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Commercial Real Estate
Business Observer Friday, Jul. 13, 2018 4 months ago

What They're Saying: JLL

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Brokerage firm study finds Tampa area is one of nine established financial services centers in U.S.
by: Kevin McQuaid Commercial Real Estate Editor

Digitizing for Speed: “Change is taking place at breakneck speed as technology advancements allow companies to digitize functions and share raw data, results and analysis across their platforms. This virtual business environment, which has been talked about for a long time, is now real — and is shaping location decisions.”

Redundancies in Place: “Substantial overlap exists between functions in today’s financial services companies. For example, credit card services and payments are inseparable, as are wealth management and investment services. Likewise, operational jobs such as customer service and technology cross multiple business lines, making integration across the entire platform mandatory.”

Integration is Complex: “One hard truth, however, is that integration is a complex process. Many institutions are still working through melding their legacy acquisitions and functions into a cohesive whole. It is not as simple as flipping a switch to turn on the new systems.”

Seeking Different Professionals: “Current hiring strategies in these companies are targeting a very different financial services professional. In the past, jobs were for traditional roles such as relationship managers, compliance officers, underwriters, risk managers and sales.”

Consolidation is Coming: “Given the need to drive efficiency through integration, we expect to see a portion of this space resized as companies digitize functions, allowing them to consolidate operations.”

 

 

2

Number of established financial services operations centers in Florida, in Tampa and Jacksonville, according to a new annual study from commercial real estate brokerage firm JLL.

 

9

Number of established financial services operations centers throughout the U.S. Other hubs are found in Atlanta, Dallas-Ft. Worth, Phoenix, Charlotte, N.C., Chicago, Wilmington, Del. and New York City.

 

150,000,000

Amount, in square feet, of space financial services firms, credit card companies, banks, insurers, mortgage providers and others occupy in the U.S.

 

5,000,000

Amount, in square feet, of financial services’ annual growth in the U.S.

 

66%

Percentage of financial services companies total space that is located outside of their headquarters’ city. For insurance companies, the percentage is 61%.

 

25,000,000

The amount of reduction in corporate space, in square feet, that financial services companies will require by 2023 as a result of advancements in technology. Most of the impact will be felt in headquarters cities.

 

25%

Percentage of all jobs in the financial services sector devoted to IT and other technological positions, including software engineers, cloud developers, security and data loss prevention experts and automation engineers. The figure jumps to 43% when risk management, compliance officers and credit analysts are included.

 

31%

Percentage of all non-headquarter financial services job postings in the U.S. located in established, emerging or unexpected operations hubs.

 

 

Source: JLL

 

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