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.|
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.
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.