of AmLaw 100 firms now making over $2.5 million per partner. Office vacancy rates are tightening as CBD Class A vacancy fell to 11.1% in Q2 2015 with some cities like Pittsburgh and Portland below 7%. While more new Class A office space totaling 38.3 million square feet is under construction, a third more than last year, the preleasing rate of 38.1% provides some relief to the tightening market.
U.S. office sector posts lowest vacancy rate of the recovery
In the third quarter of 2014, nearly 15.7 million square feet of office space was absorbed, and through the first nine months of 2014, occupancy levels jumped by 38 million square feet (44.0 percent).
Not only is growth escalating, but it is dispersing. Ninety percent of markets displayed increased occupancy levels compared to year-end 2013 levels and 88.0 percent of markets posted quarterly occupancy gains for the second quarter in a row.
Click through for an overview, then get your free copy of our complete report on the state of the U.S. office market, and expectations for the rest of 2014, at http://bit.ly/1pLKEtk
U.S. Office market statistics, trends and outlook: Q3 2015JLL
The economy is growing and employers across industries are adding jobs, especially in urban and dense markets. As a result, expansionary activity remained the dominant office leasing driver in Q3 2015.
This growth has left primary markets challenged by supply constraints, creating a competitive environment for tenants. Secondary and tertiary markets like Charlotte, Phoenix, Portland and Salt Lake City are now benefitting from economic expansion and investment activity.
Learn more about what’s happening—and what we expect to occur in the coming months—in the U.S. office markets.
Q1 2015 U.S. office market statistics, trends and outlookJLL
Though vacancy remained unchanged at 15.6 percent in Q1, as the year continues we expect it to drop below 15 percent for the first time in a decade. Corporate growth is driving expansionary activity, and tenants are thus faced with increasingly challenging market conditions. Currently more than one-third of all markets are favorable to landlords, and that’s expected to increase to three-quarters. With this leverage, landlords will continue driving rents upward, potentially surpassing a 5.0-percent increase by year end.
Learn more and see market-by-market data at http://bit.ly/1Cfucrv
Construction costs continue to grow nationwide, and many landlords are looking to redevelop existing stock in major markets.
Tenant improvements (TIs) are also gaining momentum, and office landlords are competing for by offering more attractive TI packages. These offerings allow tenants to customize interiors without paying for a full redesign out of pocket, and are a key piece of lease negotiations. The average TI allowance nationwide is $30.00 per square foot, and just over $50.00 per square foot in CBDs.
U.S. employment update and outlook: November 2014JLL
October records another month of 200,000+ job gains
The U.S. economy saw the addition of 214,000 net new jobs in October. With revisions of earlier months’ data, this makes October the eighth consecutive month with gains surpassing 200,000 jobs.
This steady expansion has helped to push down unemployment, which fell by 10 basis points to 5.8 percent. Total unemployment—which includes detached workers—dropped by 30 basis points to a recovery low of 11.5 percent, also below the long-term average.
See more economic, office and real estate research at http://bit.ly/1wCNyXQ
The 313,000 net new jobs created in February represented the highest monthly level of job creation since mid-2016.
Growth was found throughout the labor market, with goods-producing sectors such as construction, retail and manufacturing in particular holding firm and, in the case of retail trade, rebounding after months of losses.
Gains were also possible as a result of a sharp increase in labor-force expansion, which boosted labor force participation and kept unemployment at 4.1 percent rather than declining further.
The quarterly economic indicators report for Northeast Ohio in Q4 2010 found signs of gradual economic improvement. Manufacturing employment increased by almost 10,000 jobs and services employment increased by 6,000 jobs compared to Q4 2009. The unemployment rate dropped nearly 1% to 9.3% and initial unemployment claims decreased from 7,100 to 5,600 between Q4 2009 and Q4 2010. Republican John Kasich was elected governor of Ohio and plans to establish JobsOhio, a new not-for-profit corporation, to direct economic development and job creation efforts in the state.
The document discusses the process of communication. It defines communication as the transmission of information, ideas, and attitudes from one person to another. The key elements of the communication process are:
- A sender encodes a message and transmits it through a channel.
- At the receiving end, the message is decoded by the receiver.
- Feedback is also an important part of the process, as it allows the sender to determine if the receiver understood the message.
When all the elements work together effectively, it leads to successful communication.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
Mumtaz Ahmed is an Accommodation Manager at the Kempinski Hotel at Burj Rafal in Riyadh, Saudi Arabia with over 15 years of experience in hospitality. He has a diploma in front office and housekeeping management and has worked in various roles including receptionist, housekeeping supervisor, and his current role as Accommodation Manager. He is proficient in hotel property management systems and seeks to further his career with additional professional development opportunities.
The document discusses the process of communication. It defines communication as the transmission of information, ideas, and attitudes from one person to another. The key elements of the communication process are:
- A sender encodes a message and transmits it through a channel.
- At the receiving end, the message is decoded by the receiver.
- Feedback is also an important part of the process, as it allows the sender to determine if the receiver understood the message.
When all the elements work together effectively, it leads to successful communication.
Tymor Abdoh Noreldeen has over 16 years of experience in professional sales and marketing. He has worked in various industries including IT, cosmetics, hotels, restaurants, and retail. Currently, he is the Sales Marketing Manager at Best Western Plus Sand Rose in Khobar, where his responsibilities include direct sales, customer service, following up with hotel departments, and participating in marketing activities. He aims to help his team achieve their sales goals and to continue improving his skills to support his family.
This document summarizes a student presentation about designing an automatic water pump switch using a microcontroller. The system uses sensors to detect the water level in a tank. When the level goes down, the pump turns on automatically. When the tank is full, the pump turns off to prevent wasting water. The project aims to efficiently manage water resources and electricity. An Arduino microcontroller is used to control a relay that switches the pump on and off based on the sensor readings. Circuit diagrams and code are presented, and it is concluded that the system works satisfactorily according to specifications.
This document provides an overview of office market conditions in Detroit in the fourth quarter of 2015. Some key points:
- Total office inventory was 61.6 million square feet, with a vacancy rate of 19.0%. Net absorption was 157,919 square feet for the quarter and 872,323 square feet year-to-date.
- Asking rents averaged $18.41 per square foot. Several suburban markets like Southfield and Troy had higher vacancies than the CBD but also had lower average asking rents.
- Leasing activity was distributed across market segments and industries. The largest lease signed was 60,000 square feet for a tenant expanding in the CBD.
- Several developments were underway
This document provides an overview of a student presentation on smart card technology. It includes:
1. A list of 5 student presenters and the topic of their presentation on smart card technology and its advancement.
2. An outline of the presentation contents which will cover what smart cards are, their dimensions, types, standards like ISO 7816 and ISO 14443, uses, advantages, disadvantages and future applications.
3. A definition of smart cards as plastic cards with embedded integrated circuits that can store and process data.
Switzerland is a landlocked country located in Central Europe. It is known for its mountainous terrain, with the Alps covering the southern region. The capital and largest city is Bern. Switzerland has four national languages - German, French, Italian, and Romansh. Some notable Swiss figures include Albert Einstein and Roger Federer. Tourism is a major industry in Switzerland, with attractions including St. Pierre Cathedral in Geneva and Rhine Falls. Switzerland has a long history of neutrality and joins several international organizations in the 20th century.
This document is a project report submitted by Anand V. for their degree in B.Tech Food Science and Technology. It discusses chocolate manufacture, chemistry of flavor development, and analysis of raw materials at CAMPCO Chocolate Factory and HAMUL in Hassan, Karnataka. CAMPCO was established in 1973 as a cooperative venture between Karnataka and Kerala to process and market areca nut and cocoa in response to market crises. It has since expanded to include a chocolate manufacturing factory in Puttur, Dakshina Kannada with technical collaboration from abroad. The project report covers cocoa and chocolate processing methods, quality analysis of raw materials, product profiles, and food safety systems at CAMPCO Chocolate Factory.
This document is a project report submitted by Anand V to the Department of Food Science and Technology at Agriculture College, Hassan. The report details a month-long project conducted at Hassan Milk Union Limited (HAMUL) to monitor the environment and analyze water samples for bacterial growth. The objectives were to detect any bacterial contamination in food processing areas and identify the root causes in order to prevent future issues. The report provides background on HAMUL and outlines quality assurance and safety procedures followed in the microbiology laboratory to minimize risks.
This document contains a project report on lemons submitted by a student named Anand V to the Department of Food Science and Technology at the Agricultural College in Hassan, Karnataka, India. The report provides information on the introduction, production, uses, and processing of lemons. It discusses the origin, varieties, major producing regions of India, and post-harvest handling and storage requirements of lemons. The report is divided into sections with various topics and is submitted to three course teachers for evaluation and certification.
The document discusses the process of communication. It defines communication as the transmission of information, ideas, and attitudes from one person to another. The key elements of the communication process are:
- A sender encodes a message and transmits it through a channel.
- At the receiving end, the message is decoded by the receiver.
- Feedback is also an important part of the process, as it allows the sender to determine if the receiver understood the message.
When all the elements work together effectively, it leads to successful communication.
U.S. Office market statistics, trends and outlook: Q2 2015 JLL
After a slow first quarter, office market fundamentals made a significant rebound at the close of Q2, undermining suggestions that both economic and office-market growth were slowing. As activity returns—and in many markets, intensifies—much needed supply will offer new opportunities to carry us into latter half of the decade.
Since the start of the year, rents have increased by 2.5%, with some in-demand markets increasing up to 5%. If market momentum continues as we anticipate, rents could reach a 5-7% annual growth rate by year end.
Construction activity and tenant improvement allowances are growing as the US economic recovery continues. As more new construction comes online, landlords are offering more attractive tenant improvement packages to attract tenants, customizing spaces up to $50 per square foot in major city centers. Construction costs remain high but are growing more slowly, driven by increases in materials like gypsum board and lumber. Overall construction starts in Q2 2015 reached their highest point since before the recession.
Office-using employment sectors have experienced substantial employment expansion over the last year, recording an annualized net gain of 12,500 jobs across the metro.
Employment levels and office sector expansions are at all-time highs in the St. Louis area. Net absorption of office space has also increased, with over 600,000 square feet absorbed so far in 2015 alone. While absorption is up, over half of leasing transactions for spaces over 10,000 square feet have been renewals due to a lack of large blocks of Class A office space. The tight market conditions are expected to lead to new multi-tenant office development in the near future.
According to the most recent estimates from the BLS, total non-farm employment in Detroit stood at ~1.9 million payrolls, representing an annualized increase of 12,500 jobs or 66 basis points. Meanwhile, unemployment decreased 1.2 percentage points year-over-year to 7.0 percent.
After years of stagnation following the financial crisis, the banking and financial services industry is seeing positive momentum, though there are still challenges ahead.
Industry employment grew at its strongest rate since 2006, up 1.9 percent year-over-year, though it remains 3.7 percent below the pre-recession peak. As firms focus on further improvement, core strategies across the board are to continue to rein in expenses, and increase revenue through organic growth.
Flip through this presentation to see the key trends we see impacting the banking and financial services industry today, and where we see it going in coming year. For more information, visit http://bit.ly/1BMQoJg
Total vacancy in Detroit office space has continued to decline since 2011 and is expected to further decline through 2015, ensuring favorable conditions for tenants. However, over 14.5 million square feet remains vacant. Rents are expected to modestly rise among Class A properties. The economic challenges have prevented new speculative construction, though demand growth will translate to further vacancy declines. Office employment increased 2.7% annually with gains in professional/business services of 9,700 jobs. Several companies are expanding, relocating or consolidating operations in Detroit, including Ally Financial and La-Z-Boy choosing to remain in the city.
Office employment in Detroit contracted in recent months, with professional and business services adding 2,300 jobs but financial services losing 3,900 jobs. Downtown Detroit saw a high-profile lease announcement from Fifth Third Bank for 62,000 square feet in One Woodward to become its new regional headquarters. In the fourth quarter, Bedrock Real Estate Services and Meridian Health purchased the 1.1 million square foot Compuware building for $142 million, planning to consolidate employees starting in 2015.
Downtown Detroit is in the midst of a renaissance, bolstered by a recent series of high-profile lease announcements, the latest of which was by Fifth Third Bank.
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.
St. Louis unemployment held steady at 5.6 percent this month as the number of job seekers kept pace with employment. The number of employed workers continues to be at post-recession highs.
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.
U.S. employment update and outlook: January 2015 JLL
The U.S. labor market added 252,000 net new jobs in December, bringing total job gains in 2014 to 3.0 million. The unemployment rate declined to 5.6% as consistent job growth outpaced labor force growth. Several industries like construction, education, health and leisure saw strong job additions that offset slower growth in the office-using sector. Overall the report indicates the labor market recovery continued in December with widespread job gains across most states and metropolitan areas.
JLL Columbus Office Employment Update May 2015Andrew Batson
Cost containment remains key for most tenants in the Columbus office market as many businesses continue to operate with lean workforces. Real estate is generally the second largest expense after personnel, so tenants closely monitor office space and look for ways to consolidate. The government and professional/business services sectors historically account for the largest portions of occupied office space in Columbus. While the metro area continues expanding and adding jobs, the office employment sector contracted over the last year with a net loss of 600 jobs except for a gain in professional and business services.
Office employment sectors contracted over the last year, recording an annualized net loss of 600 jobs. Professional and business services was the only office-using supersector to post employment gains, adding 2,200 jobs, year-over-year
While the metro may be experiencing some short-term fluctuations in employment levels, the long-term prospects for Pittsburgh remain among the brightest in the Great Lakes region based on the metro’s diverse economic base.
The document provides an analysis of the Q4 2019 industrial real estate market in St. Louis. It finds that employment in the industrial sector grew 2.4% year-over-year, driven by growth in the construction sector. Absorption topped 4 million square feet for the fourth straight year thanks largely to expansions by World Wide Technology. Vacancy rates rose above 5% as several new speculative buildings delivered vacant space to the market. Leasing activity continued to be dominated by smaller tenants under 100,000 square feet.
JLL Grand Rapids Office Insight - Fall 2016Aaron Moore
Companies rooted in the twenty first century - think technology and healthcare - understand the correlation between a rich cultural environment and attracting top notch talent.
JLL Ann Arbor Office Insight - Fall 2016 Aaron Moore
Ann Arbor has the perfect mix to attract technology companies seeking highly skilled talent. It is affordable, home to the University of Michigan, and has a vibrant downtown.
JLL Detroit Industrial Insight & Statistics - Q2 2016Aaron Moore
The automotive industry is not going anywhere. Although it is in the midst of a disruption, the advancements are a win-win for all. The Big Three are generally experiencing steady growth trends in line with improving consumer sentiment and economic gains.
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.
JLL Detroit Industrial Insight - Q1 2016Aaron Moore
Michigan's industrial market is undergoing disruption as the automobile industry shifts towards driverless cars and more software-focused models, bringing new types of jobs. Demand for industrial space remains high in Detroit and surrounding areas, with low vacancy rates and rising rents. However, the potential weakening of manufacturing and declining exports could negatively impact the industrial market going forward if changes to the auto industry reduce demand.
JLL Detroit Chart of the Week: February 16, 2016Aaron Moore
With initiatives such as Move Across Troy, which aims to improve pedestrian access between office buildings and businesses in nearby strip malls, suburban submarkets such as Troy and Southfield have shown a willingness to adapt in order to compete for credit worthy tenants
JLL Grand Rapids Office Insight Q4 2015Aaron Moore
The repurposing of downtown Grand Rapids’ older office stock is continuing to gain momentum. There has been a diverse mix of new construction and redevelopments, which addressed the inventory shortage issue.
JLL Detroit Chart of the Week: December 07, 2015Aaron Moore
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 38,700 jobs or 2.0 percent
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2. CBD fundamentals firming, suburbs to follow?
Detroit
•Downtown Detroit is in the midst of a renaissance, bolstered by a recent series of high-profile lease
announcements, the latest of which was by Fifth Third Bank. Fifth Third announced that it will lease 62,000 square
feet in the One Woodward building to serve as its regional headquarters. As part of the lease agreement, the One
Woodward building will be renamed Fifth Third Bank at One Woodward. The move will take place over two years
and will involve the relocation of over 150 full-time employees. Fifth Third will keep about 20,000 square feet and up
to 40 employees in Southfield, where it currently leases 105,000 square feet.
Source: JLL Research, Crain’s Detroit
Chart of the week: January 12, 2015
28.9% 24.1%
22.2%
19.3%
17.5%
28.2% 28.7% 29.3%
28.2%
27.0%
15%
20%
25%
30%
35%
2010 2011 2012 2013 2014
CBD Vacancy Suburban Vacancy
3. Jobs growth tapers but remains positive
Detroit
• Jobs growth within the office-using employment sectors subsided somewhat in 2014. Still, these sectors did
record incremental expansion which will translate into moderately increased office demand over the coming year.
According to the most recent estimates from the BLS, total non-farm employment in Detroit stood at ~1.9 million
payrolls, representing an annualized increase of 41,600 jobs or 2.2 percent. Meanwhile, unemployment
decreased 3.2 percentage points year-over-year to 6.3 percent. Office-using employment sectors recorded an
annualized net gain of 12,500 jobs. Gains were led by the professional and business services sector, which added
12,100 jobs year-over-year.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: April 13, 2015
(20.0)
(5.0)
10.0
25.0
2011 2012 2013 2014 Q12015
Government Information Professional & Business Services Financial Activities
Office employment trends
12-monthchange(000’s)
4. Pendulum slowly swings in favor of landlords
Detroit
• Due to significant demand gains in recent years and steadily decreasing vacancy rates, landlords have begun to
push rents. Class A asking rents averaged $22.95 per square foot at the end of Q1, up $0.65 or 2.9 % year-over-
year while Class B asking rents averaged $16.98 per square foot, up $0.24 or 1.5 % year-over-year. Further rent
increases are forecasted over the coming year, particularly downtown and in other key submarkets when demand
is concentrated.
Source: JLL Research
Chart of the week: April 27, 2015
$15.50
$18.50
$21.50
$24.50
2011 2012 2013 2014 Q1 2015
Class A Class B
5. Vacancy rates still high but demand is growing
Detroit
• Total vacancy in Detroit was 24.4 percent at the end of the first quarter, down from a high of 32.9 percent in 2010.
Since that time, more than 4.8 million square feet of office space has been absorbed by local companies growing
operations and expanding footprints. Growth has favored downtown, but has not been limited to it. As a result,
vacancy rates are compressing across submarkets and are forecasted to continue to decrease over the coming
year as the region records further demand growth.
Source: JLL Research
Chart of the week: April 27, 2015
15.0%
21.0%
27.0%
33.0%
2011 2012 2013 2014 Q1 2015
Suburban CBD
6. Foreign Direct Investment In Detroit
Detroit
• FDI in Detroit city and the metro area concentrates heavily in the auto industry. The auto industry alone accounted
for 70.5 percent of all jobs in FOEs in Detroit city, with Chrysler Fiat being the largest employer. Region wide, 41.8
percent of all jobs in FOEs are in the auto industry. Although FDI in both the city and the metro remains heavily
manufacturing focused, services account for a growing share of jobs in FOEs.
Source: Brookings Institution
Chart of the week: May 4, 2015
0 1000 2000 3000 4000 5000 6000 7000
Motor vehicles (38.9%)
Engine & Power Equip (27.9%)
Restaurants ( 5.7%)
Special food services (4.7%)
Motor vehicle parts (3.7%)
Freight Trucking (2.7%)
Investigation & Security (2.6%)
Advertising Services (2.4%)
Pharmaceuticals (1.9%)
Travelers Accommodations (1%)
Rest of the Economy (8.4%)
# of Foreign Owned Establishment Jobs in Detroit
# of FOE Jobs
7. Foreign direct investment heavily favors auto
Detroit
• Foreign direct investment in the city of Detroit and surrounding metropolitan area is concentrated heavily in the
automotive industry. The auto industry alone accounted for 70.5 percent of all jobs in foreign owned
establishments in the city of Detroit, with Chrysler Fiat being the largest employer. Across the region, 42.6 percent
of all jobs in FOEs are in the auto industry. Although FDI in both the city and the metro remains heavily
manufacturing focused, services account for a growing share of jobs in FOEs.
Source: JLL Research, Brookings Institution
Chart of the week: May 11, 2015
0 1,000 2,000 3,000 4,000 5,000 6,000
Motor vehicles (38.9%)
Engine & Power Equip (27.9%)
Restaurants ( 5.7%)
Special food services (4.7%)
Motor vehicle parts (3.7%)
Freight Trucking (2.7%)
Investigation & Security (2.6%)
Advertising Services (2.4%)
Pharmaceuticals (1.9%)
Travelers Accommodations (1%)
Rest of the Economy (8.4%)
# of Foreign Owned Establishment Jobs in Metro Detroit
8. Rate vs Jobs, Moving in a Healthy Direction
Detroit
• According to the most recent estimates from the BLS, total non-farm employment in Detroit stood at ~1.9 million
payrolls, representing an annualized increase of 38,200 jobs or 2.0 percent. Meanwhile, unemployment decreased
3.4 percentage points year-over-year to 6.0 percent.
Source: JLL Research, Bls
Chart of the week: May 18, 2015
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
1,600,000
1,650,000
1,700,000
1,750,000
1,800,000
1,850,000
1,900,000
1,950,000
2,000,000
2008 2010 2012 2014
unemployment rate
total jobs
9. Professional & Business Services Ramping Up
Detroit
• Office-using employment sectors have experienced substantial employment expansion over the last year, recording
an annualized net gain of 9,500 jobs across the metro. Employment gains were led by the professional and
business services sector, which added 8,900 jobs year-over-year.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: May 25, 2015
(25.0)
(15.0)
(5.0)
5.0
15.0
25.0
2011
2012
2013
2014
2015
Professional & Business Services Information Government Financial Activities
10. Increased demand compresses Skyline vacancy
Detroit
• The Detroit Skyline has experienced an upsurge in demand over the last five years. Since 2010, net absorption has
topped 1.4 million square feet, reducing vacancy from 26.0 percent to 11.9 percent at the start of 2015. Planned
expansions and additional demand growth will place the Detroit’s Skyline vacancy rate near 8.9 percent by the end
of 2016. With vacancy dipping below 10.0 percent, a common threshold for development, talk of new office
construction in downtown Detroit may become a reality in the near future.
Source: JLL Research
Chart of the week: June 1, 2015
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Detroit Skyline Vacancy
11. Ann Arbor landlords hold leverage, raise rents
Detroit
• Ann Arbor, as a result of its diverse economic base and prestigious Big Ten university, is showing a positive overall
economic outlook. Fueled by strong market fundamentals and increased office demand, the Ann Arbor office
market continues to tighten. The average asking rent for Class A office space has escalated towards $29.00 per
square foot while Class B rents have recorded a slight uptick towards $21.00 per square foot and Class C rents
have remained level at $15.00 per square foot.
Source: JLL Research
Chart of the week: June 8, 2015
$5.00/fs
$15.00/fs
$25.00/fs
$35.00/fs
Q2 2015201420132012201120102009200820072006
Class A Class B Class C
Ann Arbor office rents
12. Limited availability a reflection of robust demand
Ann Arbor
• Ann Arbor’s office market is in the midst of transition. Google’s recent relocation and expansion within the Ann
Arbor submarket, from the CBD to the suburbs, has increased downtown’s availability by 85,000 square feet,
representing 5.3 percent of downtown’s total office inventory. However, there is no need to ring the alarm for
downtown, as the owners of the property have already received extensive interest. Home to the University of
Michigan and 45 minutes from Detroit, Ann Arbor appeals to a wide audience.
Source: JLL Research
Chart of the week: June 15, 2015
0.0%
15.0%
30.0%
45.0%
Q2 2015201420132012201120102009200820072006
Class A Class B Class C
Ann Arbor submarket availability
13. •The market is becoming increasingly bullish on Downtown Detroit, with firms such as Ally Financial and Fifth
Third, signing long term leases in 2015 for 322,000 square feet and 55,000 square feet, respectively - ensuring
them space needed to grow, reversing a trend where many corporate tenants were only interested in baby steps
like short-term leases or small-space deals.
14. Detroit
• With an improving economy and increasing space needs by office tenants, total vacancy is expected to continue its
downward trend through 2015. Albeit Detroit’s improving economic condition, fundamentals are unlikely to justify
any speculative construction for the short term. Consequently, demand growth will continue to translate almost
entirely into vacancy improvements.
Source: JLL Research, U.S. Bureau of Labor Statistics
Chart of the week: June 29, 2015
600
630
660
690
15.0%
20.0%
25.0%
30.0%
2010 2011 2012 2013 2014 2015 YTD
Total Office Employment (000s) Vacancy %
Job growth spurs office demand in Detroit
15. Differential between urban and suburban rents
Detroit
• A range of determinants will come into play when large tenants consider urban versus suburban leasing. When a
tenant looks at the downtown market versus the suburban market, the difference between asking rates is typically
$4 to $6 per square foot and at times can reach a spread of $9 to $11 because of the city income tax and other
factors. However, companies seeking to lure a highly skilled workforce and position themselves within a cluster of
economic activity are reaping the benefits of downtown. This shift has already upended some long-standing
dynamics of city versus suburban leasing prices and occupancy rates.
Source: JLL Research
Chart of the week: July 6, 2015
$17.00
$20.00
$23.00
2010 2011 2012 2013 2014 2015 YTD
Urban asking rents Suburban asking rents
16. Detroit’s CBD vacancy steadily declines
Detroit
• The market is becoming increasingly bullish on downtown Detroit, with firms such as Ally Financial and Fifth Third
signing long term leases for 320,000 square feet and 62,000 square feet, respectively. Class A vacancy in the CBD
continues to decline from a recent high of 24.9 percent in 2010 to 9.6 percent at the end of Q2 2015. The CBD will
continue to creep near capacity in the near-term as demand growth outpaces supply additions.
Source: JLL Research
Chart of the week: July 13, 2015
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2010 2011 2012 2013 2014 2015
Detroit CBD Class A Vacancy
17. Detroit
• Industrial employment sectors have experienced substantial employment expansion over the last year, recording
an annualized net gain of 32,200 jobs across the metro. Employment gains were led by the manufacturing sector,
which added 14,200 jobs year-over-year, suggesting continued growth in demand for warehouse space.
Source: JLL Research
Chart of the week: July 27, 2015
-10.0
5.0
20.0
35.0
2011
2012
2013
2014
2015
Mining, Logging & Construction Trade,Transportation & Utilities
Manufacturing Other Services
Manufacturing is driving Detroit’s job market
18. Michigan manufacturing leads nation in
job growth
Detroit
• Out of more than 2,700 counties across the U.S., four counties in the top 10 with the best manufacturing
economies in terms of creating jobs were in Michigan: Wayne and Macomb counties in Detroit and Kent and
Ottawa counties in Grand Rapids. Stimulated by a confluence of factors-including public and private initiatives,
high-tech incubators, philanthropic funding and an influx of venture capital, Metro Detroit has the fourth largest
advance industries sector in the country. This confirms Metro Detroit is still a vibrant manufacturing hub, only its
more technology advanced and agile than it was.
Source: JLL Research
Chart of the week: August 3, 2015
0
20,000
40,000
60,000
80,000
100,000
Wayne
County, MI
Macomb
County, MI
Kent County,
MI
Oakland
County, MI
Ottawa
County, MI
2013 Jobs 2014 Jobs
19. Modern space requirements spur new warehouse
construction
Detroit
• Warehouse construction has been developers focus of late, representing about two thirds of construction activity.
Of the product currently under construction, 511,000 square feet is being built speculative while 340,000 square
feet is set for owner-occupancy and the remaining 81,000 square feet is build to suit. Looking forward, a focus on
quality space and convenient location, rather than price, will drive location decisions for Metro Detroit’s industrial
tenants.
Source: JLL Research
Chart of the week: August 17, 2015
0.0
0.4
0.8
1.2
Completions YTD Under Construction Pipeline
m.s.f
20. Advance industries accelerate, leading jobs revival
Detroit
• Metro Detroit’s economic recovery is relying largely on the marrying of its industrial past to a digital future. Detroit
has the fourth largest advanced industries sector among the largest 100 metropolitan areas in the U.S., contributing
279,350 jobs to the regional economy and representing 14.8 percent of total employment. Due to a paradigm shift
in the market, landlords and tenants are finding creative ways to house the growing and adapting advance
industries in everything from trendy loft style offices to high tech manufacturing facilities.
Source: JLL Research
Chart of the week: August 24, 2015
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Motor Vehicle
Parts
Manufacturing
Architectural,
Engineering, and
Related Services
Motor Vehicle
Manufacturing
Computuer
Systems Design
and Related
Services
Managements,
Scientific and
Techinical
Consulting
Services
Total jobs by
21. New Center: Detroit’s next hot neighborhood
Detroit
• The New Center area has the “bones” that many developers look for. Its main thoroughfare is West Grand
Boulevard - home to the former General Motors long-time headquarters. Meanwhile, the Fisher building is 82
percent full, with tenants including the Fisher Theater - a 2,000 seat site for pre-Broadway production and
Broadway touring companies. HFZ and Redico paid $12.2 million for the Fisher Building with plans to convert the
office building into a multifamily project. Peter Allen & Associates is expected to begin on their $14 million project in
the fall, with completion by the time the M-1 Rail project is completed in 2017.
Source: JLL Research
Chart of the week: August 31, 2015
Fisher Kahn building sold for
$12.2 million at auction to HFZ
Capital of New York and Redico
of Detroit
Central Detroit Christian Community
Development Corporation will invest $10.2
million to redevelop the donated Casamira
Apartments building in Detroit.
Former General Motor
headquarters. The building, now
called Cadillac Place, houses state
offices.
The St. Regis. is currently under
contract to be sold to a local
investor for $10 million.
Grand Boulevard is the last
stop on phase 1 of the
$170 million M1 Rail.
Amtrak; Detroit to
Chicago in 6 hours
or less
Peter Allen &
Associates
are planning a
$14 million
mixed use
development
22. Detroit
• Last week was proof Detroit’s CBD continues to sizzle. Bedrock announced it paid $40 million for the Book Tower
skyscraper on Washington Boulevard, which is intended for mixed-use; Lear Corporation purchased a 50,000
square foot building in Harmonie Park for its satellite headquarters; and AT&T is currently shopping a sale-lease
back for its 461,000 square foot Michigan headquarters. With downtown’s Class A vacancy at 9.6 percent, rents
north of $22.00 per square foot and ever-increasing demand, one must ask how much longer before the shovels hit
the dirt?
Source: JLL Research
Chart of the week: September 7, 2015
Lear Corps
Satellite
Headquarters
AT&T is seeking a
sale-leaseback for
its 461,000
square foot
headquarters
The Book Tower is
being converted into
$140 million mixed-
used development
New Red Wing
Arena
A $70 million planned
development in Brush Park
would include 337 residential
units and retail space.
District Detroit, The $650
million development is to be
funded with a mix of $365.5
million in private investment and
an estimated public investment of
$284.5 million.
Smart money is investing in Downtown Detroit
23. Detroit & Michigan economies both record
year-over-year improvements
Detroit
• State officials announced in August that Michigan's statewide unemployment rate decreased 1.7 percentage points
year-over-year to 5.3 percent, the lowest it has been since August 2001. Metropolitan Detroit’s unemployment rate
has also shown improvement, decreasing 2.9 percentage points year-over-year to 7.0 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.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: September 14, 2015
0%
4%
8%
12%
16%
20%
1.6
1.7
1.8
1.9
2.0
2.1
2005 2007 2009 2011 2013 2015
Nonfarm employment Unemployment
Metropolitan Detroit employment picture
Employment
(000,000s)
Unemployment
24. Office construction is on the upswing in Metro
Detroit
Detroit
• Detroit’s office development is beginning to move beyond the rehabbing of old buildings. Increasing rents, positive
absorption and limited availability are determining factors needed to give developers the confidence to start new
construction. In the third quarter of 2015, 897,825 square feet was under construction, up from 669,522 square feet
in the previous quarter. As of now, new construction is primarily owner-occupied and build to suit, however, we
project speculative construction will increase as inventory continues to tighten across the submarkets.
Source: JLL Research
Chart of the week: September 21, 2015
0
200,000
400,000
600,000
800,000
1,000,000
2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3
Square feet of office product under construction
25. Landlords are beginning to refinance downtown
properties
Detroit
• Downtown Detroit is beginning to show its credit worthiness to the capital markets. Just this past week, a deal
closed for the First National Building, owned by a Dan Gilbert affiliated entity, to get a $70 million loan, which was
brokered by Bernard Financial. It was purchased in August 2011 for $8.1 million by 660 Woodward Associates. It is
the largest commercial mortgage-backed securities loan on a Detroit building since Bedrock and Meridian Health
purchased the former Compuware Corporation headquarters building last year for $142 million. The pie chart
represents the aggregate value of refinancing activity in the CBD.
Source: JLL Research, Real Analytics
Chart of the week: September 28, 2015
First National Building
One Woodward Building
1001 Woodward
fmr United Way Bldg
719 Griswold
$51.5 million
$37 Million$41 Million
$10.1
Million
$70 Million
Aggregate Value of refinancing in CBD 2013-2015
26. Urban submarkets continue to outperform
suburban submarkets
Detroit
• Detroit’s submarkets are in the midst of a tug of war. In the urban submarkets, the average asking rent currently
stands at $20.08 per square foot, up 5.1 percent from this time last year. Meanwhile, vacancy has steadily
decreased year-over-year from 17.9 percent to 14.4 percent today. In the suburban submarkets, although rents are
improving, they are appreciating at a slower pace than they are downtown. Suburban rents have increased 3.8
percent year-over-year to $17.91 per square foot.
Source: JLL Research
Chart of the week: October 5, 2015
$15
$18
$21
0%
15%
30%
Q3 2012 Q3 2013 Q3 2014 Q3 2015
Urban Rents Suburban Rents Urban Vacancy Suburban Vacancy
27. Philanthropy’s impact on Grand Rapids real estate
Detroit
• Grand Action, a non-profit organization made of the city’s wealthiest benefactors, led the way on three major
projects that transformed downtown Grand Rapids. The three projects were the Van Andel Arena, DeVos Place
Convention Center and, most recently, the Grand Rapids Downtown Market. Now investors are taking notice; with
the perfect scenario of high rents, high occupancy and low interest rates, waves of new investments are occurring
across the region. Look for new construction to begin answering the demand for heavy industrial and downtown
Class A office.
Source: JLL Research
Chart of the week: October 12, 2015
100,000
300,000
500,000
Q3 2015Q2 2015Q1 2015Q4 2014Q3 2014
Office product under construction (s.f.)
28. Landlords push rents as quality blocks dwindle
Detroit
• Asking warehouse/distribution rates remained flat in the third quarter of 2015, averaging $4.30 per square foot. The
I-96 corridor submarket had the highest average rental rate at $5.74 per square foot while the Detroit submarket
came in lower at $2.97 per square foot. R&D and flex rates are double that of warehouse/distribution in almost all
submarkets, and continue to fluctuate significantly among the geographic market sectors. Rates range as high as
$12.03 per square foot in the Washtenaw County submarket to as low as $6.06 per square foot in the City of
Detroit submarket.
Source: JLL Research
Chart of the week: October 19, 2015
7%
9%
11%
13%
15%
17%
19%
21%
$3.80
$4.00
$4.20
$4.40
2010 2011 2012 2013 2014 2015
Asking rents Total availability
29. Detroit is becoming a premier logistics hub
Detroit
• Detroit is on the verge of becoming an advanced high-tech logistics district. The state is currently researching a
$1.6-billion plan to transform Detroit into the logistics capital of the Midwest. With the Gordie Howe International
Bridge opening up a new supply route across the U.S-Canadian border, local developers of industrial space are
hoping shipping companies or other delivery businesses will choose Detroit as its gateway to and from the Midwest
and parts of Canada. The completion of three projects is considered necessary for a new Detroit logistics district to
operate efficiently: the Gordie Howe bridge, the Detroit Intermodal Freight Terminal and the Continental Rail
Gateway.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: October 26, 2015
-40
-20
0
20
40
2010 2011 2012 2013 2014 2015
Trade,Transportation & Utilities Manufacturing
Other Services Mining, Logging & Construction
Industrial Employment trends (12-month change, 000s)
30. Community development incentives encourage
growth
Detroit
• Smart developers are taking advantage of incentives designed to decrease risk and increase returns. Many new
projects are being financed using creative capital stacks that include traditional sources and nontraditional sources
such as forgivable loans, tax credits, non-profit program-related investments and crowdfunding. The State of
Michigan is playing its part in these capital stacks by awarding over $13.5 million this year to development projects
creating over 300 permanent full-time equivalent jobs. The result is economic growth and a win-win for the people
of Detroit and its real estate market.
Source: JLL Research, State of Michigan
Chart of the week: November 2, 2015
$0
$30
$60
Casamira
Detroit
1215
Griswold
KWA
Residential
HM
Ventures
1145
Griswold
Street
TrailHead
RO LLC
Woodward
and Erskine
LLC
Total project investment Projected state award amount
($M)
Michigan Strategic Fund’s largest investments in metro Detroit
31. Strong jobs growth may encourage rate hike
Detroit
• Total nonfarm employment in metro Detroit stood at 1,950,500 in September 2015, up 46,400 or 2.4 percent over
the year. During the same period, the national job count increased 1.9 percent. All of this has implications for the
direction of monetary policy. Indeed, traders are now pricing in a 70% likelihood that the Federal Reserve will lift
rates in December, which would be the first such hike since June 2006. An initial rate hike from the Fed would
signal the end of extremely loose, zero-interest rate policy, which it introduced in December 2008 in its effort to
stimulate the economy out of the financial crisis.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: November 9, 2015
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
2010 2011 2012 2013 2014 2015
Detroit United States
Job growth (12-month change): United States vs. Detroit
32. Detroit’s strategic advantage is its location
Detroit
• With the introduction of the new Gordie Howe International Bridge, the realm of business and opportunities to be
created or offered have exponentially increased. Michigan officials are researching a $1.6-billion plan that could
make Detroit the new logistics capital of the Midwest. In addition to the major economic growth this would offer, a
potential of 22,000 long-term jobs in Michigan with up to 8,000 right here in Detroit could be created. The map
above highlights Detroit’s location advantage and company’s ability to reach 50 million plus people in a drive time
of six hours.
Source: JLL Research
Chart of the week: November 16, 2015
Rings represent miles and drive times
360 Miles
240 Miles
120 Miles
33. Recent job numbers point to fed rate hike
Detroit
• 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 38,700 jobs or 2.0 percent. Meanwhile,
unemployment decreased 1.6 percentage points year-over-year to 6.3 percent. Nationally, total nonfarm payroll
employment increased by 211,000 in November, and the unemployment rate was essentially unchanged at 5.0
percent. The latest jobs data, easily meets the targets laid out by the central bank as prerequisites for a rate hike,
economists said.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: December 07, 2015
0%
4%
8%
12%
16%
20%
1,550,000
1,650,000
1,750,000
1,850,000
1,950,000
2,050,000
2,150,000
2005 2007 2009 2011 2013 2015
Nonfarm employment
Unemployment
34. Ann Arbor, six square miles surrounded by reality
Detroit
• Whether researching the Ann Arbor market using the latest quarterly office report or just sitting in a café on Friday
afternoon, one will quickly come to the conclusion that Ann Arbor is six square miles surrounded by reality. The
University of Michigan attracts a worldly and diverse student body that is converting educational training into
disruptive start-ups. Class A rents towards $35.00 per square foot while pushing Class A vacancy to zero.
Suburban Class A rents for the quarter were $25.75 per square foot, nearly 14 percent more than Detroit CBD
Class A asking rates.
Source: JLL Research
Chart of the week: December 14, 2015
$15
$25
$35
YTD 201520142013201220112010
Downtown Suburban