JLL's NEW TITAN OF INDUSTR(IAL)
| Jones Lang is moving into the big boxes. (We actual survived three nights in a Walmart camping section, but this is different.) Its added John Huguenard to steer national industrial investment sales and pad the industrial strength it acquired with Staubach in '08. | |
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John, flanked here by Matt Gilbert and Bruce Miller (who work portfolios for large companies), comes from Colliers Indianapolis. He tells us that market was a big fish, small pond scenario, and after $3.2B and 102M-SF sold since '94, he's ready for something bigger. (Like Lake Michigan?) John says we should start to see some pent-up demand coming out in the industrial markets in '10, with steady tier one cities leading the way to recovery. | |
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With industrial vacancy rates in Chicago at their highest in 19 years, John says the first properties to be absorbed will be the small to mid-sized. Users are tending away from the 750k to 1M-SF big boxes that were popular in the early to mid-2000s. He also anticipates LEED-certification will add value to buildings, if developers price them comparable to a non-LEED building. |
