JLL Retail Outlook

Transcription

JLL Retail Outlook

Retail Outlook
United States | Q3 2015
WHAT’S
INSIDE:
Despite some uneven economic indicators, retail
absorption in Q3 2015 remained strong in
primary markets, with rents continuing their slow
growth. While deliveries have been on the rise,
they are still comfortably below net absorption,
keeping vacancy on the decline.
JLL | United States | Retail Outlook | Q3 2015
2
Research intelligence
Economy
4
Retail property clock
10
National retail market
5
Local market trends
11
Retail subtype performance
9
About JLL retail
15
CHICAGO
Chicago leads nation in retail absorption
The 10 primary markets showed very strong absorption of 6.9 million square feet in the quarter, led
by Chicago, Dallas, Los Angeles and Atlanta.
Six markets boast YTD absorption above 2 million square feet
Dallas, Chicago, Atlanta, Houston, Orlando and Boston all had net absorption totaling over 2 million
square feet, year to date.
6
2
Boston, Houston and Dallas lead the nation in retail
Boston, Houston and Dallas currently have the highest square feet under construction (among the
markets tracked in this report) with 2.7, 2.6 and 2.5 million square feet, respectively.
Off-price retail’s sustained popularity continues to boost outlet center performance
Outlet centers are consistently performing well, with strengthening sales, increasing rents, low
vacancies and significant construction activity.
San Francisco’s tenant base shifts to higher-end retailers
Higher-end retailers have been expanding or moving to key locations within the metro including
The Apple Store, Saks Off Fifth Avenue and Suit Supply.
3
Economy
Consumer spending drives GDP growth
Anemic home sales don’t bode well for retail
Real GDP rose 1.5 percent over the second quarter – a significant drop
from the 3.9 percent gain seen last quarter. While consumer spending
helped drive growth, slowing inventory accumulation and rising imports
acted as a drag on further increases. Notwithstanding the slowdown, the
third-quarter weakness is predicted to only be temporary. Consumer
spending is seeing the kind of strength exhibited before the recession,
particularly for motor vehicles. Real consumer spending is rising at a
consistently healthy pace of more than 3.0 percent per annum, and gains
have been broad-based, including such categories as clothing, jewelry,
home improvement and healthcare.
Third quarter existing home sales were flat, seeing some gains and some
losses over the last three months. September sales were up 4.7 percent
following a decline of 5.0 percent in August. However, on a positive note,
sales were up year-over-year. While months of inventory average
between five and six months, this is largely due to potential sellers
waiting until there is a clearer improvement in the market. New home
sales show a dimmer picture; sales fell 11.5 percent in September,
continuing an uneven pattern of gains and losses. This translates to
sales level similar to what they were in the early 1990s. Declining home
sales do not bode well for retail, given how many consumer purchases
are home-related (e.g., furniture, home furnishings, appliances, etc.).
Furthermore, given a supply-restricted market, retail will follow rooftops
for at least a few years. As the economy gradually continues to improve
and wages rise, home sales should see a more steady recovery.
Unemployment rate at lowest since recession
Employment growth showed a marked deceleration in the third quarter
falling to an average of only 167,000 jobs per month the lowest level
since mid-2012. The slowdown in growth was largely a result of
lackluster hiring gains in September of 142,000. Furthermore, the
weakness also was broad-based across industries. Nevertheless, the
unemployment rate continues to decrease and is now at 5.1 percent,
which should help support income gains and consumption.
Employment gains slow in third quarter
Retail sales growth weakens in 3rd quarter
Month-over-month % change (L)
Year-over-year % change (R)
2.0
8.0
1.5
7.0
6.0
1.0
Nonfarm
Unemployment rate
300.0
100.0
-100.0
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
-300.0
Source: Moody’s Economy.com
4.0
0.0
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
500.0
5.0
0.5
3.0
-0.5
2.0
-1.0
1.0
-1.5
0.0
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
THS,
SAAR
Consumer confidence pullback may mean moderation in consumption
The Conference Board’s Consumer Confidence index pulled back
somewhat in September, declining 5 points to 97.6 – slightly below the
2015 average. This decline follows a seven-month high of 102.6 points.
Both consumers’ assessment of present conditions as well as their
expectations about future conditions dipped, with the former taking a
larger hit. The slowing in job growth almost definitely contributed to this
more dubious outlook.
4
National retail market
Total U.S.
Total s.f.
Total vacancy
YTD net absorption
Q315 avg rent
Q-Q % chg
Y-Y % chg
5,078,489,832
3.8%
31,806,942
$17.32
0.7%
4.5%
Malls
882,504,953
5.5%
1,926,923
$17.54
5.9%
1.0%
Power centers
747,024,267
4.6%
2,742,445
$16.72
-0.2%
-0.7%
Shopping center
3,491,504,957
9.0%
23,358,877
$14.80
0.1%
0.3%
Specialty centers
78,533,641
5.9%
1,823,068
$17.24
1.2%
11.2%
10,278,057,650
5.8%
61,658,255
$15.78
0.4%
1.8%
General retail
Total retail
Growing retail demand helps lift rents
Retail fundamentals continue their progress in the third quarter. Net
absorption (for major markets) in the quarter was the highest so far in
2015, at 27.9 million square feet. Absorption in primary markets remained
strong, especially Chicago and Dallas, which posted net absorption of 1.6
million and 1.2 million square feet, respectively. Rents are maintaining
their gradual upward trajectory, increasing 1.8 percent year-over-year.
Construction activity is also gaining steam and the quarter saw the most
square feet delivered (in major markets) in more than two years.
The U.S. vacancy rate inched down to 5.7 percent in the third
quarter of 2015. Net absorption grew significantly over the second
quarter, exceeding 34.7 million square feet – a 27.6 percent
increase from the previous quarter. New supply deliveries in the
quarter totaled 18.7 million square feet. Demand has comfortably
exceeded supply in three of the past four quarters, resulting not only
in consistent vacancy compression, but also rising rents across
most major markets. Rents rose 0.3 percent from the second
quarter, and grew 1.4 percent year-over-year.
11.6
27.9
21.2
Vacancy
30.1
24.5
20.3
19.7
18.0
18.7
Net absorption s.f.
18.6
Absorption in million square feet
Atlanta
Boston
Chicago
Dallas
Houston
Los Angeles
Miami-Dade County
New York City
San Francisco
Washington DC
SECONDARY MARKETS
U.S. vacancy rate continues slow decline
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
PRIMARY MARKETS
7.0%
6.8%
6.6%
6.4%
6.2%
6.0%
5.8%
5.6%
5.4%
5.2%
Broward County
Hawaii
Orange County
Orlando
Palm Beach County
Philadelphia
San Diego
Seattle
Tampa
Chicago leads nation in Q3 2015 net absorption
Absorption in million s.f.
Type
1.8
1.4
1.0
0.6
0.2
-0.2
General Retail
Shopping Center
Malls
Specialty Center
Power centers
5
Net absorption among major markets in the United States showed strong
results in the third quarter, growing 31.4 percent from the previous
quarter and inching up 14.1 percent, year-over-year. Among the 19
markets tracked in this report, the 10 primary markets showed very
strong absorption of 6.9 million square feet in the quarter, led by
Chicago, Dallas, Los Angeles and Atlanta, which all boasted absorption
over one million square feet.
• It is noteworthy that Houston continues to show very strong demand,
despite the drop in oil prices. While there should be some restraint in
future outlook, this is a market that continues to be a solid performer
overall for retail.
• The nine secondary markets tracked in this report, in comparison,
posted net absorption of 3.8 million square feet for the quarter – an
increase of 16.4 percent from the previous quarter. Philadelphia and
Tampa had the highest net absorption among these markets.
Shopping centers and general retail had the greatest absorption
among all the markets, regardless of classification.
• Orlando has seen robust declines in mall vacancy, year-over-year,
of 170 basis points. Given that national mall vacancy was flat, yearover-year, this is a positive sign that demand for mall space is strong
in this market.
Construction higher in primary markets
• Total deliveries of new retail space in major markets rose 36.9
percent, quarter-over-quarter, to 15.8 million square feet. Deliveries
also rose year over year by 7.3 percent. Year-to-date supply
additions totaled 36.9 million square feet while deliveries for the
same time period in 2014 were slightly higher at 39.7 million.
• Construction activity is also down somewhat from the same time last
year (51.9 million vs. 55.8 million), thanks to larger deliveries during
the first half of 2014 coupled with relatively lower construction starts
over the past three quarters.
Square feet under construction by retail subtype
20.0
Limited supply additions help vacancy compression
Year-over-year vacancy change by retail subtype
20.0
10.0
0.0
-10.0
-20.0
-30.0
-40.0
-50.0
-60.0
-70.0
Mall
Specialty center
16.0
Power center
Total retail
5 14
-24
-39
-58
-37
-22
-33 -32
-64
-50
-42
In million square feet
In bps
General retail
Shopping center
Specialty center
0.0
18.0
5.4
14.0
12.0
1.2
10.0
3.1
8.0
6.0
8.5
4.0
2.0
Shopping
center
Power centers
1.0
1.8
0.7
2.2
2.2
0.0
Malls
General retail
Primary market Secondary market
Source: CoStar
Primary market
Secondary market
Source: CoStar
• Vacancy continues to inch down each quarter. Third quarter vacancy
fell 20 basis points from the second quarter and 60 basis points,
year-over-year. Since the start of 2013, vacancy has fallen 120 basis
points. While deliveries have been on the rise, they are still
comfortably below net absorption each quarter, helping vacancy
compression to continue. Year-to-date, deliveries are running at
about 60.7 percent of net absorption, a ratio that should continue to
help pull down vacancies for at least several more quarters.
• Boston had the highest number of square feet under construction in
the third quarter. In fact, the market has almost $800 million in new
mixed-use projects downtown – including retail space – either
planned or under way. Primary markets lead secondary markets in
construction activity by a factor of more than 2:1.
• For deliveries in the third quarter, Chicago, Boston and Los Angeles
had the most new retail space added to the market, with deliveries of
over 700,000 square feet each.
• Vacancy compression for both primary and secondary markets
appear to be relatively uniform, with Orlando and Seattle leading
year-over-year vacancy compression at 110 basis points and 100
basis points, respectively.
5
Select top construction projects in Q3 2015
American Dream Meadowlands
The Shops & Restaurants at Hudson Yards
2,069,000 s.f.
1,500,437 s.f.
New York
Brickell City Centre
City Point
• Rents should continue to push upward for at least another year, as
deliveries slowly gain momentum and push the market to
supply/demand equilibrium.
Primary market
$19.87
$24.67
Total retail
$20.04
Specialty center
$24.71
Shopping center
$26.42
Power center
$19.11
Mall
$29.36
• Boston, for instance, posted quarterly gains of 4.0 percent, led by its
ever-strong urban sector, while San Francisco posted outsized yearover-year gains of 10.9 percent, mostly due to strong gains in its
freestanding/general retail space. This makes sense when it is noted
how tight each of these markets is with regard to available space.
General retail
$31.75
• Average national rents rose 0.4 percent over the last quarter and 1.8
percent, year-over-year. Secondary markets saw lower-than-average
growth in rent during the third quarter. Quarter-over-quarter rent
growth was flat, while year-over-year growth inched up 1.3 percent.
In comparison, primary markets saw much more pronounced growth,
rising 1.6 percent for the quarter and 4.0 percent over the last year.
Rents by retail subtype
$18.01
• Tightening market fundamentals and improving economic conditions
are helping to boost landlord confidence and supporting higher
rental rates.
Brooklyn NY
$30.07
Rent gains led by freestanding/urban retail in primary markets
675,000 s.f.
$26.34
Miami, FL
$30.62
505,000 s.f.
New York
Secondary market
Source: CoStar
6
PRIMARY MARKETS
SECONDARY MARKETS
4.9%
5.0%
-37 bps
-42 bps
Absorption (s.f.)
6.9 million
3.8 million
Deliveries (s.f.)
4.5 million
1.9 million
18.2 million
7.9 million
$29.36
$19.87
4.0%
1.3%
Vacancy
Vacancy change Y/Y
S.f. under construction
Rents
Rent change Y/Y
Source: CoStar
Select top leases in Q3 2015
Belk
Mobile, AL
Von Maur
Atlanta, GA
237,000 s.f.
BelAir Mall
172,000 s.f.
Mall of Georgia
Saks Fifth Avenue
Northern NJ
Lord & Taylor
Northern NJ
131,906 s.f.
119,605 s.f.
6
Outlet centers and mixed-use projects tap
into consumer desires
Off-price retail’s sustained popularity continues to boost outlet
center performance
Consumers’ love affair with brand names at discounted prices seems to
be unabated. Outlet centers are consistently performing well, with
strengthening sales, increasing rents, low vacancies and significant
construction activity. In the last four years, 41 outlet centers have opened
up in North America comprising almost 15 million square feet. In the next
year, 24 new centers are slated to be opened in the United States alone.
As demand continues to strengthen outlet industry sales have grown
from $42 billion in 2013 to $45.6 billion this year – an 8.6 percent
increase. Sales per square foot have moved from $532 in 2013 to $545
this year. Furthermore, sales per square foot for the top 20 performing
centers totaled $999.
With such robust consumer demand, more and more retailers are
entering the off-price retail arena. Kohl’s recently announced that it will
be opening its own chain of outlet stores. Lord & Taylor is also debuting
an off-price concept called Find @ Lord & Taylor, in November.
Meanwhile, the success of existing outlet retailers, like Nordstrom Rack,
is spurring an aggressive expansion. The retailer – whose profits rose
23.0 percent this year, compared to only 0.5 percent for its regular store
– could move from its current store count of 188 to 300 stores by 2020.
This healthy demand and increased revenue has kept outlet center
vacancy relatively low; occupancy averages over 95.0 percent while
outlet center rents in North America have moved from $33.72 p.s.f. at
the start of 2014 to $41.34 p.s.f. in mid-2015. All indications point to
sustained success of this industry segment over the next
several quarters
(Source: VRN).
promise to fare very well. Mixed-use vacancies have dropped 180 basis
points since 2010, and 90 basis points in the last year alone, according
to CoStar. The large appeal of these types of projects is their inherent
walkability and ease of access to work, restaurants, shopping and living
space. Millennials, especially, seem to love walkable urban areas. A
2015 National Association of Realtors/Portland State University study
found that Millennials prefer walking over driving by 12 percentage
points. As urban in-fill development and niche retailer expansion
increases, we should expect to see further growth in this field.
Examples of ongoing and recently delivered projects include:
• Brickell City Centre, Miami – a 5.4 million-square-foot project that will
feature 565,000 square feet of retail in Downtown Miami. The
project’s luxury shopping center features Climate Ribbon, a $20
million elevated trellis made of glass, steel and fabric, that offers
extensive environmental benefits. The retail center will also include a
35,677-square-foot Cinemex Theatre dine-in cinema with 622 seats.
• Grandscape, Dallas – a 3.9 million-square-foot project, featuring over
1.8 million square feet of retail space, in addition to a convention
center, hotels, a spa, restaurants, an outdoor amphitheater and
entertainment centers. Grandscape’s anchor store, Nebraska
Furniture Mart, will comprise 25.0 percent of the project’s space.
• City Point, Brooklyn, NY – comprising 1.8 million square feet of total
space, and 675,000 square feet of retail space. Slated to open in
2016, this $1 billion project will include an 84,000-square-foot ground
floor retail area, a City Target store, Alamo Drafthouse Cinema and
more than 17,000 residential units. Retail tenants will focus on fine
foods, home goods, fashion and international products.
Live, work, play…and shop
As strong retail performance continues to be most concentrated in
markets that have strong demographic growth, it should come as no
surprise that mixed-use projects are not only trending upward, but also
General retail
Consists of single-tenant freestanding general purpose commercial buildings with parking
Malls
Includes Lifestyle Centers, Regional Malls and Super Regional Malls
Power centers
Consists of several freestanding anchors with minimal small tenants. 250,000 – 600,000 s.f.
Shopping centers
Includes Community Centers, Neighborhood Centers and Strip Centers
Specialty center
Consists of the combined retail center types of Airport retail, Outlet center and Theme/Festival center
9
Retail property clock
San Francisco, Miami, New York City,
Dallas, Houston, Boston
Fort Lauderdale, Orange County,
Hawaii, Los Angeles
Washington, DC, Palm Beach, United
Peaking
market
Falling
market
Rising
market
Bottoming
market
States
Seattle, Atlanta, Orlando, San Diego
Tampa, Chicago
Philadelphia
Reading the clock
The JLL retail property clock demonstrates where each market sits within
its real estate cycle. Markets generally move clockwise around the clock,
with markets on the left side of the clock generally landlord-favorable and
markets on the right side generally tenant-favorable. All of the markets
have now moved to landlord-favorable, as rents gradually head upward
and vacancy continues to contract. Major metros including San
Francisco, Miami, New York City, Dallas, Houston and Boston have
moved to a peaking market as demand grows ahead of new supply
additions. Once demand and supply reach equilibrium, the clock should
strike midnight for most markets.
10
Local market trends
Six markets boast YTD absorption above 2 million square feet
While Dallas continues to lead markets with strong year-to-date
absorption of 5.8 million square feet, several other markets have had
high net absorption so far this year. Chicago, Atlanta, Houston, Orlando
and Boston all had net absorption totaling over 2 million square feet,
year-to-date.
Markets with the lowest vacancy rate
San Francisco
2.3%
Hawaii
2.7%
New York City
San Francisco’s tenant base shifts to higher-end retailers
3.3%
Among the markets tracked, only San Francisco had negative net
absorption both for the third quarter and year-to-date. While this may
generally be a cause for concern, San Francisco’s retail market is one of
the tightest in the United States, with very low vacancies. Since rents
also showed strong gains during the last year (of 10.9 percent), it is likely
that tenants who cannot, or choose not, to pay these escalating rents are
moving out. In fact, higher-end retailers have been expanding or moving
to key locations within the metro including The Apple Store, Saks Off
Fifth Avenue and Suit Supply.
Miami
Florida markets see particularly healthy demand
3.4%
Boston
3.7%
Markets with the highest vacancy rate
Tampa
6.1%
When looking at absorption as a percentage of GLA, the Sun Belt and
Hawaii continue to outperform other markets. Florida markets, in
particular, have had outstanding proportional absorption; in fact, four of
the top five Florida markets (Fort Lauderdale, Orlando, Palm Beach and
Miami) had a net absorption percentage of 0.8 percent of GLA or higher.
Only Tampa lagged slightly behind, at 0.6 percent.
Orlando
Boston, Houston and Dallas lead the nation in retail construction
7.5%
Boston, Houston and Dallas currently have the highest square feet under
construction (among the markets tracked in this report) with 2.7, 2.6 and
2.5 million square feet, respectively. Most of this activity is taking place
within general/freestanding retail and neighborhood/strip centers. San
Francisco, Seattle and San Diego had hardly any space under
construction at all at the end of the third quarter. The chart on the next
page reveals the category of retail space that has the most square feet
under construction in each market.
San Francisco’s tight building restrictions bode well for even higher rents
in the future
Thanks to its lack of available land and tight construction restrictions,
almost all construction activity in San Francisco consists of Market Street
Place, a 240,000-square-foot lifestyle center, slated to be delivered in
mid-2016. This lack of construction means that rents will continue to rise
and vacancies compress over the next several quarters.
Dallas
6.1%
6.3%
Atlanta
Chicago
8.1%
Boston’s urban in-fill pipeline is filling up
Boston’s development scene is alive and well, focusing on a combination
of mixed-use, urban infill retail and community centers. The Point – a
mixed-use development project in Littleton – is under way, and will
feature a Market Basket grocery store, a hotel and a movie theatre.
Retail demand in Boston definitely supports urban development,
particularly given the continued migration of office tenants into the area.
Primark recently opened its first U.S. store in the market and Boston’s
first City Target opened this summer.
11
General/
Freestanding retail
Shopping center
Mall
Power center
Los Angeles
77.0%
Washington, DC
76.0%
San Francisco
98.0%
-
Fort Lauderdale
65.0%
Seattle
74.0%
Hawaii
79.0%
-
Miami
61.0%
Orlando
68.0%
New York City
57.0%
-
Boston
59.0%
Palm Beach
60.0%
Orange County
50.0%
Chicago
59.0%
Atlanta
57.0%
Dallas
57.0%
San Diego
57.0%
Philadelphia
40.0%
Houston
35.0%
Specialty center
Tampa
47.0%
12
U.S. retail weather map
Seattle
0.0%
0.7%
Boston
New York City
-1.1%
San Francisco
0.8%
0.2%
Orange
County
Los Angeles
San Diego
8.3%
3.0%
8.1%
-5.3%
0.4%
0.4%
1.1%
3.4%
DC
4.8%
-1.0%
3.0%
Philadelphia
Chicago
10.9%
6.1%
4.0%
Atlanta
0.3%
-4.0%
-1.6%
Dallas
1.8%
1.2%
Houston
2.0%
2.4%
4.3%
Hawaii
0.1%
Tampa
-0.4%
0.7%
-1.7%
2.4%
0.5%
-0.4%
1.7%
Orlando
3.9%
4.4%
Palm Beach
Broward
7.4%
Miami
Rental conditions
Rents growing (greater than 1.5% Q/Q)
Rents flat (between -0.5% and 1.5% Q/Q)
Rents falling (greater than -0.5% Q/Q)
0
0
Q/Q change in rent
Y/Y change in rent
Source: CoStar, JLL Research
13
United States retail rankings
Q3 2015 net absorption (millions of s.f.)
San Francisco
Miami-Dade County
New York City
San Diego
Hawaii
Orange County
Seattle
Palm Beach County
Washington, DC
Orlando
Houston
Broward County
Tampa
Philadelphia
Boston
Atlanta
Los Angeles
Dallas
Chicago
Total rent change (year-over-year)
-0.1
San Diego
-4.0%
Hawaii -2.4%
Atlanta -1.6%
New York City -1.0%
Tampa
Philadelphia
Orlando
Seattle
Chicago
Dallas
Washington, DC
Palm Beach County
Houston
Broward County
Boston
Miami-Dade County
Los Angeles
Orange County
San Francisco
0.1
0.1
0.1
0.1
0.3
0.3
0.3
0.4
0.5
0.5
0.7
0.8
0.8
1.0
1.1
1.2
1.2
1.5
Total vacancy change (year-over-year, bps)
Philadelphia
San Diego
San Francisco
Washington, DC
Hawaii
Chicago
Houston
Miami-Dade County
Los Angeles
Tampa
Boston
New York City
Dallas
Orange County
Palm Beach County
Broward County
Seattle
Atlanta
Orlando
10.9%
Q3 2015 deliveries (millions of s.f.)
80
10
10
-10
-20
-30
-30
-30
-30
-40
-40
-50
-60
-60
-70
-80
-90
-100
-110
0.2%
0.4%
0.5%
0.7%
0.8%
2.0%
3.4%
3.9%
4.3%
4.4%
6.1%
7.4%
8.1%
8.3%
Hawaii
Orange County
San Francisco
Broward County
Seattle
New York City
Miami-Dade County
San Diego
Orlando
Palm Beach County
Atlanta
Tampa
Dallas
Los Angeles
Philadelphia
Boston
Washington, DC
Houston
Chicago
0.0
0.0
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.3
0.3
0.3
0.4
0.5
0.6
0.6
0.9
14
Overview of JLL retail services
JLL’s retail business serves as an industry leader in retail real estate services. The firm’s more than 800 dedicated retail experts in the Americas
partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide
independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset
or lease. The firm has more than 130 retail brokerage experts spanning more than 30 major markets, representing more than 680 retail clients. As the
largest third party retail property manager in the United States, JLL is currently handling the management, leasing and/or disposition of more than
750 centers, totaling 87 million square feet specializing in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business
districts, transportation facilities and mixed-use projects.
Trust our retailntelligence. For more news, videos and research from JLL Retail, please visit: www.jllretail.com
15
For more information, please contact:
Greg Maloney
President & CEO
Retail Americas
+ 1 404 995 6315
Greg.maloney@am.jll.com
James Cook
Retail Research Director
+1 317 810 7191
Jamesd.cook@am.jll.com
Naveen Jaggi
President
Retail Brokerage, Americas
+ 1 281 799 0023
Naveen.jaggi@am.jll.com
Keisha McDonnough
Senior Research Analyst
Retail Americas
+ 1 954 990 0844
Keisha.mcdonnough@am.jll.com
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased
value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4
billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of approximately 58,000. On behalf of
its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square
meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment
Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit www.jll.com.
About JLL Research
JLL’s research team delivers intelligence, analysis and insight through market-leading reports and services that illuminate today’s commercial real
estate dynamics and identify tomorrow’s challenges and opportunities. Our more than 400 global research professionals track and analyze economic
and property trends and forecast future conditions in over 60 countries, producing unrivalled local and global perspectives. Our research and expertise,
fueled by real-time information and innovative thinking around the world, creates a competitive advantage for our clients and drives successful
strategies and optimal real estate decisions.
This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means,
either in whole or in part, without prior written consent of Jones Lang LaSalle IP, Inc.
COPYRIGHT © JONES LANG LASALLE IP, INC. 2015

JLL Retail Outlook

Transcription

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