Yearly Archives: 2016

Developers focus on Philadelphia’s prime locations

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The U.S. Industrial Outlook offers an in-depth analysis of property fundamentals, indicators and market drivers in the major industrial markets in the United States. The following briefs the latest developments in the Philadelphia market:

Speculative development is on the rise: Construction activity continues to be one of the prime drivers of the Philadelphia industrial market. Availabilities and vacancies are at all-time lows, encouraging speculative construction to address the needs of 30,898,500 square… Read More

The Sale of ShopRite Anchored Center in Glenolden

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Our Capital Markets Group is pleased to announce on behalf of MCB Real Estate and Alex Brown Realty that it has closed the investment sale of 140 N. MacDade Boulevard in Glenolden, Pennsylvania to Wharton Realty Group. The property, a 108,587 square foot grocery-anchored shopping center, features a newly renovated ShopRite and is at 100% occupancy.

The State of Our Market

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Urban Land Institute’s 2016 Emerging Trends in Real Estate Outlook recommends, “Look to key secondary markets.” And many are following this advice.

Statistics to consider:

  • Philadelphia notched $9 billion in office transaction volumes around the region in 2015, up 44 percent year-over-year.
  • Nearly 30 million square feet is currently under development across all asset classes.
  • More than 100,000 millennials have moved to the city since 2006, representing a 6.3 percent increase in share of population
  • Read More

An Update on JLL’s Construction Perspective

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Construction activity expected to grow in 2016, but the ascent will be slower.

2015 was a remarkable year for post-recession construction activity. The construction industry took one of the hardest-hits in 2009-2010, and has been slow to bounce back and rebuild their business activity – until 2015.

Highlights include:

  • Office space under construction peaked at 92.8 m.s.f.
    • Philadelphia was at 3.2 m.s.f. in Q4 2015
  • Construction costs increased in primary office markets, driven by skyrocketing labor
  • Read More

JLL Lands Three Spots in the Mid Atlantic Real Estate Journal’s “Best of 2015”

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The Mid Atlantic Real Estate Journal’s “Best of” highlights the largest developments, major financial transactions, largest office, retail & industrial transactions, as well as the most unusual architectural and construction projects. In addition, the list features the owners, brokers, developers, architects who made it all happen.

JLL is proud to be recognized in the Mid Atlantic Real Estate Journal’s “Best of 2015” in three different categories:

 

TOP BROKERS

James Galbally and Douglas Rodio, Managing Directors,… Read More

A Valuable Real Estate Partner in Philadelphia’s Booming Economy

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It’s an exciting time for Philadelphia, and no firm knows that better than us. 

“There’s a real buzz here,” says Mike McCurdy, managing director of the Philadelphia market. “Cranes are everywhere, and new retailers are coming in. Millennials through Baby Boomers are moving downtown, while key suburban markets remain strong. It’s the best economy I’ve seen in my 30-year real estate career here.”

Why here? Why now?

Philadelphia has historically maintained a fairly stable economy—never… Read More

There is no “pumping the breaks” for the U.S. office market

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Year-end results proved that economic expansion has reached a tipping point in many markets across the U.S, pushing rental rates to pre-recession levels. Activity is now spreading beyond West and Northeast into Sun Belt markets on the heels of demographic, financial and professional business services growth.

What other trends have we seen and what do they mean for 2016?

  1. The U.S. economy continued to expand in 2015 through both employment and output, despite
  2. Read More
Categories: News, Office and tagged , , , .

JLL Announces Sale of Chester Creek Business Center

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100, 120 & 130 Concord Road

100, 120 & 130 Concord Road

On behalf of CSG Partners and The Davis Companies, we are pleased to announce that we have closed the investment sale of Chester Creek Business Center located at 100, 120 & 130 Concord Road in Aston, PA to a client of Bentall Kennedy. The three property portfolio totals 179,182 square… Read More

“Uber just opened a big ol’ corporate-looking office in Southwest Philly”… and we built it out

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“We were proud to build out your new Philly space #Uber!” – JLL PDS & Construction, Jim McGrath, Phil Tortorelli & Pat Wahl

Uber offices in S. Philadelphia

According to Technical.ly Philly, the ridesharing company has set down roots deep in Southwest Philly, just north of the airport, and… Read More