The prime cities of yesteryear— aka NYC and DC in 2010—have slowed considerably. JLL CEO of Markets (US and Canada) Bill Krouch has identified the next big thing in cities, but you'll have to attend Bisnow’s 4th Annual Chicago State of the Market at the Palmer House Hilton on Oct. 4 to find out. (Register here!) | ||
| We're not that cruel. Here's a teaser of what Bill told us. The tenants absorbing office space tend to be tech, energy, and life sciencecompanies. The more active cities: San Francisco, Palo Alto, Austin, and Boston for tech; and Houston, Denver, Calgary, and Edmonton for energy. On the flip side, Bill says, NYC financial services have taken a dip, while activity in DC has been stalled by government gridlock. But with abundant capital, well-located, Class-A core assets are bringing strong sale pricesat low cap rates. Headwinds include slow job creation, European sovereign debt, the US’s year-end fiscal cliff, professional and service firms taking less space per employee, and—coming out for a curtain call—congressional gridlock. | ||
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