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Monthly Archives: December 2009

Joel M. Berger Promoted to Managing Director

CHICAGO, IL (December 17, 2009) – Jeffrey Bernstein, Principal and Co-President  of Bradford Allen, announced the recent promotion of Joel M. Berger from director to managing director with the firm’s Office Brokerage Group in Chicago.

“We are extremely proud of our dedicated professionals,” said Bernstein. “Joel has proven that even in a challenging market climate, deals can and do get done. It’s really a testament to his hard work.”

An office tenant and landlord representation specialist, Mr. Berger joined Bradford Allen in 2004. He currently oversees the firm’s Lombard office, managing the Suburban Office Group’s day to day operations as well as overseeing broker training and recruiting. Mr. Berger continues to work on transactions while developing a business plan and vision for the future in conjunction with Mr. Bernstein.

Notable recent transactions include a 15,000-square-foot expansion and renewal on behalf of Automated Engineering at 40 Shuman Blvd in Naperville; a 15,000-square-foot expansion and relocation on behalf of the Illinois Center for Broadcasting at 455 Eisenhower Ln in Lombard; an 11,000-square foot expansion and relocation on behalf of Rx Solutions (a Walgreen’s company) at 2050 Finley Rd in Lombard; and an 8,000-square-foot renewal on behalf of Play Mechanix at 800 Roosevelt Rd in Glen Ellen.

Berger is a graduate of the University of Wisconsin, Madison. He is a licensed real estate sales person in the state of Illinois.

About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, owners and investors of real estate. Please visit our website at www.bradfordallen.com.

 

Fourth Quarter 2009 Chicago Downtown Office Market Report

CBD Downturn: Have We Hit Bottom?
Market turnaround expected to take place in 2011 

New Construction Adds to Increase of Available Space
Overall availability in the Chicago Central Business District (CBD) rose to 17.8% at year-end 2009, a 6.4 percentage point increase compared to the same time last year, marking the highest percentage available in four and a half years. Availability in the River North submarket increased 6.8 percentage points in 2009. This was the largest jump in a CBD submarket with a large portion resulting from the completion of 300 North LaSalle Street and 353 North Clark Street during the year.

Read Full Market Report

 

 

Fourth Quarter 2009 Chicago Suburban Office Market Report

Market Downturn Creates Opportunities for Tenants
Suburban market downturn likely to last through 2010

Year-End Vacancy Highest of Decade
Overall vacancy in the suburban market rose to 17.7% in the fourth quarter of 2009, a 1.9 percentage point increase compared to the same time in 2008. The Northwest Suburbs submarket was hit the hardest, measuring a 3.1 percentage point increase to 18.7% when compared to the previous year. While overall vacancy in the suburban market is still on the rise, sublease vacancy reported a 0.1 percentage point decrease in 2009 indicating the bottom could be near. This is a positive sign for a market largely hit by corporate downsizing and consolidations.

Read Full Market Report