Author Archives: Neil Bouhan

CRE Office Pulse 006: Chicago Office Supply Growth Screeches to a Halt

In Chicago’s CBD, new office construction has come to a screeching halt, only a couple years after hitting record highs. And even as the effects of the pandemic dissipate, new development continues slowing. What’s behind this deceleration in supply growth? We identify four primary factors weighing on the office construction market and discuss long-run implications for the CBD.

Read on to find out more

 

Mid-Year 2022 Chicago Suburbs Office Market Report

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

This half in the suburban office market:

  • Absorption levels improved but remained negative at -350,000 s.f. for Q2
  • Direct vacancy increased to 28.6%
  • The gross asking rate for the market is $25.42 p.s.f.
  • Sublet availability remained steady at 4.3%

 

Q2/22 Downtown Chicago Office Market Report

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

This quarter in the downtown office market:

  • Absorption levels improved but remained negative at -300,000 s.f. for Q2
  • Direct vacancy increased to 18.4%
  • The gross asking rate for the market is $42.87 p.s.f.
  • Sublet availability slightly increased from 3.9% in Q1 to 4.1% in Q2

 

Q1/22 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our latest office market reports.
Chicago’s downtown office market remained dynamic amid distress in Q1/22 as the flight-to-quality trend continued. With a direct vacancy rate above 18%, rising sublet availability, high-profile properties in distress and ample new deliveries, tenants are finding enticing concessions. Digging beneath the headline statistics, we note:

  • The direct vacant and available rate was slightly lower (14.9%) than last quarter (15.2%).
  • Net absorption turned negative after a positive Q4/21, but demand is robust for Class A space in red-hot submarkets
  • Sublet availability is skewed toward Class B buildings.
  • Class B buildings comprise the majority of properties with troubled loans.

 

 

BA Assists American Blues Theater in Purchase of Near Northwest Property

CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum are pleased to announce that Managing Director Jonathan Seeley successfully assisted American Blues Theater with the purchase of their new location at 5627 N. Lincoln Avenue after vacating their former home at 4809 N. Ravenswood Avenue. Previous ownership was represented in the transaction by Mark Kishtow and Mark Jones of Jameson Commercial Real Estate.

Built in 1985, the 10,844-square-foot property sits on an 18,000-square-foot lot in a densely populated section of Chicago’s Near Northwest neighborhood. The all-masonry construction features a single-story open floorplan with 12-foot clear height, essential for accommodating the theater’s performances. Additionally, the property offers an attractive 168 feet of frontage along Lincoln Avenue, a main traffic artery serving the Lincoln Square and Andersonville neighborhoods.

“After performing a full search of the market to determine alternate options, it was clear that 5627 N. Lincoln was the best fit for the unique use case of American Blues Theater. We pursued the purchase of the building with earnest and closed within 90 days of going under contract,” said Seeley.

Winner of American Theatre Wing’s prestigious National Theatre Company Award, American Blues Theater is a premier arts organization exploring the American identity through the plays it produces and communities it serves. American Blues Theater follows three guiding values both on and off its stages–to be accessible, responsible, and true. Chicago’s second-oldest AEA Ensemble theater, the American Blues Theater and its artists have received 221 Joseph Jefferson Awards and nominations that celebrate excellence in Chicago theater and 40 Black Theater Alliance Awards.


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.