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JLL Research
Cleveland | Q1 2017
Office
Outlook
An in-depth look at the
Cleveland office market.
Analysis includes leasing,
sales, construction and
employment.
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q1 2017
Insight
Key Tower, Ohio’s tallest building and the centerpiece of the Cleveland
Skyline, traded hands in the first quarter. Millennia Companies purchased the
1.3-million-square-foot office building along with a 400-room Marriott hotel
and a 1,000-space parking garage for $267.5 million. Millennia will move its
offices to Key Tower later this year followed by the headquarters of Forest City
in the spring of 2018. The two companies will lease a combined 196,000
square feet, increasing occupancy in the tower to about 95.0 percent.
Downtown Cleveland’s office market has improved significantly in recent
years, thanks to the urban migration of office tenants and office-to-residential
conversions. As it stands now, the three trophy office buildings in downtown
Cleveland (Key Tower, 200 Public Square, and the Ernst & Young Tower) are
more than 90.0 percent leased, a positive indicator on the market’s health.
Office demand is also strong in the suburbs, prompting the first speculative
office developments in years. Developers are particularly bullish on the East
submarket where three projects are under construction: Pinecrest (150,000
square feet) in Orange, Van Aken (66,000 square feet) in Shaker Heights, and
Highlands Center (47,000 square feet) in Beachwood. All three of these
properties have secured preleasing commitments, signaling a willingness by
companies to pay a rent premium for well-located, modern office space.
Outlook
Cleveland’s strengthening economy will translate into increased office
demand in 2017. Downtown Cleveland will remain a key beneficiary of this
growth, with declining office vacancy and increased investor interest. The
pace of preleasing will pick up at the speculative office developments in the
East submarket. And finally, we will be watching the burgeoning Midtown
submarket closely this year. This neighborhood is seeing increased interest
from tenants and developers, and we think 2017 will be a breakout year.
Fundamentals Forecast
YTD net absorption 3,570 s.f. ▲
Under construction 263,000 s.f. ▶
Total vacancy 19.0% ▶
Average asking rent (gross) $18.79 p.s.f. ▲
Concessions Falling ▼
-250,000
250,000
750,000
2013 2014 2015 2016 YTD
2017
Supply and demand (s.f.) Net absorption
Deliveries
Increased demand from the business community
prompts speculative office developments
20.6%
19.9% 20.0%
19.0% 19.0%
2013 2014 2015 2016 2017
Total vacancy
$10.00
$15.00
$20.00
$25.00
2013 2014 2015 2016 2017
Average asking rents ($/s.f.) Class A
Class B
• Key Center sold for a blockbuster $267.5 million. Millennia and Forest City
will move into the office tower, increasing occupancy to 95.0 percent.
• Three speculative office developments are under construction in the East
submarket. Look for preleasing at these projects to accelerate in 2017.
• Tenant interest in the Midtown submarket is growing, prompting
Hemingway to move forward with its Link 59 office development.
Cleveland Office Outlook
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q1 2017
Statistics
Cleveland Office Outlook
Class
Inventory
(s.f.)
Total net
absorption
(s.f.)
YTD total net
absorption
(s.f.)
YTD total net
absorption
(% of stock)
Direct
vacancy (%)
Total
vacancy (%)
Average
direct asking
rent ($p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
CBD Totals 15,345,311 66,095 66,095 0.4% 20.0% 20.5% $19.56 0 0
Northeast Totals 557,695 -35,005 -35,005 -6.3% 29.4% 30.1% $15.61 0 0
East Totals 3,779,116 7,806 7,806 0.2% 12.9% 14.1% $20.28 0 263,000
Southeast Totals 992,906 -23,661 -23,661 -2.4% 11.1% 12.8% $17.31 0 0
South Totals 4,788,748 -35,021 -35,021 -0.7% 18.0% 18.2% $17.94 0 0
Southwest Totals 1,096,322 -8,525 -8,525 -0.8% 30.0% 30.0% $16.88 0 0
West Totals 1,939,302 31,881 31,881 1.6% 12.3% 12.3% $16.14 0 0
Suburbs Totals 13,154,089 -62,525 -62,525 -0.5% 16.7% 17.2% $17.92 0 263,000
Cleveland Totals 28,499,400 3,570 3,570 0.0% 18.5% 19.0% $18.79 0 263,000
CBD A 5,854,816 11,146 11,146 0.2% 13.4% 14.1% $24.15 0 0
East A 1,787,285 5,434 5,434 0.3% 10.0% 11.2% $23.14 0 263,000
Southeast A 241,105 0 0 0.0% 0.1% 7.2% $23.00 0 0
South A 1,839,945 -22,459 -22,459 -1.2% 14.5% 15.0% $21.12 0 0
Southwest A 88,000 0 0 0.0% 6.4% 6.4% $0.00 0 0
West A 539,951 8,940 8,940 1.7% 4.5% 4.5% $19.99 0 0
Suburbs A 4,496,286 -8,085 -8,085 -0.2% 10.6% 11.6% $21.81 0 263,000
Cleveland A 10,351,102 3,061 3,061 0.0% 12.2% 13.0% $23.17 0 263,000
CBD B 9,490,495 54,949 54,949 0.6% 24.0% 24.4% $18.17 0 0
Northeast B 557,695 -35,005 -35,005 -6.3% 29.4% 30.1% $15.61 0 0
East B 1,991,831 2,372 2,372 0.1% 15.6% 16.7% $18.75 0 0
Southeast B 751,801 -23,661 -23,661 -3.1% 14.6% 14.6% $17.29 0 0
South B 2,948,803 -12,562 -12,562 -0.4% 20.2% 20.2% $17.09 0 0
Southwest B 1,008,322 -8,525 -8,525 -0.8% 32.1% 32.1% $16.74 0 0
West B 1,399,351 22,941 22,941 1.6% 15.4% 15.4% $15.70 0 0
Suburbs B 8,657,803 -54,440 -54,440 -0.6% 19.9% 20.2% $17.05 0 0
Cleveland B 18,148,298 509 509 0.0% 22.0% 22.4% $17.63 0 0
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q1 2017
Construction
Cleveland Office Outlook
Address: 5900 E. 59 Street
Square feet: 62,000
Tenant: TBD
Owner: Hemingway Development
Estimated completion:
Q3 2017
Address: 3910 Orange Place
Square feet: 150,000
Tenant: Alliance Prime
Owner: Fairmount Properties
Estimated completion:
Q3 2018
Estimated completion:
Q1 2018
Estimated completion:
Q3 2017
Address: 20159 Van Aken
Square feet: 66,000
Tenants: ABA, RMS, and others
Owner: RMS Investment
Address: 3900 Park East
Square feet: 47,000
Tenant: Glenmede
Owner: Palmieri Enterprises
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q1 2017
Leasing
Cleveland Office Outlook
This report analyzes leasing activity ≥ 5,000 square feet over a 12 month period, ending March 31, 2017.
Leasing activity by size
2,005,227
109
1,178,325
706,358
120,544
1,084,093
921,134
Growing Shrinking Stable
1,059,226
859,976
86,025
Notable leasing transactions
Submarket Size Footprint
CBD 148,000 Direct Stable
East 115,000 Direct Stable
CBD 107,000 Direct Growing
CBD 88,000 Direct Growing
CBD 79,000 Direct Stable
CBD 52,000 Direct Stable
CBD 48,000 Direct Growing
Southwest 46,000 Direct Stable
CBD 45,000 Direct Stable
Midtown 43,000 Direct Growing
CEOGC 1801 Superior Avenue
IBM 9500 Euclid Avenue
Hyatt Legal Plans 1111 Superior Avenue
Victory Capital 4900 Tiedeman Road
McDonald Hopkins 600 Superior Avenue
Taft 200 Public Square
New York Life Insurance 200 Public Square
PriceWaterhouseCoopers 200 Public Square
Forest City Enterprises 127 Public Square
Progressive Insurance 5920 Landerbrook Drive
Tenant Address Type
Leasing activity by transaction type
New Lease
Renewal
Expansion in building
Tenant footprint Leasing activity by industry Leasing activity by submarket
21 6 82
12 months at a glance
Class B leasing (s.f.)
Class C leasing (s.f.)
Leasing activity (s.f.)
Number of transactions
Class A leasing (s.f.)
Suburban leasing (s.f.)
CBD leasing (s.f.)
4
1
5
18
81
-
200,000
400,000
600,000
800,000
80,000+ 60,000-79,999 40,000-59,999 20,000-39,999 5,000-19,999
Total leased Number of leases
-
200,000
400,000
600,000
800,000
Q2 2016 Q3 2016 Q4 2016 Q1 2017
Historical leasing activity
#
Leasing activityby industry (s.f.) Leasing activityby submarket (s.f.)
54%
18%
13%
8%
CBD
South
East
West
Midtown
Other
37%
34%
12%
8%
7% Professional and business services
Finance
Public andprivate institutions
Construction anddevelopment
Commercial
Other
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
20%
18%
14%13%
12%
9%
6%
Educational & Health Services
Trade, Transportation & Utilities
Professional & Business Services
Government
Manufacturing
Leisure & Hospitality
Financial Activities
Other Services
Mining, Logging & Construction
Information
Q1 2017
Employment
Cleveland Office Outlook
4.7%U.S. unemployment
1.7%U.S. 12-month job growth
6.6%Cleveland unemployment
.4%Cleveland 12-month job growth
5.0%Ohio unemployment
0.6%Ohio 12-month job growth
0.0%
0.7%
1.4%
2.1%
2.8%
2013 2014 2015 2016 2017
Cleveland U.S.
-4,900
-600
-300
200
700
700
800
2,200
3,700
8,400
-10,000-8,000-6,000-4,000-2,000 0 2,000 4,000 6,000 8,00010,000
Manufacturing
Professional & Business Services
Information
Mining, Logging & Construction
Trade, Transportation & Utilities
Other Services
Financial Activities
Government
Leisure & Hospitality
Educational & Health Services
-5.0
0.0
5.0
10.0
2013 2014 2015 2016 2017
Professional & Business Services Information
Government Financial Activities
0%
4%
8%
12%
900,000
1,000,000
1,100,000
2013 2014 2015 2016 2017
Employment Unemployment
Employment vs. unemployment rate
Employment by industry Office employment trends (12-month change, 000s)
Job growth by sector (12-month change)
Job growth (12-month change)
Job growth by sector (12-month change)
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Andrew Batson
Vice President, Director of Research
+1 216 937 4374
andrew.batson@am.jll.com
Noah Bill
Research Analyst
+1 216 937 4381
noah.bill@am.jll.com
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. A
Fortune 500 company, JLL helps real estate owners,
occupiers and investors achieve their business ambitions.
In 2016, JLL had revenue of $6.8 billion and fee revenue of
$5.8 billion and, on behalf of clients, managed 4.4 billion
square feet, or 409 million square meters, and completed
sales acquisitions and finance transactions of
approximately $136 billion. At year-end 2016, JLL had
nearly 300 corporate offices, operations in over 80
countries and a global workforce of more than 77,000. As
of December 31, 2016, LaSalle Investment Management
has $60.1 billion of real estate under asset management.
JLL is the brand name, and a registered trademark, of
Jones Lang LaSalle Incorporated. For further information,
visit www.jll.com.
About JLL Research
JLL’s research team delivers intelligence, analysis and
insight through market-leading reports and services that
illuminate today’s commercial real estate dynamics and
identify tomorrow’s challenges and opportunities. Our
more than 400 global research professionals track and
analyze economic and property trends and forecast
future conditions in over 60 countries, producing
unrivalled local and global perspectives. Our research and
expertise,
fueled by real-time information and innovative thinking
around the world, creates a competitive advantage for
our clients and drives successful strategies and optimal
real estate decisions.

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JLL Cleveland Office Outlook: Q1 2017

  • 1. JLL Research Cleveland | Q1 2017 Office Outlook An in-depth look at the Cleveland office market. Analysis includes leasing, sales, construction and employment.
  • 2. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. Q1 2017 Insight Key Tower, Ohio’s tallest building and the centerpiece of the Cleveland Skyline, traded hands in the first quarter. Millennia Companies purchased the 1.3-million-square-foot office building along with a 400-room Marriott hotel and a 1,000-space parking garage for $267.5 million. Millennia will move its offices to Key Tower later this year followed by the headquarters of Forest City in the spring of 2018. The two companies will lease a combined 196,000 square feet, increasing occupancy in the tower to about 95.0 percent. Downtown Cleveland’s office market has improved significantly in recent years, thanks to the urban migration of office tenants and office-to-residential conversions. As it stands now, the three trophy office buildings in downtown Cleveland (Key Tower, 200 Public Square, and the Ernst & Young Tower) are more than 90.0 percent leased, a positive indicator on the market’s health. Office demand is also strong in the suburbs, prompting the first speculative office developments in years. Developers are particularly bullish on the East submarket where three projects are under construction: Pinecrest (150,000 square feet) in Orange, Van Aken (66,000 square feet) in Shaker Heights, and Highlands Center (47,000 square feet) in Beachwood. All three of these properties have secured preleasing commitments, signaling a willingness by companies to pay a rent premium for well-located, modern office space. Outlook Cleveland’s strengthening economy will translate into increased office demand in 2017. Downtown Cleveland will remain a key beneficiary of this growth, with declining office vacancy and increased investor interest. The pace of preleasing will pick up at the speculative office developments in the East submarket. And finally, we will be watching the burgeoning Midtown submarket closely this year. This neighborhood is seeing increased interest from tenants and developers, and we think 2017 will be a breakout year. Fundamentals Forecast YTD net absorption 3,570 s.f. ▲ Under construction 263,000 s.f. ▶ Total vacancy 19.0% ▶ Average asking rent (gross) $18.79 p.s.f. ▲ Concessions Falling ▼ -250,000 250,000 750,000 2013 2014 2015 2016 YTD 2017 Supply and demand (s.f.) Net absorption Deliveries Increased demand from the business community prompts speculative office developments 20.6% 19.9% 20.0% 19.0% 19.0% 2013 2014 2015 2016 2017 Total vacancy $10.00 $15.00 $20.00 $25.00 2013 2014 2015 2016 2017 Average asking rents ($/s.f.) Class A Class B • Key Center sold for a blockbuster $267.5 million. Millennia and Forest City will move into the office tower, increasing occupancy to 95.0 percent. • Three speculative office developments are under construction in the East submarket. Look for preleasing at these projects to accelerate in 2017. • Tenant interest in the Midtown submarket is growing, prompting Hemingway to move forward with its Link 59 office development. Cleveland Office Outlook
  • 3. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. Q1 2017 Statistics Cleveland Office Outlook Class Inventory (s.f.) Total net absorption (s.f.) YTD total net absorption (s.f.) YTD total net absorption (% of stock) Direct vacancy (%) Total vacancy (%) Average direct asking rent ($p.s.f.) YTD completions (s.f.) Under construction (s.f.) CBD Totals 15,345,311 66,095 66,095 0.4% 20.0% 20.5% $19.56 0 0 Northeast Totals 557,695 -35,005 -35,005 -6.3% 29.4% 30.1% $15.61 0 0 East Totals 3,779,116 7,806 7,806 0.2% 12.9% 14.1% $20.28 0 263,000 Southeast Totals 992,906 -23,661 -23,661 -2.4% 11.1% 12.8% $17.31 0 0 South Totals 4,788,748 -35,021 -35,021 -0.7% 18.0% 18.2% $17.94 0 0 Southwest Totals 1,096,322 -8,525 -8,525 -0.8% 30.0% 30.0% $16.88 0 0 West Totals 1,939,302 31,881 31,881 1.6% 12.3% 12.3% $16.14 0 0 Suburbs Totals 13,154,089 -62,525 -62,525 -0.5% 16.7% 17.2% $17.92 0 263,000 Cleveland Totals 28,499,400 3,570 3,570 0.0% 18.5% 19.0% $18.79 0 263,000 CBD A 5,854,816 11,146 11,146 0.2% 13.4% 14.1% $24.15 0 0 East A 1,787,285 5,434 5,434 0.3% 10.0% 11.2% $23.14 0 263,000 Southeast A 241,105 0 0 0.0% 0.1% 7.2% $23.00 0 0 South A 1,839,945 -22,459 -22,459 -1.2% 14.5% 15.0% $21.12 0 0 Southwest A 88,000 0 0 0.0% 6.4% 6.4% $0.00 0 0 West A 539,951 8,940 8,940 1.7% 4.5% 4.5% $19.99 0 0 Suburbs A 4,496,286 -8,085 -8,085 -0.2% 10.6% 11.6% $21.81 0 263,000 Cleveland A 10,351,102 3,061 3,061 0.0% 12.2% 13.0% $23.17 0 263,000 CBD B 9,490,495 54,949 54,949 0.6% 24.0% 24.4% $18.17 0 0 Northeast B 557,695 -35,005 -35,005 -6.3% 29.4% 30.1% $15.61 0 0 East B 1,991,831 2,372 2,372 0.1% 15.6% 16.7% $18.75 0 0 Southeast B 751,801 -23,661 -23,661 -3.1% 14.6% 14.6% $17.29 0 0 South B 2,948,803 -12,562 -12,562 -0.4% 20.2% 20.2% $17.09 0 0 Southwest B 1,008,322 -8,525 -8,525 -0.8% 32.1% 32.1% $16.74 0 0 West B 1,399,351 22,941 22,941 1.6% 15.4% 15.4% $15.70 0 0 Suburbs B 8,657,803 -54,440 -54,440 -0.6% 19.9% 20.2% $17.05 0 0 Cleveland B 18,148,298 509 509 0.0% 22.0% 22.4% $17.63 0 0
  • 4. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. Q1 2017 Construction Cleveland Office Outlook Address: 5900 E. 59 Street Square feet: 62,000 Tenant: TBD Owner: Hemingway Development Estimated completion: Q3 2017 Address: 3910 Orange Place Square feet: 150,000 Tenant: Alliance Prime Owner: Fairmount Properties Estimated completion: Q3 2018 Estimated completion: Q1 2018 Estimated completion: Q3 2017 Address: 20159 Van Aken Square feet: 66,000 Tenants: ABA, RMS, and others Owner: RMS Investment Address: 3900 Park East Square feet: 47,000 Tenant: Glenmede Owner: Palmieri Enterprises
  • 5. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. Q1 2017 Leasing Cleveland Office Outlook This report analyzes leasing activity ≥ 5,000 square feet over a 12 month period, ending March 31, 2017. Leasing activity by size 2,005,227 109 1,178,325 706,358 120,544 1,084,093 921,134 Growing Shrinking Stable 1,059,226 859,976 86,025 Notable leasing transactions Submarket Size Footprint CBD 148,000 Direct Stable East 115,000 Direct Stable CBD 107,000 Direct Growing CBD 88,000 Direct Growing CBD 79,000 Direct Stable CBD 52,000 Direct Stable CBD 48,000 Direct Growing Southwest 46,000 Direct Stable CBD 45,000 Direct Stable Midtown 43,000 Direct Growing CEOGC 1801 Superior Avenue IBM 9500 Euclid Avenue Hyatt Legal Plans 1111 Superior Avenue Victory Capital 4900 Tiedeman Road McDonald Hopkins 600 Superior Avenue Taft 200 Public Square New York Life Insurance 200 Public Square PriceWaterhouseCoopers 200 Public Square Forest City Enterprises 127 Public Square Progressive Insurance 5920 Landerbrook Drive Tenant Address Type Leasing activity by transaction type New Lease Renewal Expansion in building Tenant footprint Leasing activity by industry Leasing activity by submarket 21 6 82 12 months at a glance Class B leasing (s.f.) Class C leasing (s.f.) Leasing activity (s.f.) Number of transactions Class A leasing (s.f.) Suburban leasing (s.f.) CBD leasing (s.f.) 4 1 5 18 81 - 200,000 400,000 600,000 800,000 80,000+ 60,000-79,999 40,000-59,999 20,000-39,999 5,000-19,999 Total leased Number of leases - 200,000 400,000 600,000 800,000 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Historical leasing activity # Leasing activityby industry (s.f.) Leasing activityby submarket (s.f.) 54% 18% 13% 8% CBD South East West Midtown Other 37% 34% 12% 8% 7% Professional and business services Finance Public andprivate institutions Construction anddevelopment Commercial Other
  • 6. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. 20% 18% 14%13% 12% 9% 6% Educational & Health Services Trade, Transportation & Utilities Professional & Business Services Government Manufacturing Leisure & Hospitality Financial Activities Other Services Mining, Logging & Construction Information Q1 2017 Employment Cleveland Office Outlook 4.7%U.S. unemployment 1.7%U.S. 12-month job growth 6.6%Cleveland unemployment .4%Cleveland 12-month job growth 5.0%Ohio unemployment 0.6%Ohio 12-month job growth 0.0% 0.7% 1.4% 2.1% 2.8% 2013 2014 2015 2016 2017 Cleveland U.S. -4,900 -600 -300 200 700 700 800 2,200 3,700 8,400 -10,000-8,000-6,000-4,000-2,000 0 2,000 4,000 6,000 8,00010,000 Manufacturing Professional & Business Services Information Mining, Logging & Construction Trade, Transportation & Utilities Other Services Financial Activities Government Leisure & Hospitality Educational & Health Services -5.0 0.0 5.0 10.0 2013 2014 2015 2016 2017 Professional & Business Services Information Government Financial Activities 0% 4% 8% 12% 900,000 1,000,000 1,100,000 2013 2014 2015 2016 2017 Employment Unemployment Employment vs. unemployment rate Employment by industry Office employment trends (12-month change, 000s) Job growth by sector (12-month change) Job growth (12-month change) Job growth by sector (12-month change)
  • 7. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. Andrew Batson Vice President, Director of Research +1 216 937 4374 andrew.batson@am.jll.com Noah Bill Research Analyst +1 216 937 4381 noah.bill@am.jll.com About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com. About JLL Research JLL’s research team delivers intelligence, analysis and insight through market-leading reports and services that illuminate today’s commercial real estate dynamics and identify tomorrow’s challenges and opportunities. Our more than 400 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries, producing unrivalled local and global perspectives. Our research and expertise, fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.