Market Data

Regional Outlook


New York City's Big Deal

Brooklyn's renaissance in housing and multifamily is starting to spill over into office properties. Tishman Speyer will construct a 620,000-sf  office tower on top of a Macy's store in New York City's biggest borough. The $500 million project will integrate the top four stories of a vintage 1930 Macy's store with new amenities-rich construction to create a 10-story building, which will be ready for tenants by mid-2019. This new development is part of a surge in speculative office buildings in Brooklyn, according to the New York Times. The building will offer high-quality office space at a lower cost per square foot than Manhattan, and is close to transportation and many talented professionals. Currently, downtown Brooklyn has 17 msf  of office space with new office construction expected to add 2 msf to 3 msf more. The office vacancy rate is a tight 3.1 percent. 


Courting Recent College Grads in Chicago Student Housing

A joint venture, including the Scion Group, purchased a 580-bed student housing complex near DePaul University in Chicago. The joint venture plans to market the property to recent graduates and medical residents who enjoy the communal living and lower costs of their college years, according to Crain's Chicago Business. It's a low-cost alternative for recent grads who don't make enough money to afford their own place and will help to fill the current 10- to 15-percent vacancy in the building.


{Southwest and West}

Grocery Shopping Trends

Of the 440 grocery stores opened in the U.S. during 2016,  27 percent opened in the states of Texas and California, according to JLL's Grocery Tracker. Aldi and Grocery Outlet dominated California, while Kroger and H-E-B moved into Texas. Overall, Aldi and Whole Foods opened the greatest numbers of stores.

JLL notes three trends transforming grocery shopping.

  1. Rise of the grocerant, which combines a restaurant and grocery hybrid store, with prepared food sections.
  2. Technology gives back time. Grocery stores are starting to offer online ordering with in-store pickups, and a new scan-and-go app tallies purchases as customers shop.
  3. Everyone's a personal chef. Blue Apron, Plated, and Hello Fresh provide consumers with meal kits delivered to their doors to make their own dinners.


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