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Tag Archives: downtown

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. A Chicago Masterpiece Rediscovered – Even though downtown Chicago has a worldwide reputation for great architecture, many of its treasures suffer from neglect and disinvestment. But an increasing number of businesses believe that occupying historically-significant space can bring a type of prestige that modern office buildings… Globe St.
  2. As Office Space Shrinks, So Does Privacy for Workers – Dafna Sarnoff worked her way up to vice president at American Express and what she remembers as “a desirable office.” Later she was hired by a financial services company — bigger salary, bigger office. Then, in 2012, she was recruited by Yodle, a smaller, newer company that sells online marketing tools for small businesses…. New York Times
  3. Cushman & Wakefield Going Up for Sale – The Italian family that controls Cushman & Wakefield Inc., one of the world’s largest real-estate services firms, is putting the company up for sale as rising property prices push up the value of rivals, according to people familiar with the matter… Wall Street Journal
  4. More New Jobs Are in City Centers, While Employment Growth Shrinks in the Suburbs – For decades, most Americans working in metropolitan areas have gone to work outside city centers – in suburban office parks, stores or plants, not downtown skyscrapers. But as people increasingly choose to live in cities instead of outside them, employers are following…. New York Times
  5. The Smart Way to Create a Transparent Workplace – Transparency. The concept is as simple as it is alluring. By making sure employees conduct their work in plain view—visible in open offices, monitored with sensing technology and tracked through digital activity—companies hope to increase accountability, collaboration, knowledge sharing and innovation… Wall Street Journal
 

Bradford Allen Brokers Nonprofit in Relocation, Expansion

CHICAGO –   Thresholds, a social service agency providing healthcare, housing, and hope for individuals struggling with mental illnesses, has inked a 8,800 square foot lease at 120 South LaSalle. The Chicago-based nonprofit will continue to operate at 4101 N. Ravenswood Ave and its locations across the city, and will use the new Central Loop location for their executive, finance, and development offices.

Bradford Allen Senior Managing Director Craig Nadborne and Managing Director Sameena Mustafa Basit represented Thresholds in the transaction. Kim Robare of Lincoln Property Group represented the landlord, Teachers Retirement System of Illinois.

“This transaction enabled Thresholds to move into a central location that will accommodate their near and long-term growth,” shared Basit. “120 South LaSalle was able to offer highly adaptable existing conditions and favorable lease terms.”

“We’ve noticed a trend among our nonprofit clients wanting to relocate their executive staff to downtown office buildings,” Nadborne added. “In addition to centralizing business operations, a CBD location offers greater visibility and easier access to donors and board members.”

“Thresholds is thrilled to move some of our team to a downtown location,” says Mark Ishaug, Thresholds CEO. “We look forward to being closer to many of our partners, donors, and board members, as well as providing better access for all of our program staff located throughout the City of Chicago, Blue Island, Kankakee, and McHenry County. Bradford Allen understands the needs of large nonprofit agencies, and it was a pleasure to work with them.”

About Bradford Allen 
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations.  The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.

 

Second Quarter 2013 Chicago Downtown Office Market Report

Statistics Remain Stable as Downtown Chicago Office Market Continues to Attract Strong Interest

By most statistical measures, the downtown Chicago office market has remained relatively unchanged for much of the first half of 2013. During the second quarter, the availability rate increased fractionally to 16.7%, while the overall vacancy rate remained unchanged at 12.6%. However, both these metrics illustrate improvement as compared to the previous year. In general, there continues to be a strong bid for quality space, and there have been many cases of both suburban Chicago and out-of area tenants canvassing for space and relocating to downtown Chicago.

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First Quarter 2013 Chicago Downtown Office Market Report

Positive Underlying Tone Continues to Characterize Downtown Chicago Office Market

The downtown Chicago office market finished the year on a positive note, and although the pace of improvement has leveled off, the market remains stable with a strong underlying bid for quality space. Overall vacancies declined nominally early this year and ended the first quarter at 12.6%. Stepping back to look at the broader trend, virtually all key market metrics have improved over the past 12 to 18 months. This continues to evidence a slow improving trend since the global economic crisis.

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Fourth Quarter 2012 Chicago Downtown Office Market Report

Downtown Chicago Office Market Ends 2012 on the Upswing

Despite all the challenges and questions facing the economy, there’s no denying that the downtown Chicago office market has been on the mend and finished the year on a positive note. Overall vacancies declined one full percentage point from the third quarter and ended 2012 at 12.7% down from 13.3% in 2011. This is the lowest year-end vacancy rate since the global economic crisis.

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