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Monthly Archives: June 2010

Second Quarter 2010 Chicago Downtown Office Market Report

Office Market Continues to Show Signs of Stabilization
Investor confidence revisits the marketplace

Vacancy Starts to Stabilize
Indicators show the Central Business District (CBD) is steadying as we navigate the bottom of the downturn. Overall vacancy decreased nominally in the sec ond quarter to 15.9%, from 16.0% posted in the first quarter, but still higher than the 15.0% overall vacancy rate at the beginning of the year. Sublease vacancy saw a decline as well, to 1.8%, a 0.1 percentage point decline from first quarter, and a 0.3 percentage point decrease over the first half of 2010.

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Second Quarter 2010 Chicago Suburban Office Market Report

Office Market is Navigating Bottom of Downturn
New buyers help spur office sales as asset prices are established

Available Space Starting to Steady
Declining availability is one indication the Chicago suburban office market is approaching, or is at the bottom of, the downturn that began in 2008. Overall availability, following eight consecutive quarters of raises, declined for the second straight quarter to 26.1%, a 0.3 percentage point decrease from the first quarter and a 1.0 percentage point drop since year-end 2009. Sublease space declined as well, to 2.3%, down from 2.5% in first quarter, and 2.7% from the end of 2009. The potential stability is positive for this market that has been in bad shape since the downturn started; however for availability to consistently decline, large office users will have to re-emerge in a market currently driven by users requiring 10,000 square feet (sf) or less.

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Laurence Elbaum Elected Chairman of TCN Worldwide Board of Directors

Chicago, IL —TCN Worldwide is proud to announce Laurence Elbaum, principal and co-founder of Bradford Allen Realty Services/TCN Worldwide of Chicago, has been elected chairman for the 2010-2011 TCN Worldwide Board of Directors. Originally elected to the board of directors in 2006, Mr. Elbaum previously served as the board’s vice chairman.

“We are very pleased to announce that Larry Elbaum will be serving as the newly elected chairman of TCN Worldwide’s board of directors,” said Ross Ford, president and CEO of TCN Worldwide. “Larry’s impressive background, stellar reputation within the industry and continued commitment to our organization has set him apart as one of the organization’s most impressive leaders. We look forward to his continued contribution and are fortunate to have someone of his caliber help lead TCN Worldwide in accomplishing our strategic goals.”

Elbaum, a veteran broker from both New York City and Chicago’s commercial office leasing market, co-founded Bradford Allen Realty Services with Jeffrey Bernstein in October 2003. Their Chicago-based national commercial real estate firm provides its clients with a fresh perspective, significant local industry relationships and extensive market knowledge. Through its affiliation with TCN Worldwide, Bradford Allen additionally offers expanded services on the local, national, and international levels.

Other members serving on the 2010-2011 Board of Directors include:

  • Vice Chairman & Treasurer: Ford Price, Jr., of Price Edwards & Company/TCN Worldwide in Oklahoma City
  • Secretary: William Nice, of Chartwell Group/TCN Worldwide in Cleveland
  • Board Members: Neil H. Siderow of Murray Hill Properties, LLC in New York City; Richard Bowers, SIOR, of Richard Bowers & Co./TCN Worldwide in Atlanta; Kenneth Ulsaker of Long & Foster Commercial/TCN Worldwide in Washington D.C. and H. Ross Ford III of TCN Worldwide in Plano, Texas.

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, investors and owners of real estate. Please visit our website at www.bradfordallen.com.

About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally.  With approximately $20.7 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry.  An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry.  Formed in 1989, TCN Worldwide is comprised of over 1,200 commercial real estate professionals serving more than 200 primary and secondary markets worldwide.  For more information on TCN Worldwide, contact Claudia E. Crow at 972-769-8701 or visitwww.tcnworldwide.com.