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A higher callingSuburban tenants are trading up to Class A product seeking upgraded amenities and locations with improved access.
Comeback in the East LoopOver 600,000 SF of positive net absorption this year, the East Loop continued its run as 2016’s top performer. Leasing momentum around Pru-dential Plaza, Aon Center, and Illinois Center is the strongest in a de-cade.
Elephant(s) in the burbs
An abundance of available large blocks with a series
scheduled to come to market throughout 2016
could potentially drive vacancy up in the Suburbs.
Developments raising the bar Downtown+4.4M SF is under construction/ renovation in the CBD, includes two new office tower developments – 151 N Franklin and 625 W Adams both announced this year.
The Suburban Healthcare Revolution Healthcare tenants are driving leasing activity accounting for 40.8% of Suburban leases over 10,000 SF in the first quarter – AIM Specialty Health and Advocate Healthcare to name a few.
Make way for Kennedy West
The geographic diversity of the development pipeline west of the
Kennedy Expressway caused for the creation of two new submarkets,
Far West Loop and Fulton Market, along with
redefining the River West submarket.
Another one bites the burbsSuburban migrations have accounted for over 700,000 SF of leasing activity YTD. Companies include: McDonalds, Beam Suntory, and Echo Global Logistics.
Built-for-meIncreasing in popularity, three BTS projects are underway in the Suburbs for Zurich Insurance, MC Machinery Systems, and AAP’s new HQ. Two in the CBD: C.H. Robinson and McDonald’s.
+ $15.24 PSF rent savings on
Class A Suburban space vs. the CBD
FIRST HALF2016
Click to see eight major trends in the
Chicagoland office market.
1H 16CHICAGOLAND MARKET UPDATE
Click on a slice to learn more.
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a higher calling
777 Big Timber Road, Elgin
2703 Van Buren Street, Bellwood
3800-3850 N Wilke Road, Rolling Meadows
1900 Spring Road, Oak Brook
1205 E Algonquin Road, Schaumburg
6400 Shafer Court, Rosemont
1701 Golf Road, Rolling Meadows
1415 W 22nd Street, Oak Brook
1400 American Lane, Schaumburg
3025 Highland Parkway, Downers Grove
1501 Woodfield Road, Schaumburg
1315 W 22nd Street, Oak Brook
Verizon 160,000 SF
SMACNA 2,000 SF
Paylocity 309,000 SF
Veritas 8,120 SF
MECU 28,000 SF
Command Akon 11,195 SF
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a higher calling
Many premier suburban office campuses have gotten some fresh touches, including new fitness centers, on-site cafés, restored outdoor spaces and other amenities, all designed to satisfy tenant demand. Those trading up have lately proved a draw to closer freeway access and proximity to downtown.
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another one bites the burbs
River West
0.53%
River North
20%
N. Michigan Ave
1%
East Loop
8%Central Loop
5%West Loop
65%
Evanston
Uptown
Northbrook
Morton Grove
Highland ParkDeerfield
Bannockburn
Northfield
Ravenswood
Arlington Heights
Elk Grove Village
Libertyville
Schaumburg
Lake Forest
Bensenville
Itasca
O’Hare
Hoffman EstatesGlenviewMount Prospect
Lombard
OakbrookDowners Grove
Naperville
HinsdaleLisle
Warrenville
HomewoodMokena
Mettawa
Riverwoods
Rolling Meadows1
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35 3637
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financial services
retail trade
law firmeducationhealth careleisureoil & gas
transportation & utilities
information technology
business services
manufacturing other
annual migration leasesin square feet
281,000
1,131,000
27,20070,000
861,000
853,800
1,329,9001,211,111
2008 2009 2010 2011 2012 2013 2014 2015
34%CLASS A
WHERE DID THEY
GO?
RECE
IVED
IN
CENT
IVES
State or city
49%CLASS B
51%
River West
0.53%26,473 SF
River North
20%1,009,700 SF
N. Michigan Ave
1%53,000 SF
East Loop
8%420,400 SF
Central Loop
5%258,150 SF
West Loop
65%3,263,611 SF
Evanston
Uptown
Northbrook
Morton Grove
Highland ParkDeerfield
Bannockburn
Northfield
Ravenswood
Arlington Heights
Elk Grove Village
Libertyville
Schaumburg
Lake Forest
Bensenville
Itasca
O’Hare
Hoffman EstatesGlenviewMount Prospect
Lombard
OakbrookDowners Grove
Naperville
HinsdaleLisle
Warrenville
HomewoodMokena
Mettawa
Riverwoods
Rolling Meadows1
2
3
4
5
6
7
8
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10
11
12
13
14
15
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2728
29
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SUBURBAN MIGRATION April 2016
# Company Address RSF2008
1 Thomson Reuters 1 N Dearborn 41,0002 BP 10 & 30 S Wacker 240,000
20093 Combined Insurance 111 E Wacker 100,0004 Silliker 111 E Wacker 33,0005 PCM Logistics 300 S Riverside 28,0006 United Airlines 233 S Wacker 830,0007 Willis Group Holdings 233 S Wacker 140,000
20108 Bel Brands 10 & 30 S Wacker 27,200
20119 UHC 155 N Wacker 70,000
201210 Catamaran 300 N LaSalle 25,00011 DeVry University 300 S Riverside 75,00012 Maximus 303 E Wacker 70,00013 W.W. Grainger 500 W Madison 58,00014 Motorola Mobility Merchandise Mart 604,00015 Zones 233 S Wacker 29,000
201316 Gogo Wireless 111 N Canal 232,00017 Walgreens Co. 120 S Riverside 26,00018 Presence Health 200 S Wacker 44,00019 Guggenheim Partners 227 W Monroe 38,00020 Great American Insurance 300 S Wacker 100,00021 Discover 350 N Orleans 26,00022 Hillshire Brands 400 S Jefferson 233,00023 Nokia Xpress 425 W Randolph 32,50024 Marketing Store Worldwide 55 W Monroe 31,30025 Legal & General Investment
Management America Inc.71 S Wacker 26,000
26 Capital One 77 W Wacker 65,000
# Company Address RSF2014
27 Assurance Agency 111 N Canal 27,00028 AT&T 225 W Randolph 53,00029 Newark Corp. 300 S Riverside 80,00030 FGMK 333 W Wacker 26,20031 Kraft 401 N Michigan 30,00032 Fusion92 440 W Ontario 25,70033 SAC Wireless 540 W Madison 40,00034 Scor S.E. 233 S Wacker 30,000
201535 Horizon Pharma 150 S Wacker 65,11136 Kraft Heinz 200 E Randolph 170,00037 Stats 203 N LaSalle 70,00038 Zurich 300 S Riverside 100,00039 Mead Johnson 444 W Lake 75,00040 Motorola Solutions 500 W Monroe 150,00041 Baxalta 540 W Madison 83,00042 ConAgra Merchandise Mart 210,000
201643 Allstate Merchandise Mart 45,00044 BP 30 S Wacker 40,00045 Beam Suntory Merchandise Mart 100,000
All leases less than 25,000 RSF 387,323TOTAL 5,031,334
River West
0.53%26,473 SF
River North
20%1,009,700 SF
N. Michigan Ave
1%53,000 SF
East Loop
8%420,400 SF
Central Loop
5%258,150 SF
West Loop
65%3,263,611 SF
Evanston
Uptown
Northbrook
Morton Grove
Highland ParkDeerfield
Bannockburn
Northfield
Ravenswood
Arlington Heights
Elk Grove Village
Libertyville
Schaumburg
Lake Forest
Bensenville
Itasca
O’Hare
Hoffman EstatesGlenviewMount Prospect
Lombard
OakbrookDowners Grove
Naperville
HinsdaleLisle
Warrenville
HomewoodMokena
Mettawa
Riverwoods
Rolling Meadows1
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SUBURBAN MIGRATION April 2016
# Company Address RSF2008
1 Thomson Reuters 1 N Dearborn 41,0002 BP 10 & 30 S Wacker 240,000
20093 Combined Insurance 111 E Wacker 100,0004 Silliker 111 E Wacker 33,0005 PCM Logistics 300 S Riverside 28,0006 United Airlines 233 S Wacker 830,0007 Willis Group Holdings 233 S Wacker 140,000
20108 Bel Brands 10 & 30 S Wacker 27,200
20119 UHC 155 N Wacker 70,000
201210 Catamaran 300 N LaSalle 25,00011 DeVry University 300 S Riverside 75,00012 Maximus 303 E Wacker 70,00013 W.W. Grainger 500 W Madison 58,00014 Motorola Mobility Merchandise Mart 604,00015 Zones 233 S Wacker 29,000
201316 Gogo Wireless 111 N Canal 232,00017 Walgreens Co. 120 S Riverside 26,00018 Presence Health 200 S Wacker 44,00019 Guggenheim Partners 227 W Monroe 38,00020 Great American Insurance 300 S Wacker 100,00021 Discover 350 N Orleans 26,00022 Hillshire Brands 400 S Jefferson 233,00023 Nokia Xpress 425 W Randolph 32,50024 Marketing Store Worldwide 55 W Monroe 31,30025 Legal & General Investment
Management America Inc.71 S Wacker 26,000
26 Capital One 77 W Wacker 65,000
# Company Address RSF2014
27 Assurance Agency 111 N Canal 27,00028 AT&T 225 W Randolph 53,00029 Newark Corp. 300 S Riverside 80,00030 FGMK 333 W Wacker 26,20031 Kraft 401 N Michigan 30,00032 Fusion92 440 W Ontario 25,70033 SAC Wireless 540 W Madison 40,00034 Scor S.E. 233 S Wacker 30,000
201535 Horizon Pharma 150 S Wacker 65,11136 Kraft Heinz 200 E Randolph 170,00037 Stats 203 N LaSalle 70,00038 Zurich 300 S Riverside 100,00039 Mead Johnson 444 W Lake 75,00040 Motorola Solutions 500 W Monroe 150,00041 Baxalta 540 W Madison 83,00042 ConAgra Merchandise Mart 210,000
201643 Allstate Merchandise Mart 45,00044 BP 30 S Wacker 40,00045 Beam Suntory Merchandise Mart 100,000
All leases less than 25,000 RSF 387,323TOTAL 5,031,334
rent premium
on office space in the CBD compared to the suburbs
56.3%
Click the image to view our Suburban Migration research website
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another one bites the burbs
Seeking millennial talent and central locations, several suburban companies have relocated downtown catering to the new generation of urbanites reshaping the workplace. Suburban migration began with United Airlines in 2008, and has continued in waves through 2016.
A slew of corporate relocations drove demand early this year, most notably - McDonald’s moving their corporate headquarters to Fulton Market, an area some observers consider emerging. With no slowdown in sight, we expect to see other companies looking carefully at their location strategies.
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built-for-me
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Nearing completion, Zurich Insurance regional headquarters coincides with the construction of a number of build-to-suit projects that are infusing new life along the I-90 corridor in the Northwest submarket.
CHALLENGE• Zurich was occupying 880,000 square feet of the space in two separate office towers with small, 20,000-square-foot floors. Zurich was seeking a transformation in both its
branding and workplace• JLL’s greatest challenge on the project was the coordination of all activities such that delivery of the new headquarters matched the expiration of Zurich’s current lease
CUSTOMIZED SOLUTION• The property will be a cutting edge Class A+ office campus with a high LEED Core & Shell Certification.• The building will offer a façade clad in articulated glass and stainless steel, office park amenities, a well appointed landscaped setting and ample covered garage parking• Sustainability initiatives include green roofs, native/ adaptive plants with water capture, low-flow fixtures, low VOC paints, FSC certified wood, weather-tight building
envelope, and on-site CHP generator• JLL is providing advisory services on tax & accounting implications, location selection, developer selection, development capital procurement, sustainability program
development and lease negotiation
RESULTS• Successfully arranged site selection, developer selection, $350 million of capital procurement and construction management• Zurich began construction of the new campus in 3Q 2014. Lease commencement and rent commencement are estimated to be September 2016 and December 2016,
respectively
CLIENT PROFILEIndustry: Insurance
Geography: Schaumburg, IL
Square Footage: 750,000 SF
Schedule: Estimated 3Q 2016
Year completed: 2016
Budget: $340M
Services Provided: Project Management Core & Shell, Tenant Interiors and Sustainability
Zurich American Insurance CompanyNorth American Headquarters build-to-suit
Zurich American Insurance Company planned to build and relocate to a new, North American headquarters. JLL was tapped for advisory services on tax and accounting implications, location selection, developer selection, development capital procurement, sustainability program development and lease negotiation.
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comeback in the east loop
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comeback in the east loop
With tenants from the suburbs and the loop streaming into the East Loop, leasing momentum around Prudential Plaza, Aon Center, and the Illinois Center is the strongest in a decade.
Hitting record lows in vacancy, the submarket has inspired a resurgence in tenant and investor demand to the area that’s coming back. Certainly, there is no more exciting example than the transformation of Prudential Plaza.
Property repositioning case study – Prudential Plaza
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20.0%
30.0%
40.0%
50.0%
60.0%
$10.00
$14.00
$18.00
$22.00
$26.00
$30.00
2013 2014 2015 2Q 2016 4Q2016
Average Asking Rent 130 E Randolph Vacancy 180 N Stetson Vacancy64%
$15 Net
$27 Net
10% 10%
Skydell, Karasick, & Silberberg (601 W Company JV Berkeley Properties) recapitalizes the two buildings with $100.0M equity infusion, taking over the asset. Perceived as ‘zombie’ project in the market - One Pru. has had persistent high vacancy.
Ownership confirms two-building complex renovations to include:• New lobby & upgraded
plaza area• Tenant amenity floor
with rooftop deck• Conference facility• Private shuttle service
Cision US leases 49,464 SF @ One Pru. – first big tenant to lease with new ownership
Ownership starts $85.0M in renovations – marketing focuses on the tenant amenity 11th floor @ One Pru, which includes: • 12,000 SF fitness center, • 7,000 SF tenant clubhouse,• 13,000 SF rooftop deck.
Time Inc. leases 18,822 SF @ One Pru. - rent is
$21.00/Net SF.
Pandora Media leases 32,500 SF – doubling its Midwest presence
– rent is $20.00/Net SF
Clark Hill leases 72,000 SF – doubling its Chicago footprint – rent it $26.00/Net SF
Ownership refinances the office complex with a 10-year, $415.0M loan from German American Capital replacing $410.0M in CMBS debt on the properties.
Tenant amenity & lobby remodel complete – building has captured +700,000 SF of leasing in the past 24-months.
ZS Associates renewed 19,879 SF at Two Pru – 2017
commencement - rent it $27.00/Net SF
Move-in’s from Clark Hill, University of Chicago, among others will drive vacancy at the office complex to its lowest level since 2005.
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elephant(s) in the burbs
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elephant(s) in the burbs
The Chicago suburbs abound with large corporate campuses, which are a relic from another era. Despite steady tenant demand, these dinosaur campuses are likely to stay vacant – unless they’re repositioned. Senior housing and daycare facilities will be in higher demand than office space, and converting some of the obsolete office product to alternative uses make financial and environmental sense.
The total rentable inventory of suburban Chicago office properties is approximately 96.8 million square feet. At the current overall vacancy rate of 18.9%, the Chicago suburbs have 18.3 million square feet of empty office space.
However, while all submarkets have varying supply and demand patterns, vacancy in the Chicago suburbs is significantly concentrated in a specific subset of properties that are functionally obsolete; skewing the overall market statistics.
SHOWING THEIR AGE With this criteria applied, our analysis indicates an estimated 11.3 million-square-feet of the total suburban office inventory is vacant and functionally obsolete. Across the Chicago suburbs, there are hundreds of buildings that were built during the 1980s and are beyond their useful life, as indicated in this chart.
Taking out the stock of functionally obsolete properties, the adjusted vacancy rate for tenant attractable properties is around 7% placing the Chicago suburbs on par with places like San Francisco, Portland and Nashville.
While some may question the exact metrics of this analysis, most will acknowledge the difficulty in attracting employees in their twenties to buildings that are in their late thirties. With this in mind, it appears the suburban vacancy challenge will only improve if a large volume of obsolete inventory is removed entirely from the market. This means that it’s time for new ideas.
THINKING OUTSIDE THE BOX: New Vision for Aging Suburban Office Buildings
Adaptive reuse and repositioning of former office campuses could significantly reduce the suburban vacancy rate. In Downtown Chicago, office building conversions are standard practice. These conversions have contributed to a decline in vacancy while achieving the highest and best use of buildings, considering the current market demand.
Even though suburban conversions remain quite rare. JLL has identified alternative uses for a few properties that may have greater potential than traditional office use. (next page)
18.3M SFThat’s the equivalent of the entire office
market inventory of Charlotte, NC.
Of vacant office space in the Chicago suburbs
NEW IDEAS FOR OLD BUILDINGS:
600
1950-1959
1960-1969
1970-1979
1980-1989
1990-1999
2000-2009
2010-Present
50M
45M
40M
35M
30M
500
25M
400
20M
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15M200
10M1005M
0 0
Build
ing
Coun
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Total Square FeetCount Total SF
Suburban Chicago Office Buildings Built by Decade
In order to better understand the “true” vacancy in the suburbs, JLL identified the properties that are no longer in consideration for most tenants. For the purposes of this analysis, we defined properties with the following characteristics as functionally obsolete:
1. Constructed prior to 1990, or without any significant improvements since 1990, and2. Vacant and available for three years or longer
90, 98 AND 100 HALF DAY RD, LINCOLNSHIRE343,000 square feet, 95% vacant
1960 LUCENT LANE, NAPERVILLE 516,000 square feet, 50% vacant
1203 WARRENVILLE ROAD, LISLE124,000 square feet, 100% vacant
2000 LAKEWOOD, HOFFMAN ESTATES1,600,000 square feet, 100% vacant
With an incredible, 43-acre parcel of land, this site has potential well beyond office use. Even with a full-scale development, there is sufficient space for a developer to set aside much of the heavily-wooded land for a nature preserve with wetlands, trails, and walking paths.
While the office vacancy rate in North Lake county is over 22%, the demand for affordable residential options is increasing. This implies that market rate units with the right mix of amenities will maximize the potential of this site before a corporate occupier can be found. Furthermore, the Village of Lincolnshire has expressed a willingness to cooperate with a creative owner on the redevelopment of the property.
DuPage County is forecast to have a population of over 153,000 seniors by 2020, and this aging cohort will require a range of additional assisted living facilities that do not exist today. Rather than constructing new facilities on undeveloped land, why not convert an existing office campus into this use? Suburban office campuses like the former Alcatel-Lucent building already contain many key senior housing amenities nearby, including: cafeterias, fitness centers, parking lots, and accessibility. At a fraction of ground-up development costs, the building could be converted to senior housing and independent living spaces. This would simultaneously benefit the community and the office market.
Suburban office buildings will need to accommodate occupiers in new ways as millennials begin to have children and demand that their workplace adapts. Today, gyms and cafeterias are key tenant amenities, yet five years from now, the desired amenities may be in-office daycare or employer provided pre-schools. Owners with more than 30% vacancy in a given property might be wise to consider the conversion of a floor or several floors into a childcare amenity. While serving as a key amenity for suburban tenants, daycare within office buildings could reduce absenteeism, employee attrition, and even greenhouse gas emissions.
Located near the transition point between suburban zoning and farm land, this campus is perfectly positioned to be used for the emerging global trend of indoor agriculture and farming. In one proposal, the massive 1,300,000 square-foot office building could be converted into a multi-level urban farm using varying hydroponic systems to grow fruits, vegetables, and garden plants. Local residents could lease space out for their own gardens, and large corporations could use the facility as a test lab for indoor growing and crop testing in a year-round environment.In the 287,000 square foot building, 50% of the space could be maintained as office space for lab employees. The remaining portion could be converted into an agricultural research and development laboratory. With proximity to some of the world’s largest food service companies and farming experts, the vacant space could be put to immediate use.The existing auditorium on the campus could be kept in place for use by speakers and conferences on agricultural research and the future of food. A partnership with the University of Illinois College of Agriculture could turn this empty office campus into an internationally recognized center for solving the world’s hunger challenge.
These conversion options are just a sample of the significant potential that exists across the Chicago suburbs. With creative thinking and careful execution, the suburbs can be positioned to attract new talent and new occupiers to the region. Do you have additional ideas for solving the suburban vacancy challenge? Please send them to:[email protected] or [email protected]©2016 Jones Lang LaSalle IP, Inc. All rights reserved. 59002
Former use: Single-tenant headquartersProposed use: Mixed-use with residential, retail, and educational components
Former use: Single-tenant headquartersProposed use: Assisted living facility and senior care housing
Former use: Traditional office, flex spaceProposed use: Maintain 50% office, and convert 50% to daycare facility
Former use: Single-tenant headquartersProposed use: Build an urban farming hub
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developments raising the bar downtown
Click the image to view our Chicago 2025 research website
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developments raising the bar downtown
The West Loop, studded with high-rise office towers and construction cranes along the riverfront, will soon have two more towers in this development cycle: John Buck’s 151 N Franklin Street anchored by CNA and White Oak JV CA Venture’s spec tower, 625 W Adams scheduled to both deliver by mid-2018. Adding to the appeal of downtown is nearby The Old Post Office, an ambitious 2.5-million-square-foot development project filled with office space, shops and restaurants, and rooftop public space.
To keep new supply and demand in balance, the Chicago market will have to maintain near record absorption levels over the next two years to match the current construction pipeline.
CHICAGO 2025 11
Development TimelineChicago is a city of big plans and big projects. Over the next ten years, the city will grow upward with new developments. But mostly, Chicago will grow outward into new submarkets, as companies continue to seek larger floor plates, access to talent and flexibility in design.
no small plans
fulton market
river west
goose island
clybourn corridor
2016 2025
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the suburban healthcare revolution
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the suburban healthcare revolution
The Chicago suburbs have long been home to some of the world’s largest healthcare and pharmaceutical firms. The region provides incredible access to an experienced talent base, a connected hospital network, and the nation’s top universities. In 2016, healthcare-related tenants have driven leasing activity in many submarkets, representing 41% of the leases over 10,000 square feet. As the industry consolidates, we expect continued activity, especially in the North and Northwest submarkets.
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make way for kennedy west
Kennedy West used to be known for its seedy industrial and wholesale food markets; now, the area is home to tech giant, Google and a recent construction burst of boutique hotels like the Ace and Hoxton Hotel. Comprised of three submarkets – Far West Loop, River West, & Fulton Market - Kennedy West is remaking itself into one of Chicago’s premier destination.
Office Retail HotelResidential RedevelopmentKEYRandolph West• Former Harpo Studios site, 550,000 SF.
redevelopment planned by Sterling Bay.• Built-to-suit opportunity, with full build out of 3-4
years. Proposed plan includes 488,000 SF. creative office, 63,000 SF. retail space, and 200-stall enclosed parking.
450 N Morgan• Five-story, 50,000 SF. commercial building
development planned by MAB Dev.• Mixed-use building includes 24,000 SF. office
space, 6,500 SF. ground floor retail, and 50 car indoor parking. Expected delivery in 4Q 2016.
Fulton West• .5-acre site with +/-1 m.s.f. of new development
capacity planned by Sterling Bay.• First phase of construction expected to deliver in
April 2017. The first phase focuses on 296,000 SF. of modern office and retail space in a nine-story newly constructed building. Second phase in the adjacent parcel will add +/-600,000 SF. of office and retail space.
Ace Hotel• 159 rooms,• 167,000 SF. building capacity• 2018 completion
215 N Peoria• Shapack purchased development parcel mid-block
on between Lake and Fulton totaling 13,000 SF. of land with +/-120,000 buildable SF. in 2013.
• Planned 11-story plus penthouse office building with ground retail & indoor parking.
Hoxton Hotel• 175 rooms, 11-story hotel• 2018 completion
NobuHotel• 93 rooms, seven-story plus penthouse• Construction begins late 2016
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Thank you.
for more information on this presentation please contact:
Hailey HarringtonSenior Research Analyst312-228-3189 [email protected]
Shaina NielsonSenior Graphic [email protected]
