Over the coming year, rent increases are forecasted to continue within the Class A product type while asking rents for Class B assets are forecasted to hold firm as vacancy increases and negotiating leverage shifts.
Vacancy at the top of the market is slowly moving upward, although levels remain below historic norms. New supply and givebacks upon relocation due to efficiency have begun to and will continue to result in rising vacancy.
The unemployment rate for October 2018 remained at 3.7 percent, the lowest rate since December of 1969. A whopping 250,000 jobs were added in the month of October. Additionally, the number of unemployed persons remained nearly unchanged with a total of 6.1 million people.
Over the past 12 months, the number of unemployed persons decreased by 449,000 people and the unemployment rate has dropped 0.4 percent. Checkout out JSG's October 2018 Jobs Report for more insights on the job market.
What Employers Want! Where are the Jobs Emerging? Compensation Strategies for...Virtual ULI
The document discusses trends in the commercial real estate job market and employment outlook. It provides data on job losses during recessions, current hiring and separation rates, and indicators of job creation such as consumer spending and job openings. Charts show trends in job postings by sector and geographic location from 2008 to 2010. The document also addresses education levels and unemployment rates, compensation for real estate, MBA and law degrees. It presents scenarios for commercial real estate job recovery and projected employment growth in different areas. Finally, it lists skills and attributes employers are seeking, such as the ability to multi-task across multiple sectors.
Apartment Boom Bodes Well for Real Estate InvestorsDean Graziosi
The apartment industry and its 36 million residents contributed $1.3 trillion and 12.3 million jobs to the economy in 2013. Based on research by economist Stephen S. Fuller, Ph.D., of George Mason University’s Center for Regional Analysis, the data cover the economic contribution of apartment construction, operations and resident spending on a national level plus all 50 states and the District of Columbia. In addition, construction, operations and resident spending data are available for 40 specific metro areas.
The document announces an ecumenical Good Friday walk between local churches on March 29th, 2013. Participants can join one of two routes that converge at Timothy Eaton Memorial Church. The western route visits four churches starting at 12:00pm at Holy Rosary Catholic Church. The eastern route visits four churches starting at 12:00pm at Our Lady of Perpetual Help Catholic Church. At each stop, participants will pray briefly and have time for reflection before the cross is carried to the next church. A collection will be taken at the last stop to benefit a food bank. Greeters will welcome participants at each church.
Vacancy at the top of the market is slowly moving upward, although levels remain below historic norms. New supply and givebacks upon relocation due to efficiency have begun to and will continue to result in rising vacancy.
The unemployment rate for October 2018 remained at 3.7 percent, the lowest rate since December of 1969. A whopping 250,000 jobs were added in the month of October. Additionally, the number of unemployed persons remained nearly unchanged with a total of 6.1 million people.
Over the past 12 months, the number of unemployed persons decreased by 449,000 people and the unemployment rate has dropped 0.4 percent. Checkout out JSG's October 2018 Jobs Report for more insights on the job market.
What Employers Want! Where are the Jobs Emerging? Compensation Strategies for...Virtual ULI
The document discusses trends in the commercial real estate job market and employment outlook. It provides data on job losses during recessions, current hiring and separation rates, and indicators of job creation such as consumer spending and job openings. Charts show trends in job postings by sector and geographic location from 2008 to 2010. The document also addresses education levels and unemployment rates, compensation for real estate, MBA and law degrees. It presents scenarios for commercial real estate job recovery and projected employment growth in different areas. Finally, it lists skills and attributes employers are seeking, such as the ability to multi-task across multiple sectors.
Apartment Boom Bodes Well for Real Estate InvestorsDean Graziosi
The apartment industry and its 36 million residents contributed $1.3 trillion and 12.3 million jobs to the economy in 2013. Based on research by economist Stephen S. Fuller, Ph.D., of George Mason University’s Center for Regional Analysis, the data cover the economic contribution of apartment construction, operations and resident spending on a national level plus all 50 states and the District of Columbia. In addition, construction, operations and resident spending data are available for 40 specific metro areas.
The document announces an ecumenical Good Friday walk between local churches on March 29th, 2013. Participants can join one of two routes that converge at Timothy Eaton Memorial Church. The western route visits four churches starting at 12:00pm at Holy Rosary Catholic Church. The eastern route visits four churches starting at 12:00pm at Our Lady of Perpetual Help Catholic Church. At each stop, participants will pray briefly and have time for reflection before the cross is carried to the next church. A collection will be taken at the last stop to benefit a food bank. Greeters will welcome participants at each church.
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.
Exactly how far vacancy rates fall downtown in 2015 remains to be seen as Key Bank hands back several floors at Key Tower and BakerHostetler sheds up to 45,000 square feet through a planned move.
Class A vacancy once again has dipped below that of Class B properties as a number of tenants opt for more modern and newer space, compelled by improving economic conditions.
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 Pittsburgh Chart of the Week: November 2, 2015Andrew Batson
Tenant demand has been positive through the first three quarters of 2015, with the region recording more than 300,000 square feet of net absorption. However, headwinds are on the horizon as a number of corporate consolidations set to transpire over the next three years will place upward pressure on vacancy rates across the metro.
Class A office vacancy in Cincinnati continues to decline due to an improving local economy and tenants seeking new, efficient space. Class A vacancy fell below Class B vacancy and now sits at nearly 6% lower. The Cincinnati economy has seen five years of consecutive GDP growth and is expected to continue expanding in 2015. Suburban submarkets have the lowest vacancies in the region and vacancy there fell by 0.7% year-over-year due to companies expanding in tight submarkets like Blue Ash/Montgomery and West Chester.
Office demand in Pittsburgh will be muted over the coming year as office-using employment sectors experienced uneven results, with an annual loss of 4,400 jobs. While total non-farm employment increased by 9,200 jobs and unemployment decreased, the largest job losses occurred in the financial activities sector which declined by 2,700 jobs year-over-year.
JLL Pittsburgh Chart of the Week: October 26, 2015Andrew Batson
Tenant demand has been positive through the first three quarters of 2015, with the region recording more than 300,000 square feet of net absorption. However, headwinds are on the horizon as a number of corporate consolidations set to transpire over the next three years will place upward pressure on vacancy rates across the metro.
Office-occupying employment has grown for 26 consecutive months, comprising 36% of the region's non-farm payrolls. Absorption has been positive in five of the last six quarters and financial activities employment is up 11.3% since 2007. Healthcare was responsible for over half of leasing activity in the first quarter, led by Mercy's 390,000 square foot renewal. Expect future leasing to be driven by financial and business services which currently total almost 600,000 square feet of demand.
Target Corp.'s recent layoffs of 1,700 workers in the Twin Cities has introduced uncertainty about the full effects on the downtown Minneapolis office market. While the layoffs are a significant setback, Target owns its large headquarters building and has long-term leases on other properties. Rents in the I-394 corridor have risen as demand is high and options are limited, which could spur new development. The Minneapolis CBD has attracted new tenants through several large lease deals, increasing competition for quality space as the market adjusts to the Target layoffs.
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.
Leasing activity and tenant demand in Cleveland looks quite strong. Office employment sectors have recorded sustained jobs growth over the last three years, which is translating into increased tenant demand.
Downtown Detroit 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.
Jobs growth within the office-using employment sectors subsided somewhat in 2014. Still, these sectors did record incremental expansion. Chart of the week
Jobs growth in Detroit slowed in 2014 but remained positive, with the economy adding 41,600 jobs for a growth rate of 2.2% and unemployment falling to 6.3%. While office sector job growth softened, these sectors still experienced incremental expansion and added 12,500 jobs total, led by 12,100 new jobs in professional and business services.
Jobs growth in Detroit slowed in 2014 but remained positive, with total non-farm employment increasing by 41,600 jobs or 2.2% and the unemployment rate falling to 6.3%. While growth in office-using sectors subsided, these sectors still expanded and added 12,500 jobs total, led by 12,100 new jobs in professional and business services. This modest growth in office employment is expected to translate to a small increase in office space demand over the coming year.
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.
The local labor force remained flat in July as the influx of college graduates leveled off. That, coupled with a growth in employment caused the unemployment rate to decline 20 basis points to 6.1 percent.
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.
More Related Content
Similar to JLL Pittsburgh Office Insight - Q1 2015
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.
Exactly how far vacancy rates fall downtown in 2015 remains to be seen as Key Bank hands back several floors at Key Tower and BakerHostetler sheds up to 45,000 square feet through a planned move.
Class A vacancy once again has dipped below that of Class B properties as a number of tenants opt for more modern and newer space, compelled by improving economic conditions.
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 Pittsburgh Chart of the Week: November 2, 2015Andrew Batson
Tenant demand has been positive through the first three quarters of 2015, with the region recording more than 300,000 square feet of net absorption. However, headwinds are on the horizon as a number of corporate consolidations set to transpire over the next three years will place upward pressure on vacancy rates across the metro.
Class A office vacancy in Cincinnati continues to decline due to an improving local economy and tenants seeking new, efficient space. Class A vacancy fell below Class B vacancy and now sits at nearly 6% lower. The Cincinnati economy has seen five years of consecutive GDP growth and is expected to continue expanding in 2015. Suburban submarkets have the lowest vacancies in the region and vacancy there fell by 0.7% year-over-year due to companies expanding in tight submarkets like Blue Ash/Montgomery and West Chester.
Office demand in Pittsburgh will be muted over the coming year as office-using employment sectors experienced uneven results, with an annual loss of 4,400 jobs. While total non-farm employment increased by 9,200 jobs and unemployment decreased, the largest job losses occurred in the financial activities sector which declined by 2,700 jobs year-over-year.
JLL Pittsburgh Chart of the Week: October 26, 2015Andrew Batson
Tenant demand has been positive through the first three quarters of 2015, with the region recording more than 300,000 square feet of net absorption. However, headwinds are on the horizon as a number of corporate consolidations set to transpire over the next three years will place upward pressure on vacancy rates across the metro.
Office-occupying employment has grown for 26 consecutive months, comprising 36% of the region's non-farm payrolls. Absorption has been positive in five of the last six quarters and financial activities employment is up 11.3% since 2007. Healthcare was responsible for over half of leasing activity in the first quarter, led by Mercy's 390,000 square foot renewal. Expect future leasing to be driven by financial and business services which currently total almost 600,000 square feet of demand.
Target Corp.'s recent layoffs of 1,700 workers in the Twin Cities has introduced uncertainty about the full effects on the downtown Minneapolis office market. While the layoffs are a significant setback, Target owns its large headquarters building and has long-term leases on other properties. Rents in the I-394 corridor have risen as demand is high and options are limited, which could spur new development. The Minneapolis CBD has attracted new tenants through several large lease deals, increasing competition for quality space as the market adjusts to the Target layoffs.
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.
Leasing activity and tenant demand in Cleveland looks quite strong. Office employment sectors have recorded sustained jobs growth over the last three years, which is translating into increased tenant demand.
Downtown Detroit 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.
Jobs growth within the office-using employment sectors subsided somewhat in 2014. Still, these sectors did record incremental expansion. Chart of the week
Jobs growth in Detroit slowed in 2014 but remained positive, with the economy adding 41,600 jobs for a growth rate of 2.2% and unemployment falling to 6.3%. While office sector job growth softened, these sectors still experienced incremental expansion and added 12,500 jobs total, led by 12,100 new jobs in professional and business services.
Jobs growth in Detroit slowed in 2014 but remained positive, with total non-farm employment increasing by 41,600 jobs or 2.2% and the unemployment rate falling to 6.3%. While growth in office-using sectors subsided, these sectors still expanded and added 12,500 jobs total, led by 12,100 new jobs in professional and business services. This modest growth in office employment is expected to translate to a small increase in office space demand over the coming year.
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.
The local labor force remained flat in July as the influx of college graduates leveled off. That, coupled with a growth in employment caused the unemployment rate to decline 20 basis points to 6.1 percent.
Similar to JLL Pittsburgh Office Insight - Q1 2015 (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.
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.
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%).
The East submarket has historically outperformed other suburban submarkets given its proximity to Fortune 1,000 companies and the region’s most affluent neighborhoods.
Philadelphia-based HaydenMaguire Real Estate Funds purchased of the Amazon distribution center at 2250 Roswell Drive for $29 million or $52 per square foot.
The East submarket has historically outperformed other suburban submarkets given its proximity to Fortune 1,000 companies and the region’s most affluent neighborhoods.
Here we will discuss the real estate investment checklist that will help you make an informed decision when investing in Indore.
Real estate investment is a popular way to grow your wealth and secure your financial future. It involves buying, owning, and managing a property for the purpose of generating income or appreciation.
We are delighted to present our latest commercial project, "Unity One," developed by TR Constructions and marketed by Sunil Agrawal and Associates.
We are delighted to present our latest commercial project, "Unity One," developed by TR Constructions and marketed by Sunil Agrawal and Associates.
➒➌➎➏➑➐➋➑➐➐ KALYAN MATKA | MATKA RESULT | KALYAN MATKA TIPS | SATTA MATKA | MATKA.COM | MATKA PANA JODI TODAY | BATTA SATKA | MATKA PATTI JODI NUMBER | MATKA RESULTS | MATKA CHART | MATKA JODI | SATTA COM | FULL RATE GAME | MATKA GAME | MATKA WAPKA | ALL MATKA RESULT LIVE ONLINE | MATKA RESULT | KALYAN MATKA RESULT | DPBOSS MATKA 143 | MAIN MATKA
Expressways of India: A Comprehensive Guidenarinav14
India’s expressway network is a testament to the nation’s dedication to improving infrastructure and connectivity. These high-speed corridors facilitate seamless travel across vast distances, reducing travel time and fuel consumption
Discover premium office spaces in London, including vibrant Shoreditch, scenic Richmond, Brentford, Boston Manor, Chislehurst, and Chiswick. Ideal for startups and established firms alike, these locations offer excellent amenities and transport links. Explore flexible solutions with Airivo to elevate your business environment.
M3M Sector 58 Gurgaon is a residential project that provides 2 BHK, 3 BHK, and 4 BHK luxury residences at the best prices. The development will feature advanced security systems with 24/7 surveillance to ensure the safety of all residents. Ample parking facilities will be available to accommodate the vehicles of residents and visitors.
For More Details
Visit: - m3m.developerprojects.com
Homes in Cumbria Presentation to assist youAskXX.com
Comprehensive Description of Homes in Cumbria Presentation
The "Homes in Cumbria" presentation provides an in-depth look at the real estate market in Cumbria, covering a wide range of topics relevant to prospective buyers and sellers. The presentation aims to explore various types of properties, property values, popular areas, and amenities, as well as offer guidance on selling properties and address frequently asked questions.
Welcome to Property in Cumbria
The introduction sets the stage by highlighting Cumbria's natural beauty and diverse property market. It outlines the main topics to be covered: property types, values, areas, amenities, FAQs, and tips for selling properties.
Presentation Overview
This section provides an overview of the entire presentation, detailing what the audience can expect. It introduces the types of properties available, property values in different areas, answers to common questions, and tips on selling property in Cumbria.
Property Types
Cumbria offers a wide range of property types, each catering to different preferences and lifestyles. This section dives into the specifics of each type:
Houses: Ranging from traditional cottages to modern mansions, houses in Cumbria come in various architectural styles including Tudor, Gothic, Victorian, and Arts and Crafts.
Flats: Ideal for those seeking low-maintenance living, flats range from compact studio flats to luxurious apartments with high-end amenities.
Bungalows: Single-story living spaces that are particularly suited for easy access and mobility, available in styles such as California, Craftsman, and English bungalows.
Farms: Offering a unique country living experience, farms in Cumbria range from smallholdings to large estates, with types including dairy farms, sheep farms, and crop farms.
Houses
This section provides a detailed look at the different types of houses in Cumbria:
Traditional Cottages: Often dating back to the 18th and 19th centuries, these homes feature stone or brick exteriors and thatched or slate roofs.
Modern Mansions: These houses boast large windows, open floor plans, and amenities like swimming pools and home theaters.
Architectural Designs: A variety of architectural styles are highlighted, each with unique features and characteristics.
Flats
Flats are a popular choice for those looking for convenience and low-maintenance living. This section covers:
Studio Flats: Compact and designed for simple living, ideal for young professionals and single individuals.
One-Bedroom Flats: Suitable for couples and small families, offering more space than studio flats.
Luxury Flats: High-end living spaces with premium amenities such as swimming pools, gyms, and concierge services.
Bungalows
Bungalows are explored in detail, highlighting their appeal for those seeking single-story living. Types of bungalows discussed include California bungalows, Craftsman bungalows, and English bungalows, each with distinctive design elements.
Find Your Dream Home at Urban Sereno: Premium 2-3 BHK Apartments in Bhubaneswargraphicparadice786
Step into a world of elegance and sophistication at Urban Sereno, where contemporary design meets premium living in the vibrant city of Bhubaneswar. Our 2 and 3 BHK apartments are meticulously crafted to offer unparalleled comfort and luxury, making Urban Sereno the perfect address for your dream home.
Our Mail-id- directsite369@gmail.com
Our Website-
https://urban-sereno.directsite.in/
Find Your Dream Home at Urban Sereno: Premium 2-3 BHK Apartments in Bhubaneswar
JLL Pittsburgh Office Insight - Q1 2015
1. Office-using employment sectors waver
Uneven employment results among the office-using employment sectors will
translate into muted office demand over the next 12 months. According to the
most recent estimates from the BLS, total non-farm employment in Pittsburgh
stood at ~1.1 million payrolls, representing an annualized increase of 9,200 jobs
or 81 basis points. Meanwhile, unemployment decreased 0.7 percentage points
year-over-year to 5.9 percent. Office-using employment sectors contracted over
the last year, recording an annualized net loss of 4,400 jobs across the metro.
The largest job losses occurred in the financial activities sector, where total
employment declined by 2,700 jobs year-over-year.
Office employment trends (12-month change)
Source: JLL Research
Deliveries and rightsizings to increase vacancy downtown
While Pittsburgh’s downtown Class A vacancy rate has been among the lowest
in the U.S. for the last several years, its Class B vacancy rate, currently at 25.0
percent, is among the highest in the country. Irrespective of class, vacancy
downtown is forecasted to rise before the end of the year. The increase will be
the result of two major factors. First, the 800,000-square-foot Tower at PNC
Plaza will deliver in the summer and PNC will relocate some operations from
leased offices, and second, BNY Mellon intends to consolidate its operations in
the region and vacant up to 650,000 square feet at 525 William Penn Place.
CBD vacancies
Source: JLL Research
Landlords are pushing rents irrespective of class or geography
Office landlords in Pittsburgh have been effectively increasing rents over the
several years. The average full service gross asking rent for the metro was
recorded at $21.91 per square foot at the end of the first quarter, an increase of
3.4 percent year-over-year. When compared to peer cities of Cleveland,
Columbus, Philadelphia and Baltimore, rents have increased the most in
Pittsburgh. Over the coming year, rent increases are forecasted to continue
within the Class A product type while asking rents for Class B assets are
forecasted to hold firm as vacancy increases and negotiating leverage shifts.
Average asking rents
Source: JLL Research
14.7%
Total vacancy
194,471
Q1 2015 net absorption (s.f.)
3.4%
12-month rent growth
641,000
Total under construction (s.f.)
37%
Total preleased
Office Insight
Pittsburgh | Q1 2015
Tenants are soon to find more options downtown
(10.0)
0.0
10.0
2011 2012 2013 2014 Q1 2015
Financial Activities Professional & Business Services Information Government
0%
15%
30%
2011 2012 2013 2014 Q1 2015
Class A Class B
$18.00
$21.00
$24.00
2011 2012 2013 2014 Q1 2015
Class A Class B
雅虎竞拍
煤炉代买
paypay商城
乐天二手
日本亚马逊
乐天新品
ZOZOTOWN
