In 2013, Jones Lang LaSalle managing director Russ Westlake would like to see more of the general improvement seen in 2012.
After years of political turmoil, Memphis has enjoyed a stable environment with strong city and county mayors. Also, this has helped the Greater Memphis Chamber land large economic development deals with Electrolux Home Products Inc. and Mitsubishi Electric Power Products Inc., among others.
“We’re just beginning to realize all the changes we’ve had politically and the favorable business environment,” Westlake says. “It’s a great combination to have that lined up with the economy coming back.”
Memphis’ industrial prowess should continue to lead the way in 2013, as projects and leases grow at a faster rate.
Jones Lang LaSalle is hoping to grow in that category, with one of its larger assignments being the marketing of the 113-acre former Mall of Memphis site for Johnson Development Associates.
Opportunities for office projects continue to be relatively slow locally, but there has been good news. International Paper Co. plans to build a $90 million office tower in East Memphis while Morgan Keegan & Co. Inc., recently purchased by Raymond James Financial Inc., has kept a lot of local talent in Memphis. All the while, FedEx Corp. should continue to be a big driver of the local economy.
“The hope is that as the economy picks up and people start making decisions, which they’re starting to do, we’ll have some good days ahead,” Westlake says.