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Ten with Ben // “004: Meet Justin Kessler”

We’re back with a special guest in today’s Ten with Ben: Justin Kessler, Ben’s business partner. Ben and Justin explore thoughts on commercial real estate, COVID-19, and takeaways on working from home.

Listen as they discuss the importance of a tenant rep broker’s role with their clients and how engaging now — even if you aren’t ready to make decisions today — will set you up for success down the road.

While the return to work looks different for everyone, we all need to be safe, smart, and respectful in the workplace. Many continue to work from home and remain productive, but are there lost opportunities staying virtual?

 

Ten with Ben // “003: Exploring Your Lease Options”

Ben Azulay is back in this week’s Ten with Ben, diving into real estate in the new world. This week, he is focused on lease options and explains why a tenant may want to consider renewal, termination, or expansion options in their lease. Learn why these decisions are crucial for tenants, and why landlords may be hesitant to provide these options based on the market. And, what about possible signage or relocation options?

Listen as Ben discusses the importance, now more than ever, for leases to have flexibility — as well as protection — when tenants are moving into a new space.

 

Mid-Year 2020 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our 2020 mid-year Chicago suburban office market report.

This quarter in the suburban office market:

  • Net absorption was positive 77,400 s.f. for the quarter but negative 422,822 s.f. at mid-year.
  • From year-end 2019 to mid-year 2020, availability rose 24.16% to 24.73% and direct vacancy rose 19.55% to 20.56%.
  • Overall, the direct asking rate was $25.03 p.s.f., a $0.30 p.s.f. increase since year-end 2020.

To read the full report, click here.

 

Q2/20 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our 2020 second quarter Chicago office market report.

This quarter in the downtown office market:

  • Net absorption was negative 540,590 s.f. for the quarter and positive 153,141 s.f. for the year.
  • Quarter over quarter, direct availability rose to 15.71% from 14.69% and vacancy rose to 10.26% from 9.11%.
  • Overall, gross average asking rates declined to $41.49 p.s.f. from $42.18, quarter over quarter.

To read the full report, click here.

 

BA Completes 8,373-SF Lease Extension for Openlands

Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Managing Director Jonathan Seeley and Associate Merrick Wells have completed a lease extension on behalf of Openlands. The Chicago-based nonprofit signed a long-term lease extension to remain in their offices at 25 E. Washington, where they are one of the largest tenants. Openlands currently occupies space on the 16th floor and have been in the building for over twenty years.

“This transaction was mutually beneficial for both parties, providing the opportunity for the long-standing relationship between Openlands and Aspire Properties to continue to thrive,” said Wells.

“In light of the fact we are in the middle of a pandemic, this renewal allowed Openlands to continue to focus on its core mission with minimal interruption,” added Seeley.

Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation, proudly serving Northeastern Illinois and the surrounding region to protect natural habitats and wildlife. The organization has now helped to protect more than 55,000 acres of land for public parks and forest preserves, wildlife refuges, land and water greenway corridors, urban farms, and community gardens.

“Jeff and I are really proud of John and Merrick. We are living in unprecedented times, and they continue to produce at a high level regardless of the challenges,” said Elbaum.


About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services. For more information, visit bradfordallen.com.