Bradford Allen is pleased to share with you our 2020 third quarter office market report.
This quarter in the downtown office market:
- Direct net absorption was positive 150,562 s.f., posting a total of 303,703 year to date.
- Year over year, direct availability rose from 14.02% to 16.51%.
- Year over year, gross average asking rates dropped to $41.51 p.s.f. from $42.37 p.s.f.
To read the full report, click here.
This week, Ben is taking on listener questions to give his feedback on the CRE market and occupancy trends. Ben shares how companies can benefit through landlords cutting rental rates and buildout costs in addition to sublease spaces coming to the market in mass. Taking a look at your lease now will help you evaluate your needs when you’re ready to renegotiate.
How will the Chicago market look in five years? Are the aftereffects of COVID-19 going to change things indefinitely? Listen as Ben walks us through the office footprint of the future.
Lastly, we’re focusing on the positives to come from the past seven months — learning to prioritize, finding a work-life balance, and increasing efficiency throughout your workday.
In our debut episode of In Focus, Rhea Stephen and Ronan Remandaban are joined by Amit Hasak, CEO of Transship, to talk cold storage. From refrigerators to shipping cargo containers, cold storage is an integral part of the food supply chain, especially with the global consumption of frozen foods. However, as our speakers discuss, there is a deficit in available cold storage space, both locally and nationally, and not all industrial or warehouse space can be converted to cold storage space. Listen as they talk pros and cons.