Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Chicago’s real estate market is booming – In 2017, for the first time in eight years, Chicago will see tenants move into two brand-new office buildings. The launches of these towers – located next to each other on a picturesque bend in the Chicago River – are seen as a major sign of economic recovery in the third-largest US city, of the resurgence of Chicago’s downtown area, and of the changing tastes of young workers across America. Their delivery in three years will, according to local developers, be the first in a string of new buildings welcoming tenants, as the Windy City’s commercial property market rebounds from the recession… Financial Times
- Investors Snap Up Apts., Office Properties to Fuel Third Quarter Sales Volume – With vast amounts of investor capital allocated to chase after all types of commercial real estate, especially multifamily and office assets, sales of U.S. commercial property are projected to total about $415.1 billion for the four-quarter period ending with the third quarter of 2014. That represents an increase of about 8% over the previous four-quarter period, according to early CoStar COMPs sales transaction data… CoStar Group
- Old Post Office owner plots next move after breakup with Sterling Bay – The owner of the vacant Old Main Post Office may seek a sale of the sprawling West Loop property or a new development partner after a joint venture with Sterling Bay Cos. fizzled. Less than four months ago, British developer Bill Davies and Chicago-based Sterling Bay said they were forming a venture for a $500 million redevelopment of the 2.7 million-square-foot building that straddles Congress Parkway.The news brought hope that the property, empty since the post office close 18 years ago, finally would be transformed into a new use… Crain’s Chicago
- Sterling Bay puts West Loop building up for sale – A 101-year-old West Loop office building that has become one of the most desirable addresses in Chicago’s growing technology sector is for sale and could fetch $300 million or more. Sterling Bay Cos. hired Jones Lang LaSalle Inc. Managing Director Bruce Miller to seek a sale of the 16-story vintage building at 111 N. Canal St., Sterling Bay Managing Principal Andy Gloor confirmed. He declined to comment further… Crain’s Chicago
- Suburban Chicago office vacancy drops again, but market feels slow – For the first time since 2011 the office vacancy rate for suburban Chicago dropped for two quarters in a row, providing rare momentum in a long-stagnant market. Overall vacancy fell to 23.4 percent in the third quarter, down from 23.7 percent in the second quarter and 24.2 percent a year earlier, according to Chicago-based Jones Lang LaSalle Inc. The vacancy rate hasn’t been that low since fourth-quarter 2008… Crain’s Chicago