Numerous companies are relocating their headquarters to downtown Chicago from the suburbs. From 2010 to 2015, approximately 2.5 million square feet of office space was absorbed in the Chicago central business district (CBD) as 43 companies relocated from the suburbs. The West Loop gained nearly half of the space taken by companies moving from the suburbs, while River North absorbed over 30% of the space. Relocating to the CBD is typically associated with desires for employee attraction and retention, prestige office space, and access to talent, while staying in the suburbs focuses on lower costs, existing labor pools, and specific space needs. The decision to move downtown or remain in the suburbs depends on each company's unique needs and priorities.
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.
Commercial Real Estate Market Overview August 2015_tcm78-50654Yirong Song
The document summarizes commercial real estate market trends from 1950-2015. It discusses the post-WWII shift from central business district (CBD) office space to suburban office space due to demographic and economic factors. Starting in the late 1990s and 2000s, CBD office demand increased as crime rates fell and millennials entered the workforce. While CBDs have generally outperformed suburbs, some technology and energy markets saw stronger suburban growth after 2008. Across property types, vacancy rates declined and prices rose from 2014-2015, though retail prices remain below 2007 levels. The industrial, apartment, and office sectors are expected to see declining vacancies and rent growth amid new supply.
The document provides an executive summary of CBRE Research's 2016 TechBook Chicago report. It finds that Chicago's tech ecosystem continues to grow, with tech tenants occupying 11.5 million square feet in the CBD. The largest concentration is in the West Loop submarket, while the greatest impact has been in the Fulton Market/Far West Loop area where tech makes up 45.2% of the inventory. Demand for office space from tech companies has risen significantly in recent years, with over 6.8 million square feet leased since 2011. However, concerns remain about a possible tech bubble given high valuations of some startups.
The EPA has released new carbon emissions standards for trucks that will require a 25% reduction in emissions by 2027. This will impact both the trucking industry and industrial real estate sector. The new standards will increase costs for trucking companies but save on fuel costs in the long run. For industrial real estate, the changes may lead to greater dependence on rail and fewer but larger distribution centers over the long term as efficiency reduces the need for as many sites. Smaller trucking fleets especially may struggle with the costs of compliance.
Automated technology is driving changes in real estate, especially for industrial and logistics properties. Three key technologies are autonomous vehicles, 3D printing, and increased automation in warehouses. Autonomous vehicles have the potential to significantly cut labor costs for trucking and expand the coverage area trucks can provide. This may lead to construction of more remote and larger warehouses. Increased automation in warehouses will also change building requirements to accommodate new technology and robotics. Overall, these technologies are expected to transform supply chain networks and the industrial and logistics real estate sector.
Global prime logistics yields continued to decline in 2016 due to strong capital flows to the sector. Prime logistics provides higher yields than other property types, attracting investors. Demand remains robust in top markets in the Americas, EMEA, and Asia Pacific due to economic growth, e-commerce, and supply chain transformations. While investment activity is expected to remain strong in major hubs, investors may proceed cautiously in 2017 given potential economic and political uncertainties.
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.
Commercial Real Estate Market Overview August 2015_tcm78-50654Yirong Song
The document summarizes commercial real estate market trends from 1950-2015. It discusses the post-WWII shift from central business district (CBD) office space to suburban office space due to demographic and economic factors. Starting in the late 1990s and 2000s, CBD office demand increased as crime rates fell and millennials entered the workforce. While CBDs have generally outperformed suburbs, some technology and energy markets saw stronger suburban growth after 2008. Across property types, vacancy rates declined and prices rose from 2014-2015, though retail prices remain below 2007 levels. The industrial, apartment, and office sectors are expected to see declining vacancies and rent growth amid new supply.
The document provides an executive summary of CBRE Research's 2016 TechBook Chicago report. It finds that Chicago's tech ecosystem continues to grow, with tech tenants occupying 11.5 million square feet in the CBD. The largest concentration is in the West Loop submarket, while the greatest impact has been in the Fulton Market/Far West Loop area where tech makes up 45.2% of the inventory. Demand for office space from tech companies has risen significantly in recent years, with over 6.8 million square feet leased since 2011. However, concerns remain about a possible tech bubble given high valuations of some startups.
The EPA has released new carbon emissions standards for trucks that will require a 25% reduction in emissions by 2027. This will impact both the trucking industry and industrial real estate sector. The new standards will increase costs for trucking companies but save on fuel costs in the long run. For industrial real estate, the changes may lead to greater dependence on rail and fewer but larger distribution centers over the long term as efficiency reduces the need for as many sites. Smaller trucking fleets especially may struggle with the costs of compliance.
Automated technology is driving changes in real estate, especially for industrial and logistics properties. Three key technologies are autonomous vehicles, 3D printing, and increased automation in warehouses. Autonomous vehicles have the potential to significantly cut labor costs for trucking and expand the coverage area trucks can provide. This may lead to construction of more remote and larger warehouses. Increased automation in warehouses will also change building requirements to accommodate new technology and robotics. Overall, these technologies are expected to transform supply chain networks and the industrial and logistics real estate sector.
Global prime logistics yields continued to decline in 2016 due to strong capital flows to the sector. Prime logistics provides higher yields than other property types, attracting investors. Demand remains robust in top markets in the Americas, EMEA, and Asia Pacific due to economic growth, e-commerce, and supply chain transformations. While investment activity is expected to remain strong in major hubs, investors may proceed cautiously in 2017 given potential economic and political uncertainties.
RECI July 2016 Metro Chicago Core MOB SnapshotThomas Amato
The document provides an analysis of the Metro Chicago medical office building (MOB) market for the second quarter of 2016. It finds that while job growth and demand for healthcare services remains strong, the MOB market is showing signs of slowing absorption due to a large single vacancy. Specifically, vacancy rose to 13.7% due to the vacancy of a 153,000 square foot building, while average asking rents continued to increase. The outlook remains positive, with expectations that vacancy will decline over the long term as demand and MOB job growth remain strong, fueling need for additional space.
The document discusses trends in global cities based on a Knight Frank report. It provides information on various cities including New York, London, and Mumbai. In New York, Williamsburg and DUMBO are highlighted as prime neighborhoods, while in London, Shoreditch and Victoria Park are emerging. For Mumbai, Wadala and Chembur are cited as upcoming prime neighborhoods. Charts show office and residential data for various cities globally, with Mumbai ranking mid-range for metrics like rents, yields and vacancy rates.
The document provides an overview of the Draft Preferred Scenario for the Plan Bay Area 2040, which establishes a 24-year regional vision for growth and investment. It summarizes the key land use and transportation strategies, which include focusing growth in Priority Development Areas, operating and maintaining the existing transportation system, and modernizing and expanding strategically. While the land use pattern meets environmental goals, it does not fully address the region's affordability issues. The Draft Preferred Scenario allocates over 90% of funds to maintenance and modernization of the existing system.
The Woodlands office market continues to struggle due to low oil prices, though it is faring better than most of Houston. Vacancy increased in Q2 2016 to 11.4% due to a new 240,000 square foot Class A building delivering fully vacant. While there is over 1.7 million square feet of vacant space, only five buildings can accommodate tenants needing 100,000 square feet or more, comprising 3.6% of Houston-wide large space availability. Rental rates are declining for Class B space as vacancy rises.
Pebs 2016 keynote pdf cortright bta may2016Scottabarrow
This document discusses the economic importance of bikable and walkable places. It summarizes research showing that:
- Talented young workers increasingly seek out dense, diverse, transit-served cities and neighborhoods that are bikeable and walkable.
- As a result, many companies are choosing to locate or expand in walkable downtown areas in order to attract and retain top talent.
- Walkable cities are experiencing economic growth and increasing property values, while driving and freight transportation are declining in importance to the new knowledge-based economy.
The Woodlands office market report summarizes Q1 2016 data. Vacancy rates decreased across most classes compared to Q4 2015, with the exception of class C. Net absorption remained positive while class A rental rates increased. The greater Houston area economy is impacted by oil prices, but The Woodlands office market is performing better than expected given low oil prices around $40 per barrel. Recent transportation projects may boost the submarket.
The document summarizes the findings of GL Hearn's 2014 Annual Planning Survey on accelerating housing delivery in London. Some key findings include:
- Major planning applications in London increased 32% from 2012-2013 to 2013-2014, rebounding from a post-recession dip.
- However, the average time for determining applications remained at 6 months, and applicants generally expressed dissatisfaction with length of the planning process.
- Stakeholders including planning authorities and applicants identified barriers like funding, demand, land shortages, and the planning system itself. Reforms were discussed but most felt the system still had significant problems.
- Further reforms were proposed to address delays, like reducing information requirements and strengthening pre-application
I created this PowerPoint presentation .
My goal was to update senior management of the Real Estate Investment Group on national trends in supply and demand, rent growth, and transaction volume. I highlighted some research that CBD office properties have recovered in value faster than suburban office properties.
Since Real Estate is a derived demand, I then recommended that Allstate explore investment opportunities in three markets (Denver, Charlotte, and Nashville) that are experiencing large job creation.
The document provides unconstrained market forecasts for Loudoun County through 2040 that project demand for various real estate products without considering constraints like land availability or policy decisions. It forecasts population and job growth under low, medium, and high scenarios and allocates the resulting demand for housing, retail, office, industrial and other uses to different areas of the county. The unconstrained forecasts will inform a constrained vision for future growth.
The document discusses tourism in Minnesota and the Twin Cities region. It notes that tourism generates $14.4 billion annually for Minnesota and supports 254,000 jobs. The Twin Cities region accounts for 68% of Minnesota's tourism revenues. Money from lodging taxes in Coon Rapids and other cities goes towards marketing the area to attract more visitors through a nonprofit called Twin Cities Gateway. Having more visitors enhances the perception of communities, attracts new businesses and jobs, and supports local businesses. The document outlines Twin Cities Gateway's marketing strategies and initiatives to attract sports tournaments, meetings, and other events to the area to increase tourism.
The document discusses trends in urbanization and the growth of megacities. The key points are:
1) The vast majority of the world's largest and fastest growing megacities with populations over 10 million are located in developing countries. China and India are experiencing entirely new cities forming while cities in other countries are rapidly expanding.
2) Urbanization, especially in developing countries, is causing populations to move to cities at an accelerating rate. This brings opportunities but also challenges for companies relating to this growth.
3) Some of the fastest growing megacities are Dhaka, Bangladesh expected to grow 53% and Beijing expected to grow 44% between 2000-2010. China is expected to add dozens
Lancaster County PA Economic Forecast--High Associates Ltd. 02-12-2014highadmin
This document summarizes 2013 macroeconomic assumptions and national real estate market conditions. For 2013, GDP growth was estimated at 2.7% with unemployment projected to decline from 7.9% to 6.7% nationally. Across real estate sectors, apartments rents exceeded pre-recession peaks while industrial saw strong absorption. Office occupancy recovered in central business districts with suburban office on a slower recovery path. Cap rates declined across all sectors as equity investment remained abundant seeking "core" and "value added" deals.
Performance based budgeting in haverhill for a better tomorrow by brandeis un...John Michitson
Strategic planning and data-driven performance based budgeting for Haverhill, MA by MBA students from Brandeis University. A way to base funding on priorities and measured results!
Continued economic and job growth is driving occupancy and rent growth in the San Diego office market. Vacancy fell to 15.1% in Q3 2016, the lowest in nine years. Absorption was positive across the North, Central, and South regions in Q3. Growth is expected to continue into 2017 due to forecasted increases in employment, especially in healthcare. New leasing activity and pre-leasing of under construction space will boost future absorption. Emerging trends include demand for amenity-rich spaces appealing to Millennials and increased co-working activity.
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.
RECI July 2016 Metro Chicago Core MOB SnapshotThomas Amato
The document provides an analysis of the Metro Chicago medical office building (MOB) market for the second quarter of 2016. It finds that while job growth and demand for healthcare services remains strong, the MOB market is showing signs of slowing absorption due to a large single vacancy. Specifically, vacancy rose to 13.7% due to the vacancy of a 153,000 square foot building, while average asking rents continued to increase. The outlook remains positive, with expectations that vacancy will decline over the long term as demand and MOB job growth remain strong, fueling need for additional space.
The document discusses trends in global cities based on a Knight Frank report. It provides information on various cities including New York, London, and Mumbai. In New York, Williamsburg and DUMBO are highlighted as prime neighborhoods, while in London, Shoreditch and Victoria Park are emerging. For Mumbai, Wadala and Chembur are cited as upcoming prime neighborhoods. Charts show office and residential data for various cities globally, with Mumbai ranking mid-range for metrics like rents, yields and vacancy rates.
The document provides an overview of the Draft Preferred Scenario for the Plan Bay Area 2040, which establishes a 24-year regional vision for growth and investment. It summarizes the key land use and transportation strategies, which include focusing growth in Priority Development Areas, operating and maintaining the existing transportation system, and modernizing and expanding strategically. While the land use pattern meets environmental goals, it does not fully address the region's affordability issues. The Draft Preferred Scenario allocates over 90% of funds to maintenance and modernization of the existing system.
The Woodlands office market continues to struggle due to low oil prices, though it is faring better than most of Houston. Vacancy increased in Q2 2016 to 11.4% due to a new 240,000 square foot Class A building delivering fully vacant. While there is over 1.7 million square feet of vacant space, only five buildings can accommodate tenants needing 100,000 square feet or more, comprising 3.6% of Houston-wide large space availability. Rental rates are declining for Class B space as vacancy rises.
Pebs 2016 keynote pdf cortright bta may2016Scottabarrow
This document discusses the economic importance of bikable and walkable places. It summarizes research showing that:
- Talented young workers increasingly seek out dense, diverse, transit-served cities and neighborhoods that are bikeable and walkable.
- As a result, many companies are choosing to locate or expand in walkable downtown areas in order to attract and retain top talent.
- Walkable cities are experiencing economic growth and increasing property values, while driving and freight transportation are declining in importance to the new knowledge-based economy.
The Woodlands office market report summarizes Q1 2016 data. Vacancy rates decreased across most classes compared to Q4 2015, with the exception of class C. Net absorption remained positive while class A rental rates increased. The greater Houston area economy is impacted by oil prices, but The Woodlands office market is performing better than expected given low oil prices around $40 per barrel. Recent transportation projects may boost the submarket.
The document summarizes the findings of GL Hearn's 2014 Annual Planning Survey on accelerating housing delivery in London. Some key findings include:
- Major planning applications in London increased 32% from 2012-2013 to 2013-2014, rebounding from a post-recession dip.
- However, the average time for determining applications remained at 6 months, and applicants generally expressed dissatisfaction with length of the planning process.
- Stakeholders including planning authorities and applicants identified barriers like funding, demand, land shortages, and the planning system itself. Reforms were discussed but most felt the system still had significant problems.
- Further reforms were proposed to address delays, like reducing information requirements and strengthening pre-application
I created this PowerPoint presentation .
My goal was to update senior management of the Real Estate Investment Group on national trends in supply and demand, rent growth, and transaction volume. I highlighted some research that CBD office properties have recovered in value faster than suburban office properties.
Since Real Estate is a derived demand, I then recommended that Allstate explore investment opportunities in three markets (Denver, Charlotte, and Nashville) that are experiencing large job creation.
The document provides unconstrained market forecasts for Loudoun County through 2040 that project demand for various real estate products without considering constraints like land availability or policy decisions. It forecasts population and job growth under low, medium, and high scenarios and allocates the resulting demand for housing, retail, office, industrial and other uses to different areas of the county. The unconstrained forecasts will inform a constrained vision for future growth.
The document discusses tourism in Minnesota and the Twin Cities region. It notes that tourism generates $14.4 billion annually for Minnesota and supports 254,000 jobs. The Twin Cities region accounts for 68% of Minnesota's tourism revenues. Money from lodging taxes in Coon Rapids and other cities goes towards marketing the area to attract more visitors through a nonprofit called Twin Cities Gateway. Having more visitors enhances the perception of communities, attracts new businesses and jobs, and supports local businesses. The document outlines Twin Cities Gateway's marketing strategies and initiatives to attract sports tournaments, meetings, and other events to the area to increase tourism.
The document discusses trends in urbanization and the growth of megacities. The key points are:
1) The vast majority of the world's largest and fastest growing megacities with populations over 10 million are located in developing countries. China and India are experiencing entirely new cities forming while cities in other countries are rapidly expanding.
2) Urbanization, especially in developing countries, is causing populations to move to cities at an accelerating rate. This brings opportunities but also challenges for companies relating to this growth.
3) Some of the fastest growing megacities are Dhaka, Bangladesh expected to grow 53% and Beijing expected to grow 44% between 2000-2010. China is expected to add dozens
Lancaster County PA Economic Forecast--High Associates Ltd. 02-12-2014highadmin
This document summarizes 2013 macroeconomic assumptions and national real estate market conditions. For 2013, GDP growth was estimated at 2.7% with unemployment projected to decline from 7.9% to 6.7% nationally. Across real estate sectors, apartments rents exceeded pre-recession peaks while industrial saw strong absorption. Office occupancy recovered in central business districts with suburban office on a slower recovery path. Cap rates declined across all sectors as equity investment remained abundant seeking "core" and "value added" deals.
Performance based budgeting in haverhill for a better tomorrow by brandeis un...John Michitson
Strategic planning and data-driven performance based budgeting for Haverhill, MA by MBA students from Brandeis University. A way to base funding on priorities and measured results!
Continued economic and job growth is driving occupancy and rent growth in the San Diego office market. Vacancy fell to 15.1% in Q3 2016, the lowest in nine years. Absorption was positive across the North, Central, and South regions in Q3. Growth is expected to continue into 2017 due to forecasted increases in employment, especially in healthcare. New leasing activity and pre-leasing of under construction space will boost future absorption. Emerging trends include demand for amenity-rich spaces appealing to Millennials and increased co-working activity.
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.
Similar to Urban Migration Viewpoint_Apr 2016 (20)
9. Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy,
we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and
completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be
reproduced without prior written permission of CBRE.
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