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.
Tenant demand for office space in Indianapolis remains strong as many companies are seeking to expand. Nearly 150 office transactions totaling 2.5 million square feet closed this year, with 45% of companies growing. Currently, there are 120 tenants actively seeking 2.2 million square feet of additional space, with 44% looking to expand. New construction of speculative office buildings is rising to meet demand, with over 200,000 square feet expected to be completed in 2016. Investment activity also remained high in 2015, with several large portfolio sales closing, totaling $221 million in office investment sales.
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.
The suburban Chicago office market saw steady levels of sublease space in Q1 2015, with equal amounts added and removed from the market. Notable additions included 45,000 SF from McGraw Hill at 1333 Burr Ridge Parkway and 55,000 SF at 2455 Corporate West Drive in Lisle. Sublease asking rents for Class A space increased to $18.21/SF while Class B remained at $15/SF. Looking ahead, a growing job market and payrolls may lead the Federal Reserve to raise interest rates in the coming months.
Austin's industrial market posted positive net absorption of 382,166 SF in Q1 2018. Rental rates increased slightly citywide and in submarkets. Vacancy decreased to 7.6% overall. Several large leases were signed, including XPO Last Mile taking 57,500 SF. Over 500,000 SF of new product is set to deliver in Q2 2018, with over half being build-to-suit. Construction continued with over 1 million SF under construction.
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.
Tenant demand for office space in Indianapolis remains strong as many companies are seeking to expand. Nearly 150 office transactions totaling 2.5 million square feet closed this year, with 45% of companies growing. Currently, there are 120 tenants actively seeking 2.2 million square feet of additional space, with 44% looking to expand. New construction of speculative office buildings is rising to meet demand, with over 200,000 square feet expected to be completed in 2016. Investment activity also remained high in 2015, with several large portfolio sales closing, totaling $221 million in office investment sales.
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.
The suburban Chicago office market saw steady levels of sublease space in Q1 2015, with equal amounts added and removed from the market. Notable additions included 45,000 SF from McGraw Hill at 1333 Burr Ridge Parkway and 55,000 SF at 2455 Corporate West Drive in Lisle. Sublease asking rents for Class A space increased to $18.21/SF while Class B remained at $15/SF. Looking ahead, a growing job market and payrolls may lead the Federal Reserve to raise interest rates in the coming months.
Austin's industrial market posted positive net absorption of 382,166 SF in Q1 2018. Rental rates increased slightly citywide and in submarkets. Vacancy decreased to 7.6% overall. Several large leases were signed, including XPO Last Mile taking 57,500 SF. Over 500,000 SF of new product is set to deliver in Q2 2018, with over half being build-to-suit. Construction continued with over 1 million SF under construction.
The document summarizes Houston's office market performance in Q1 2018. Key points include:
- The overall vacancy rate increased to 20.1% due to large companies vacating space after layoffs and mergers, resulting in 1.5 million square feet of negative absorption.
- Sublease availability increased back above 9.0 million square feet due to space returned to the market during the energy downturn.
- Rental rates saw small decreases across classes and markets, with the average Class A rate at $34.91 per square foot.
- Leasing activity decreased 32% from the previous quarter while investment sales dropped slightly over the year.
Backlog analysis engineering to order projectsRoberto Ponti
This document provides tables and terms to analyze backlog, order entry, and revenue for engineering companies with long delivery times. It includes:
- Definitions of backlog, order entry, revenue, and other terms
- A table to input opening backlog, order entry forecasts, revenue forecasts, and calculate opening backlog for years N and N+1
- A second table to analyze book to bill (orders booked and invoiced in the same year) for years N and N+1, and calculate differences
The purpose is to help companies monitor and forecast opening backlog, revenue, and book to bill over multiple years to understand future capabilities and needed efforts to secure new orders.
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.
Austin's industrial market posted positive net absorption of 539,820 square feet in Q4 2018, bringing the annual total to 1,222,219 square feet. Rental rates increased both quarterly and annually, with the average citywide rate reaching $10.98 per square foot. New construction remained active with 11 buildings delivered and 14 new projects commenced, totaling over 861,000 square feet added in the quarter. The industrial market outlook for Q1 2019 includes over 1.3 million square feet of space expected to deliver and over 330,000 square feet of pre-leased space across 10 blocks over 10,000 square feet.
Citywide positive net absorption in Austin reached an all-time high in Q3 2015 of 871,272 square feet. Rental rates in the CBD increased by 7.5% over the quarter, with average rates reaching $44.60 per square foot, as demand for office space in the CBD remained strong despite new construction. Absorption was strongest in the northwest, southwest, and CBD submarkets, with major leases signed by companies such as Electronic Arts, Oracle, and Cirrus Logic.
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.
The Calgary office market saw increased vacancy rates in Q4 2015, reaching 14.1% and negative net absorption of 675,255 sq ft. Available sublease space also increased while average asking rental rates declined 9.2% to $18.84 per sq ft. Landlords have increased inducements like free rent to attract tenants given high vacancies and sublease options totaling over 8.1 million sq ft. The market is expected to remain favorable for tenants in 2016 if low oil prices continue.
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.
The Austin office market closed out 2019 with continued strong growth and development. Vacancy increased slightly to 11.9% as net absorption was negative and new construction increased. Rental rates also increased, with Class A CBD rents reaching $53.33 per square foot. The market remains strong with 7.15 million square feet under construction and major developments planned in downtown and the surrounding areas.
This document summarizes UGI Corporation's annual meeting of shareholders on January 25, 2018. It discusses that 2017 was a year of recognition for UGI, with record financial results and accomplishments across its business segments. UGI's strategy of acquisitions, capital projects, and organic growth has yielded strong investment returns, with 5, 10, and 20-year total shareholder returns above industry averages. UGI is positioned for continued growth by meeting infrastructure needs in Marcellus shale gas and LNG, expanding its utility, propane, and international businesses, and through a planned $1.2 billion of utility capital investments over four years.
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.
This document contains the agenda and highlights from Stantec's Q3 2017 earnings conference call held on November 9th, 2017.
In the Q3 2017 highlights: Stantec reported 3.3% growth in gross revenue compared to Q3 2016 and 6.0% organic growth. Net income was $46.2 million compared to $49.3 million in Q3 2016.
The financial results summary showed year-over-year declines in gross margin, administrative expenses, EBITDA, and net income. However, targets for 2017 were still met or exceeded for gross margin, administrative expenses, and EBITDA.
An outlook was provided for 2017 with expectations of growth in Canada, the
El documento celebra el papel de los padres en la educación de sus hijos, destacando que a través de su trabajo diario y convirtiéndose en amigos, los padres pueden disipar los temores de sus hijos y brindarles una educación basada en el amor y la confianza.
Los diez lugares de Huaraz donde se registran altos niveles de contaminación acústica. Proyecto “Huaraz te quiero sin ruido”, por una ciudad LIBRE DE CONTAMINACIÓN ACÚSTICA.
The document summarizes Houston's office market performance in Q1 2018. Key points include:
- The overall vacancy rate increased to 20.1% due to large companies vacating space after layoffs and mergers, resulting in 1.5 million square feet of negative absorption.
- Sublease availability increased back above 9.0 million square feet due to space returned to the market during the energy downturn.
- Rental rates saw small decreases across classes and markets, with the average Class A rate at $34.91 per square foot.
- Leasing activity decreased 32% from the previous quarter while investment sales dropped slightly over the year.
Backlog analysis engineering to order projectsRoberto Ponti
This document provides tables and terms to analyze backlog, order entry, and revenue for engineering companies with long delivery times. It includes:
- Definitions of backlog, order entry, revenue, and other terms
- A table to input opening backlog, order entry forecasts, revenue forecasts, and calculate opening backlog for years N and N+1
- A second table to analyze book to bill (orders booked and invoiced in the same year) for years N and N+1, and calculate differences
The purpose is to help companies monitor and forecast opening backlog, revenue, and book to bill over multiple years to understand future capabilities and needed efforts to secure new orders.
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.
Austin's industrial market posted positive net absorption of 539,820 square feet in Q4 2018, bringing the annual total to 1,222,219 square feet. Rental rates increased both quarterly and annually, with the average citywide rate reaching $10.98 per square foot. New construction remained active with 11 buildings delivered and 14 new projects commenced, totaling over 861,000 square feet added in the quarter. The industrial market outlook for Q1 2019 includes over 1.3 million square feet of space expected to deliver and over 330,000 square feet of pre-leased space across 10 blocks over 10,000 square feet.
Citywide positive net absorption in Austin reached an all-time high in Q3 2015 of 871,272 square feet. Rental rates in the CBD increased by 7.5% over the quarter, with average rates reaching $44.60 per square foot, as demand for office space in the CBD remained strong despite new construction. Absorption was strongest in the northwest, southwest, and CBD submarkets, with major leases signed by companies such as Electronic Arts, Oracle, and Cirrus Logic.
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.
The Calgary office market saw increased vacancy rates in Q4 2015, reaching 14.1% and negative net absorption of 675,255 sq ft. Available sublease space also increased while average asking rental rates declined 9.2% to $18.84 per sq ft. Landlords have increased inducements like free rent to attract tenants given high vacancies and sublease options totaling over 8.1 million sq ft. The market is expected to remain favorable for tenants in 2016 if low oil prices continue.
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.
The Austin office market closed out 2019 with continued strong growth and development. Vacancy increased slightly to 11.9% as net absorption was negative and new construction increased. Rental rates also increased, with Class A CBD rents reaching $53.33 per square foot. The market remains strong with 7.15 million square feet under construction and major developments planned in downtown and the surrounding areas.
This document summarizes UGI Corporation's annual meeting of shareholders on January 25, 2018. It discusses that 2017 was a year of recognition for UGI, with record financial results and accomplishments across its business segments. UGI's strategy of acquisitions, capital projects, and organic growth has yielded strong investment returns, with 5, 10, and 20-year total shareholder returns above industry averages. UGI is positioned for continued growth by meeting infrastructure needs in Marcellus shale gas and LNG, expanding its utility, propane, and international businesses, and through a planned $1.2 billion of utility capital investments over four years.
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.
This document contains the agenda and highlights from Stantec's Q3 2017 earnings conference call held on November 9th, 2017.
In the Q3 2017 highlights: Stantec reported 3.3% growth in gross revenue compared to Q3 2016 and 6.0% organic growth. Net income was $46.2 million compared to $49.3 million in Q3 2016.
The financial results summary showed year-over-year declines in gross margin, administrative expenses, EBITDA, and net income. However, targets for 2017 were still met or exceeded for gross margin, administrative expenses, and EBITDA.
An outlook was provided for 2017 with expectations of growth in Canada, the
El documento celebra el papel de los padres en la educación de sus hijos, destacando que a través de su trabajo diario y convirtiéndose en amigos, los padres pueden disipar los temores de sus hijos y brindarles una educación basada en el amor y la confianza.
Los diez lugares de Huaraz donde se registran altos niveles de contaminación acústica. Proyecto “Huaraz te quiero sin ruido”, por una ciudad LIBRE DE CONTAMINACIÓN ACÚSTICA.
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.
This homepage provides access to events through tabs organized by location, affiliation and subject. It allows users to discover events and view their own scheduled events. The tabs help users find events by cities, schools and various subjects of interest.
Supervisi adalah kegiatan pengawasan untuk mengelola pekerjaan dan mencapai tujuan, yang berbeda dari inspeksi yang hanya mencari kesalahan. Tujuan supervisi adalah meningkatkan kualitas dan kinerja melalui bimbingan. Peran supervisi penting dalam pengelolaan pendidikan untuk menjaga dan meningkatkan kualitas guru serta lembaga.
El documento describe cómo la ciencia y el conocimiento científico han beneficiado al hombre en varias áreas. La ciencia ha permitido prevenir y controlar enfermedades al conocer los microorganismos, mejorar la agricultura y ganadería para obtener mayores rendimientos, y acelerar el transporte y las comunicaciones a través de inventos como la máquina de vapor y los satélites. También ha ayudado a usar los recursos naturales de manera sostenible.
The Isle of Wight Festival is an annual rock and alternative rock music festival held in early June on the Isle of Wight, England. The first festival in 1968 attracted around 15,000 people to a farm site, while the 2013 festival drew approximately 58,000 people. The festival has expanded rapidly over the years in terms of attendance and transportation options like ferry routes to the island venue.
Juanita Loular is seeking a secure and challenging healthcare position to increase her knowledge. She received a Health Information Associate degree from Baker College in 2001 and received several awards for her work. For over 14 years, she has worked at the University of Michigan Health Systems analyzing health information, resolving issues between organizations, and certifying vital records and test results. Her skills include using common office machines, various software programs, and healthcare systems.
Rising tenant demand in the Cincinnati office market has increased the amount of office space under construction to its highest level in years. The largest proposed development is a 10-story, 235,000 square foot speculative office tower in downtown Cincinnati. Meanwhile, the Blue Ash/Montgomery submarket has seen a surge in leasing activity and significant deals like Kroger taking over a 176,000 square foot building. Across Class A and B properties, average asking rental rates have risen 2-3% over the past year and are expected to continue increasing due to a tightening market and high tenant activity.
Rising tenant demand in the Cincinnati office market has increased the amount of office space under construction to its highest level in years. The largest upcoming project is a potential 10-story, 235,000 square foot office tower in downtown Cincinnati. Leasing activity has also surged in the Blue Ash/Montgomery submarket following years of decline. Rental rates have risen as well, with Class A space now averaging $21.87 per square foot and Class B space at $15.84 per square foot, reflecting a tightening market with increasing tenant activity.
Rising tenant demand in the Cincinnati office market has increased the amount of office space under construction to its highest level in years. The largest proposed development is a 10-story, 235,000 square foot speculative office tower in downtown Cincinnati. Meanwhile, the Blue Ash/Montgomery submarket has seen a surge in leasing activity and significant deals like Kroger taking over a 176,000 square foot building. Across Class A and B properties, average asking rental rates have risen 2-3% over the past year and are expected to continue increasing due to a tightening market and high tenant activity.
The document summarizes the key takeaways from a Q1 2015 North American office market outlook report. It finds that while US economic and job growth slowed in Q1 due to poor weather, a weak energy industry, and reduced exports, the office market recovery is expected to continue through 2015 as growth strengthens. The North American vacancy rate was flat at 12.9% in Q1, with a modest increase in Canada and no change in the larger US market. Office absorption slowed in North America but the US suburban market saw strong growth, while US CBD absorption virtually halted. Construction activity decreased slightly in the US for only the second time in the recovery.
Q1 2015 North American Office HighlightsCoy Davidson
The document summarizes key trends in the North American office market in Q1 2015. While US economic and job growth slowed in Q1 due to poor weather and weakness in energy, the office market recovery is expected to continue for the rest of 2015. The overall vacancy rate was flat, with a modest increase in Canada and no change in the larger US market. Office absorption slowed but construction activity also decreased slightly. Going forward, investor demand for office properties is expected to remain robust in 2015.
Broward County Office Outlook - Q4 2018JLL Florida
- The Fort Lauderdale office market saw its first year of negative absorption since 2011, with a loss of 220,831 square feet. However, this is also the first year the market has seen significant new development begin.
- There is still confidence in the market going into 2019, as rents continue to rise and several large transactions late in the year will result in future occupancy gains.
- The downtown Fort Lauderdale submarket saw the groundbreaking of a new 355,000 square foot office tower called The Main, the first new office development in the CBD in over a decade. This will add supply but has also pre-leased over 90,000 square feet already.
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.
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.
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 Cincinnati metro area added 14,400 jobs year-over-year bringing total employment to 1.04 million, while unemployment fell to 4.8%. The office sector added 5,500 jobs with professional and business services leading with 5,900 new jobs. Meanwhile, the government sector lost 2,100 jobs. Nationally, nonfarm employment increased by 223,000 in April and unemployment decreased to 5.4%, the lowest since May 2008.
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 document discusses office real estate trends in Indianapolis. It notes that the city is driven by a diverse range of office-using sectors including professional services, healthcare, and law firms. A new Class A office building called River North at Keystone is under development and will serve as the headquarters for the development companies. This adds to growing office space in the city. The state economic development agency has also secured over 300 companies to create more jobs in future years, increasing demand for office space. Unemployment in Indianapolis decreased slightly while job growth remained steady and above the national levels.
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 of wealthy benefactors in Grand Rapids, led development of three major projects in the 1990s that transformed downtown - Van Andel Arena, DeVos Place Convention Center, and the Grand Rapids Downtown Market. These large-scale projects increased rents, occupancy, and attracted new investment across the region. With high demand, low vacancy, and low interest rates, new construction of industrial and Class A office space is beginning. Rental rates have risen as office building sales and leasing activity increase due to the expanding market and lack of quality office properties. Limited availability is forcing owners to get creative with multipurpose buildings to attract tenants and compete in the increasingly urban market, where two types
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.
Corporate consolidations over the next three years will place upward pressure on vacancy rates across the Pittsburgh metro office market. Rents have appreciated 3.3% year-over-year on average across all classes and submarkets as landlords maintained leverage amid tightening fundamentals. Office construction remains robust with nearly 1 million square feet under construction and 500,000 square feet scheduled to break ground next year.
The document reports on employment trends in Indianapolis from 2010 to 2015. It shows that non-farm employment reached its highest level ever in August 2015 at 1,030,100 jobs. The unemployment rate declined to 4.2% for Indianapolis and 4.6% for Indiana. Several sectors experienced strong growth over the past year, including trade/transportation/utilities which grew by 6.1%, manufacturing by 2.2%, and leisure/hospitality by 4%.
In Q3 2015, office leasing activity in Detroit totaled 1.7 million square feet across 54 transactions. The largest lease signed was for nearly 89,000 square feet in the Growing submarket. Most leases were for new tenants entering the market or renewals by current occupants. Leasing activity was strongest in the Birmingham, Dearborn, and Northern I-275 Corridor submarkets and focused in the healthcare, technology, and professional services industries.
Downtown Detroit office fundamentals are improving, with increasing rents, decreasing vacancy rates, and more refinancing activity for commercial properties. Over 300,000 square feet of new office space was delivered in 2015, marking an increase in construction beyond just rehabbing existing buildings. Urban office submarkets continue to outperform suburban areas, with rents in the city up 5.1% compared to a 3.8% increase in the suburbs. Vacancy rates have also decreased more substantially in the urban core over the past year. Recent large commercial mortgage loans on downtown Detroit buildings indicate growing creditworthiness and investment in the central business district.
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.
Health tech firms are growing rapidly in the Minneapolis-St. Paul area, with 34 companies moving or expanding operations there in the last four years, according to a LifeScience Alley report. On average, these health tech company moves or expansions involved 79,619 square feet of new space and 86 added jobs, larger than most other industries. Some of the companies expanding include Upsher-Smith Laboratories, Smiths Medical, National Marrow Donor Program, and St. Jude Medical.
The document discusses employment growth in different sectors in the Indianapolis market. It notes that the professional & business services and trade, transportation & utilities sectors have shown the highest continual growth since 2010, adding over 20,000 jobs over the past year. While mining & logging has consistently had limited growth, there is no clear trend for the sector with the least growth, though information and government have also shown little growth in recent years.
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.
- Indianapolis unemployment rate decreased slightly to 4.4% while total employment reached a new historical high of 981,713 jobs.
- U.S. job growth in August was lower than expected at 173,000 jobs, below the recent range of 200,000-250,000. The U.S. unemployment rate fell to 5.1%.
- Indianapolis saw growth across many sectors such as trade, transportation, and utilities (6.0%), professional and business services (5.1%), and manufacturing (2.1%).
As the festive season approaches, there are several compelling reasons why this is the best time to consider buying property in Indore.
Indore, often called the "Mini Mumbai" of India, has witnessed remarkable growth in recent years, making it an attractive destination for property investment.
With its booming economy, well-planned infrastructure, and cultural diversity, Indore has become a hub for real estate development. As the festive season approaches, there are several compelling reasons why this is the best time to consider buying property in Indore.
When it comes to purchasing a house in Indore, you'll often find yourself facing a crucial decision: should you pay in cash or opt for financing?
In the realm of real estate, the age-old debate between paying for a house in cash or financing it through a mortgage is a topic that continues to intrigue prospective buyers.
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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