Monthly Archives: October 2023

Ten with Ben 021: Wrapping Up Q3 2023

In this week’s episode, Ben reflects on his two-decade-long journey as a tenant rep broker, shares current market conditions, and identifies recent challenges the industry is facing. From the bustling Fulton Market district to new activity throughout the Loop, get an expert view on what’s shaping Chicago’s office landscape. Post-pandemic, the deals may be smaller, but leases are being signed. Ben also touches on the perseverance of brokers, the importance of location to tenants, and just what makes Chicago such a dynamic and resilient city.

In the wake of the unprecedented terrorist attack that ignited war in Israel, we recognize this is a time of immeasurable grief and hardship for many around the world. Ben begins this week’s podcast expressing his feelings with an open discussion about his connection to Israel.

Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.


Q3/23 Downtown Market Report

Bradford Allen is pleased to share with you our latest office market report.

This quarter in the downtown office market:

  • Absorption turned negative with -431,000 s.f. of net absorption through Q3/23, resulting in year-to-date levels of -933,000 s.f.
  • The direct vacancy rate remained steady, sitting at 19.8% for the CBD.
  • Available sublease space ticked down to 7.6 million s.f.
  • The gross asking rate for the market remained at $44 p.s.f.


Bradford Allen Names Jennifer Murphy as President of Management Services

20-year veteran of property and construction management will oversee firm’s national office portfolio

CHICAGO, IL – October 9, 2023 — Bradford Allen, a national full-service real estate firm, today announced Jennifer Murphy has joined the firm as president of management services. In this role, Murphy will be responsible for managing Bradford Allen’s growing portfolio of office properties in Chicago and nationally. She will report to Brian Dovalovsky, senior managing director of Bradford Allen, and be based in the firm’s downtown Chicago headquarters.

“Jennifer’s appointment is strategically timed with the growth of our national office platform as we continue to acquire, improve and lease up high-quality assets in desirable markets across the country,” said Dovalovsky. “In today’s ever-evolving workplace landscape, she will be instrumental in helping us meet demand for modern, experiential office environments that are highly functional for occupiers and profitable for ownership.”

A 20-year veteran of property and construction management, Murphy has helped launch and reposition large-scale office properties, leveraging state-of-the-art technologies, lifestyle-oriented amenities and best-in-class services to enhance marketability and drive operational performance. She previously spent 16 years at Hines Interests Limited Partnership, most recently serving as senior construction manager for Salesforce Tower Chicago, the 1.2 million-square-foot high-rise at 333 W. Wolf Point Drive in downtown Chicago. In that role, Murphy oversaw the base building construction and managed the construction, FF&E and transition to operations for the tower’s 20,000-square-foot amenity suite, which includes conference facilities, a full-service fitness center, tenant lounges and more.

Prior to her work on Salesforce Tower, she was general manager for 333 W. Wacker Drive (890,000 square feet), which followed successful management roles at 1 S. Dearborn St. (870,000 square feet), 101 N. Wacker Drive (600,000 square feet) and other properties owned by Hines. She also was property operations manager for Northwestern Memorial Hospital.

Murphy holds an MBA with distinction from DePaul University’s Kellstadt Graduate School of Business, with a focus on real estate finance and investment. She earned her bachelor’s degree with honors in civil engineering, with a specialty in structural engineering and a minor in urban and regional planning, from the University of California, Irvine. She is a licensed real estate broker in Illinois and holds an EIT license in California.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit

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For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.