The Wilbert Group Blog

Posts tagged Jones Lang LaSalle

Making News: Our Clients in the Headlines

Share
  1. Are you in the know about the TAMI (technology, advertising, media and information technology) sector? Brannan Moss, senior managing director, and Juliet Potter, vice president and director of research at Jones Lang LaSalle (JLL) showed their expertise in this week’s Atlanta Business Chronicle. Detailing the growing demand for non-traditional, “creative” office workspaces in the Atlanta area, Moss said, “To be successful, these facilities need to be located in areas with amenities including good transportation infrastructure and vibrant retail opportunities.” Potter went on, “Demand for creative office space is following the fundamental shift in the ways companies desire to acquire and retain the best talent.”

 

Mike Ferrer, broker in charge of Lincoln Harris’ Charleston office

Mike Ferrer, broker in charge of Lincoln Harris’ Charleston office

  1. Mike Ferrer, broker in charge of Lincoln Harris’ Charleston office, recently sat down with Globe St. to discuss the booming commercial real estate industry in Charleston. Ferrer says that the statistics back up his claims, with the office market vacancy falling from 11 percent in the first quarter of 2014 to 7.8 percent in the second quarter of 2015. Increasing demand has also pushed up gross asking rents to $19.49 per square foot in the first quarter this year. In tandem, the population of Charleston has seen a recent boom, with a 50 percent increase in the last decade. Clearly Ferrer is being quite modest when he says, “…the market is producing a favorable environment for commercial real estate growth.”

 

  1. Fisher & Phillips’ managing partner Bert Brannen recently had an op-ed published in the Daily Report concerning the this week’s latest “Defaltegate” scandal. The latest development: a judge overturned Patriots quarterback Tom Brady’s four game suspension by the NFL, and Brannen realized this was a potential lesson for employers in Georgia. In fact, he has four different lessons including ensuring that employees fully understand company rules and that the punishment fits the crime.

 

  1. Globe St. published an article this week investigating just why the Atlanta Beltline is so popular. Tim Schrager, board chairman of the Atlanta Apartment Association, gave his opinion, “People want to be able to travel between hot neighborhoods like Midtown and Inman Park without fighting Atlanta traffic, and the BeltLine makes that possible,” Schrager says. “That’s an attractive benefit to young professionals, families and retirees alike.” The Beltline is among the most wide-ranging urban redevelopment programs currently underway in the United States. It is a sustainable redevelopment project that will provide a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other.

 

Mark Toro, managing partner and chairman of North American Properties

Mark Toro, managing partner and chairman of North American Properties

  1. Mark Toro, managing partner and chairman of North American Properties, was recently interviewed by none other than the New York Times. Toro details his company’s culture of “Who will do what by when?” which means that, “If somebody says during a meeting, ‘We’ve got to get this lease signed,’ everybody knows what the follow-up question is going to be.” Toro then went on to give some advice on how to handle the people you work with, “There are only two types of people in the world: people who do what they say they’re going to do when they say they’re going to do it, and people who don’t do what they say they’re going to do when they say they’re going to do it.”

Top Five Takeaways From Bisnow’s State of the Market

Share

Yesterday morning, the commercial real estate community gathered at Bisnow to hear top professionals share their thoughts on the state of the Atlanta market. The keynote speaker was Patrick O’Keefe, director of economic research at CohnReznick. Wes Hudson, managing partner of CohnReznick, moderated the first panel, which included Larry Gellerstedt, president and CEO of Cousins Properties; Mark Toro, partner of North American Properties; Scott Taylor, president of Carter; and John Beam, managing director of Centerline Capital Group. Thomas Hruby, Jr. director of Beck, moderated the second panel, which included Jim Bacchetta, vice president of Highwoods Properties; John Robbins, managing director of Granite Properties; Rob Metcalf, senior managing director of Jones Lang LaSalle; and Casey Keitchen, vice president of Bull Realty.

The panel at Bisnow’s State of the Market in Atlanta on April 24, 2013.

The general tone of the event was positive, with several speakers commenting that they have seen an uptick in commercial real estate. With a slowly improving job market, O’Keefe said that later this year, growth will accelerate at an even more rapid pace. Below are five of the big takeaway points from Bisnow’s State of the Market:

#1 Atlanta has several strengths that are hard to replicate that will help the commercial real estate market continue to improve. Gellerstedt pointed directly to the Hartsfield-Jackson International Airport as well as the great presence of colleges and universities in Atlanta. In fact, Atlanta is the city with the fourth highest number of undergrads in the country.

#2 The multifamily market continues to boom — and shows no signs of stopping. Beam stated that 4,400 units are currently under construction in the Buckhead and Midtown submarkets. Rents have increased to approximately $2 per foot in Midtown and approximately $1.50 per foot in Buckhead. Additionally, last year 15 Class A properties sold with an average price of $160,000 per unit.

#3 Walkability is key to future development, said Toro. Projects that offer access to entertainment, retail and office space within a walkable distance are the first sign that Atlanta is becoming a real city. Developments such as Emory Point will continue to become more and more common as cities are built out.

#4 The office market has changed forever in how occupiers use space. Taylor stated that companies will use approximately 30 percent less space going forward. The next generation of office development will include more mixed-use smaller buildings with more light and less space.

#5 The flight-to-quality trend continues in the office arena on both the leasing and sales side. Keitchen added that the office market in Atlanta experienced positive net absorption of 200,000 square feet in the first quarter. Robbins anticipated overall absorption for 2013 to come in around 2 million, provided job growth continues to occur.