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Third Quarter 2018 Chicago Downtown Office Market Report

The buoyancy of Chicago’s downtown office market continues into the third quarter with a positive absorption of over a quarter million square feet, totaling over two million square feet absorbed in 2018. In addition, year over year, direct availability dropped from 14.99% to 14.11% and direct vacancy dropped from 12.03% to 11.68% while direct asking rents increased from $38.68psf to $40.16psf, a new high-record asking rate.


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Mid-Year 2018 Chicago Suburban Office Market Report

As the federal government tries its best to monitor growth and stem inflation (see box below), local village and city economies continue on their paths to recovery from the great recession which began over a decade ago. Quietly and assuredly, overall direct suburban vacancy and availability rates compressed over the past year from 19.45% to 17.06% and 21.35% to 21.25%, respectively, while gross asking rents increased by almost a dollar and half to $24.24psf. Although the first half of 2018 saw only 2.5 million sf of leasing deals inked, it also witnessed its first string of three, consecutive, half-way marks/six-month periods of positive net absorption since 2013 with 456,280 sf added to the metro’s ledgers*.

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Second Quarter 2018 Chicago Downtown Office Market Report

At the mid-year 2018, Chicago’s downtown office market exhibited the traits of equilibrium. Restraining the economic giddiness of increased employment and consumer confidence is the passing of the second of four promised interest-rate increases for 2018. The real success of this quarter’s office market, however, is how it responded after almost two million sf of space was added to the urban core’s ledger since the beginning of the year. To support this claim of confidence, Chicago’s CBD posted 1,713,755 sf of positive absorption, YTD, with 60% of all leasing transactions occurring in 2Q18.


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Norm Murdoch Joins Bradford Allen as a Managing Director

Chicago, IL – Dan Fernitz, Executive Managing Director of Bradford Allen Agency Services, is pleased to announce that Norm Murdoch is joining the firm as a Managing Director. Murdoch, an Agency leasing specialist, has 17+ years of experience in the commercial real estate industry and will be responsible for helping increase the firm’s presence in both the Northwest suburbs and East/West corridor. Murdoch will be based in the firm’s Oak Brook office.

Murdoch joins Bradford Allen from JLL where he was a Senior Vice President and represented over 1.5 million square feet of office product in the Northwest suburbs as well as the East/West corridor. Murdoch’s prestigious list of current and past clients includes Sovereign Partners, Sperry Equities, Piedmont Office Realty Trust and Barings Advisers. Prior to his tenure at JLL, Murdoch was a Senior Director at C&W and a Vice President at Trammel Crow.

“Norm is an extremely well-respected veteran of the Chicagoland brokerage community. I believe his experience and established industry relationships will make him a valuable addition to our agency services division. We are thrilled to welcome him to the BA team,” said Fernitz.

“I’m very excited to be joining Bradford Allen and to have the opportunity to be reunited with Dan Fernitz. Bradford Allen’s platform and collaborative culture coupled with its entrepreneurial spirit will give me the resources and support I need to support my current and future clients”, said Murdoch.


Bradford Allen Represents Holden Industries in Lease Renewal

Deerfield, IL – Bradford Allen is pleased to announce that Managing Director Matthew Alexander has completed a lease renewal on behalf of Holden Industries at 500 Lake Cook Road in Deerfield, IL. The company signed a long-term lease renewal and will continue to occupy 8,713 SF on the 4th Floor. Brett Ratay of Lincoln Properties represented the Landlord.

Holden Industries is a 100% employee-owned corporation headquartered in Deerfield, Illinois. Holden is currently comprised of four core businesses. Each business operates in a distinct industry including; Nosco, a leader in providing printed packing solutions for the pharmaceutical industry, Setco, a global leader in the design, manufacture & service of high performance precision spindles and slides, Vac-Con, a manufacturer of high-performing, rugged products for sewer cleaning, industrial vacuuming, hydro excavation and water jetting, and Wildeck, a manufacturer of safety guards, barrier rail, mezzanines, work platforms, material lifts, (VRCs) and rideable lifts, access equipment, crossovers, rolling ladders, and handrail.

“Holden Industries’ long-term commitment to this property and area speaks to the company’s desire to have a great work environment that’s convenient for its employees,” said Alexander. “The new deal allowed Holden to modernize its existing conditions while making it more suitable for its current operations and future growth.”

500 Lake Cook Road is part of the Corporate 500 Office Campus and offers its tenants the features and benefits of a downtown property without the hassle of a lengthy commute. Corporate 500 consists of a four-building Class A office campus totaling approximately 700,000 RSF. Located between I-294 and I-94, Corporate 500 is the only suburban office complex with direct access to the commuter rail system and the Chicago CBD via the Lake-Cook Metra Station. The Campus is maintained and managed to the highest institutional standards with current ownership investing in significant capital projects including common area renovations, lobby upgrades, elevator modernizations, installation of a fitness center and several mechanical upgrades to improve operational efficiency.