News
Driving Non-Profits
November 10, 2010
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| Non-profits are rethinking strategic plans created during the economic bubble, so we joined JLL non-profit gurus John Gibb and Ellen Herman, and JCJ Architecture's Peter Bachmann to discuss the effect on real estate. They see conservative lending driving higher-equity capital requirements, creating impediments to ownership. Occupancy is still shrinking, as non-profits are driven by funding— open offices are more acceptable. Construction pricing has flattened, and contractors remain competitive. On the leasing side, non-profits make up 10% of occupiers of 10k SF or more, with the highest concentration in Midtown South, despite more affordable rents Downtown. John, who discussed the financial trends, says those with '13 lease expirations “with rents out the roof†are looking at purchasing vs. leasing. |
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| Peter discussed the community and educational projects he's working on, including Conn.'s Choate Rosemary Hall, San Diego's Mission Valley Library, and Hartford's Wilson-Gray YMCA. One educational project JLL was involved in was the Upper East Side's The Chapin School, an ambitious renovation and expansion that included renovating an existing six-story building and adding two additional floors over the east wing—constructed while the school was in continuous operation. JLL spearheaded several value engineering exercises to ensure that the budget fell within the desired fundraising goals, without compromising the schools programmatic needs and expansion goals. |
