{"id":1004018211,"date":"2010-03-08T09:34:07","date_gmt":"2010-03-08T17:34:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004018211"},"modified":"2022-12-06T20:12:19","modified_gmt":"2022-12-07T04:12:19","slug":"jll-leasing-activity-between-recession-and-recovery-4","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-leasing-activity-between-recession-and-recovery-4\/","title":{"rendered":"JLL: Leasing Activity Between Recession and Recovery"},"content":{"rendered":"<p>March 8, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004018203\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/PinkMoose.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004018203\" data-attachment-id=\"1004018203\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/beige-book-upswing-in-retail-and-industrial-improvements-in-lending\/juhansonin-two\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Juhansonin-two.jpg\" data-orig-size=\"888,1024\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Juhansonin, two\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user juhansonin&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/Juhansonin-two.jpg?w=888\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/PinkMoose.jpg\" alt=\"\" title=\"Juhansonin, two\" width=\"150\" height=\"150\" class=\"size-thumbnail wp-image-1004018203\" \/><\/a><p id=\"caption-attachment-1004018203\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user PinkMoose<\/p><\/div>\n<p>At the intersection of recession and recovery is where we lie right now. That was the theme of a webcast presented by Jones Lang LaSalle.<\/p>\n<p>That webcast, \u201cState of the Market: Occupier Perspectives\u201d, posits that the recession is over, but expansion is still fragile as government support fades out this year. Among the firm\u2019s major findings: gross domestic product was driven by inventory change in the fourth quarter and there is a risk of fading recovery in 2010; labor markets are stabilizing, but are not yet out of the woods; and U.S. vacancy levels will continue to rise into 2010, but at slower levels.<\/p>\n<p>\u201cThe vacancy level is really artificially low, the reason being that so many companies that have laid off people haven\u2019t put space back on the market,\u201d JLL managing director of Los Angeles brokerage Whitley Collins told CPE. \u201cWe\u2019re seeing a lot of companies now that have laid people off in 2009 starting to address (that space).\u201d<\/p>\n<p>Collins said increasing vacancy rates are underwritten by this shadow space, or space that is empty but not on the leasing market. Additionally, general space inefficiencies contribute to higher vacancy, but Collins said these get purged when companies decide to move.<\/p>\n<p>\u201cThere\u2019s not a company out there that\u2019s going to move and take more space per person,\u201d he said. \u201cEverybody\u2019s taking less space.\u201d<\/p>\n<p>Since commercial real estate tends to lag the overall economy by six months, Collins predicts that it will be 12 to 18 months before recovery. \u201cIt takes time,\u201d he said.<\/p>\n<p>However, JLL did find that tenants are growing more certain of the future, and leasing activity pressed higher in both the third and fourth quarters of 2009. Sublease space levels also dropped for the first time in two years as leasing activity grew on discounted space, and though market rents are down 15 percent from highs in 2008, net effective rents in the primary market are starting to stabilize. <\/p>\n<p>Buoyed by industrial and government activity, respectively, Pittsburgh and Washington, D.C. were characterized as stabilizing markets, while markets including Atlanta, Detroit, Miami, Phoenix, Charlotte and Tampa were still characterized as falling. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the intersection of recession and recovery is where we lie right now. That was the theme of a webcast presented by Jones Lang LaSalle.<\/p>\n","protected":false},"author":936,"featured_media":1004018206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742],"tags":[],"class_list":["post-1004018211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>JLL: Leasing Activity Between Recession and Recovery - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jll-leasing-activity-between-recession-and-recovery-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JLL: Leasing Activity Between Recession and Recovery\" \/>\n<meta property=\"og:description\" content=\"At the intersection of recession and recovery is where we lie right now. That was the theme of a webcast presented by Jones Lang LaSalle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jll-leasing-activity-between-recession-and-recovery-4\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-03-08T17:34:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T04:12:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/03\/PinkMoose.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-leasing-activity-between-recession-and-recovery-4\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-leasing-activity-between-recession-and-recovery-4\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"JLL: Leasing Activity Between Recession and Recovery\",\"datePublished\":\"2010-03-08T17:34:07+00:00\",\"dateModified\":\"2022-12-07T04:12:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-leasing-activity-between-recession-and-recovery-4\\\/\"},\"wordCount\":380,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-leasing-activity-between-recession-and-recovery-4\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/03\\\/PinkMoose.jpg\",\"articleSection\":[\"Brokerage\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-leasing-activity-between-recession-and-recovery-4\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-leasing-activity-between-recession-and-recovery-4\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jll-leasing-activity-between-recession-and-recovery-4\\\/\",\"name\":\"JLL: Leasing Activity Between Recession and Recovery - 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