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Majority of the top U.S. markets likely to see four to five percent retail growth; JLL ranks Phoenix No. 1
LAS VEGAS, May 19, 2015 – The 2015 school year is wrapping up and JLL is grading the growth trajectory of the top 16 U.S. retail real estate markets. More than half of the cities scored an “A” grade, indicating an expected four to five percent increase in growth through 2017. Phoenix in particular is taking its namesake to heart, rising to claim the best overall grade, according to JLL’s Retail Market Grade report, launched today at the International Conference of Shopping Centers (ICSC) conference in Las Vegas.
“The U.S. is experiencing rising rents and compressing vacancies in most major markets, but the strongest growth won’t necessarily be where there are supply constraints. Population and employment growth will be the most substantial markers for future potential,” said Naveen Jaggi, President of Americas Retail Brokerage for JLL. “What’s striking about urbanization today is the sheer scope and pace at which people are flocking to cities, with an estimated 60 million people moving into metropolitan areas each year. So as the saying goes, retail will continue to follow rooftops and open wallets.”
JLL’s report scores each market based on its anticipated growth rates, which hinges on five forecasted areas: employment, population, household income, retail net absorption and average retail rent. Each market’s distinction is weighed against the U.S. national average, and categorized into either “A” cities, which show potential for four to five percent growth, “B” markets, which are likely to see two to four percent growth, or “C” areas, which will remain flat with less than two percent growth.
JLL’s Retail Group serves as the industry’s 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 100 retail brokerage experts spanning more than 25 major markets, representing more than 550 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has more than 500 centers, totaling 69 million square feet under management in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects. For more news, videos and research from JLL’s Retail Group, please visit: www.jllretail.com.
About JLLJLL (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. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 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 $55.3 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.
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