When Quill, a leading office supply company, sought to create a collaborative workspace that fostered employee engagement, they chose Tri State Lincolnshire for their new office. With an accelerated timeline requiring completion in just five months, Bradford Allen, as the owner, worked closely with Quill and their partners to deliver a thoughtfully designed 58,000-square-foot workspace that supports Quill’s evolving culture and return-to-office (RTO) strategy.
Watch the video to hear Mark E. Roszkowski, President at Quill, discuss his successful partnership with Bradford Allen.
Tag Archives: suburban
Client Success Story: Quill
Client Success Story: Northwestern Mutual
Facing an expiring lease and a need for a refreshed office space, Northwestern Mutual partnered with Bradford Allen to explore relocation options. After an extensive market search, it became clear that the best solution was to expand within their existing building. Led by Ben Azulay, the Bradford Allen team negotiated favorable lease terms to expand and relocate to another floor, helping Northwestern Mutual achieve a modern, collaborative office that supports future growth and impresses clients.
Watch the video to hear Jeff Sons, wealth management advisor at Northwestern Mutual, discuss his successful partnership with the Bradford Allen’s Tenant Representation practice.
Year-End 24 Suburban Office Market Report
Bradford Allen is pleased to share with you our latest office market report.
The second half of the year in the suburban office market:
- Vacancy was effectively unchanged in the second half of the year at 24.6%.
- Year-end direct net absorption was negative 1.4 million square feet, significantly worse than 2023’s negative 173,000 square feet.
- Much of the market’s distress lies in older, poorly located properties, which only account for 2.7% of the market’s overall inventory.
- Investment sales activity was up this year as $368 million traded hands, with properties selling for an average discount of 17% from their previous purchase price.
Groundbreaking on 301-Unit Mixed-Use Community in Arlington Heights, IL
Initial phase is part of master-planned community at gateway to suburb
ARLINGTON HEIGHTS, IL — Bradford Allen Development Company, part of Bradford Allen, a national full-service real estate firm, along with development partner Moceri+Roszak, today held a ceremonial groundbreaking for the first phase of their mixed-use community at the southeast corner of Arlington Heights and Algonquin roads in Arlington Heights, Ill., a northwest suburb of Chicago.
Bradford Allen Development Company and Moceri+Roszak have begun construction on a 301-unit mixed-use community that represents the first phase of a broader 16-acre master plan along the Jane Addams Tollway in Arlington Heights, Ill.
Photo by Matt Mansueto Photography, Inc.
The initial phase, which will consist of 301 apartments and approximately 26,000 square feet of ground-floor retail, is part of a master-planned community at the southern end of Arlington Heights. The broader development also includes ArlingtonMed, a 150,000-square-foot medical office complex at 155 E. Algonquin Road, a building that previously housed the Daily Herald newspaper and up to two more buildings.
“This groundbreaking marks a significant step in transforming this highly visible site into a vibrant, mixed-use destination that serves as a gateway to Arlington Heights,” said Jeff Bernstein, co-founder of Bradford Allen. “With exceptional residential and retail options and a cutting-edge medical facility, our development aims to enrich the community and catalyze future investment in Arlington Heights.”
“At a time when few developments are able to obtain financing and begin construction, Bradford Allen and village leaders have worked together to bring a major new project to the community, one that will meet growing demand for modern rental housing,” said Larry Elbaum, co-founder of Bradford Allen.
“Working alongside the Village of Arlington Heights, we’ve been able to turn a shared vision into a tangible reality,” said Brian Carley, executive managing director of development at Bradford Allen. “This collaboration is a testament to how great things can happen when public and private sectors work together with a clear goal in mind.”
Designed by Thomas Roszak Architecture, the eight-story residential building will offer a mix of studio, one-, two- and three-bedroom floor plans, as well as 17,500 square feet of indoor and outdoor amenities. They include an outdoor pool and spa with sun deck, fitness center with yoga studio, social and media rooms, coworking space, dog walk and spa, golf simulator, grill stations and more.
The exterior of the building will feature green vertical accents that pay homage to the nearby Ned Brown Preserve — also known as Busse Woods — and Illinois prairie aesthetic.
Clark Construction is serving as general contractor on the development, with completion expected in 2026. The multifamily building and ArlingtonMed represent the first two of up to four buildings in the master plan, whose prominent location alongside the Jane Addams Tollway offers visibility to over 150,000 vehicles per day.
Please visit www.arlingtonheights.apartments for more information and future updates on the project.
About Bradford Allen Development Company:
Formed in 2022, Bradford Allen Development Company (BADC) currently has approximately $1 billion in active developments across the country representing all major asset classes. BADC is a wholly owned subsidiary of Bradford Allen, a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when Jeffrey Bernstein and Laurence Elbaum founded Bradford Allen Realty Services. For more information, visit bradfordallen.com.
For more information or to schedule an interview,?contact David Matthews, dmattews@taylorjohnson.com, (312) 267-4523.
Mid-Year 2013 Chicago Suburban Office Market Report
| Chicago Suburban Mid-Year Market Report 2013 |
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Improving Suburban Chicago Office Market Remains Tighter Than Statistics Suggest The suburban Chicago office market continued to improve during the first six monthsof the year. The overall, direct vacancy and sublease availability all slightly decreased to 18.3%, 17.4% and 2.7%, respectively. Although, the overall vacancy remains elevated at 18.3%, the real dynamics reflect those of a much tighter market, perhaps one with a vacancy rate as low as 13%. A good portion of the space that sits physically vacant today is “The Last Mile” of space—perhaps 5-10% of any given property—where landlords have a diminished desire to be aggressive to get the last deals done. As a result, this skews the overall statistics.
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First Quarter 2013 Chicago Suburban Office Market Report
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Suburban Chicago Office Market Signals Steady—Albeit Slow—Improvement Transaction activity within the suburban Chicago office market was relatively steady to begin the year, and a healthier tone continues to characterize the overall suburban market. Although the vacancy rate edged up during the first quarter from 18.3% to 18.6%, there continues to be ample interest from tenants for high quality space. Many tenants have been motivated to upgrade their space rather than renew, particularly in situations where attractive rents and/or concessions can help offset relocation costs.
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Fourth Quarter 2012 Chicago Suburban Office Market Report
Momentum Continues Building for the Improving Suburban Chicago Office Market
Transaction activity within the suburban Chicago office market accelerated during the second half of the year, and 2012 finished on a positive note. This improvement was echoed in most of the major market statistics, particularly the vacancy and absorption rates. The overall vacancy rate declined and ended the year at 17.3% as compared to 19.3% at the 2011 year end. The strong leasing activity in the fourth quarter also resulted in more than 450,000 SF of positive net absorption, bringing the full year positive net absorption to more than 1.2 million SF.
Third Quarter 2012 Chicago Suburban Office Market Report
Third Quarter Transaction Activity Heats Up In Suburban Chicago Office Market
After cooling off during the first half of 2012, activity within the suburban Chicago office market accelerated during the third quarter. The increased confidence among large tenants was evidenced in a spate of noteworthy transactions. This was driven largely by a continued trend toward quality space where tenants are locking-in Class A locations at attractive pricing. The improving suburban office market conditions were illustrated by several key market metrics.
Second Quarter 2012 Chicago Suburban Office Market Report
Suburban Chicago Office Market Cools Off During First Half of 2012
The suburban Chicago office market hit a plateau during the first half of 2012. The overall availability rate has remained unchanged from the first to the second quarter of 2012, resulting in a mid-year figure of 27.3%. This remains slightly higher than the 26.8% statistic at year-end 2011. The overall vacancy rate also remained stable during the second quarter at 23.2%.
During 2011 there were many large tenant relocations that reflected both pent up demand coming out of the financial crisis, as well as the plentiful availability of attractive second-generation space. In many cases, this space was not only well located in Class A buildings, but it also included furniture and upgraded wiring. This added significant appeal and helped motivate tenants to make longer-term commitments.
First Quarter 2012 Chicago Suburban Office Market Report
Suburban Chicago office market takes a breather during first quarter 2012
The suburban Chicago office market ended 2011 on a high note, perhaps compensating for several years of pent up demand. As we previously reported, the overall tone of the market was much healthier despite a lingering supply and demand imbalance. Corporate tenants showed decidedly more confidence in making real estate commitments, and that was reflected in the more robust 2011 transaction activity.
Third Quarter 2011 Chicago Suburban Office Market Report
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Status quo for the Suburban Chicago office market The third quarter served up more of the same for the suburban Chicago office market. That’s not necessarily all bad news, but the move back to equilibrium looks to be progressing at a glacial pace. The overall availability rate has shown little fluctuation throughout 2011 and ended the third quarter at 27.3%. The direct vacancy rate actually inched back up slightly to 24.6% from 24.2% at mid-year. |
Second Quarter 2011 Chicago Suburban Office Market Report
Overall tone of suburban Chicago office market slowly improves, but market dynamics still favor tenants
From the perspective of transaction activity and general interest in suburban Chicago office space, it is clear that the market has stabilized and improved since the depths of the financial crisis. However, the recovery continues to be slow and uneven. Overall demand and availability rates have not returned to pre-crisis levels. There continue to be some positive signs in the market, but the second quarter showed little material change as compared to the first quarter. The overall vacancy rate improved slightly and ended the second quarter at 23.0%.
First Quarter 2011 Chicago Suburban Office Market Report
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Signs of slow improvement continue to emerge in suburban Chicago, particularly in Class A Space Although the Chicago suburban office market appears to have stabilized, there is no escaping that significant excess supply, both direct and sublease space, continues to overhang the market. The good news is that leasing activity, which re-emerged and accelerated last year, helped stem the deterioration in market fundamentals. It was encouraging to see that trend continue early this year. A healthier level of demand was evident throughout the first quarter, which helped push the overall availability rate down to 27.3%, which is an improvement from the year-end availability rate of 28.1%. The direct vacancy rate ended the quarter at 23.3%. |
Fourth Quarter 2010 Chicago Suburban Office Market Report
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Despite sluggish leasing market, market fundamentals show signs of stabilization The Chicago suburban office market appears to have reached its bottom in 2010. The overall annual net absorption (the net change in occupied space) and the year-to-date leasing activity seem to indicate that the market has begun to slowly recover. Annual net absorption was essentially flat in 2010, but still a clear reversal of the downward trend experienced in 2009, when the year ended with over 2.3 million square feet of negative net absorption. |
Second Quarter 2010 Chicago Suburban Office Market Report
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Office Market is Navigating Bottom of Downturn Available Space Starting to Steady |
First Quarter 2010 Chicago Suburban Office Market Report
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Indicators Show Bottom Is Near Vacancy Continues to Rise |
Fourth Quarter 2009 Chicago Suburban Office Market Report
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Market Downturn Creates Opportunities for Tenants Year-End Vacancy Highest of Decade |
Second Quarter 2009 Chicago Suburban Office Market Report
A Slow Road to Recovery in the Suburbs
With available space at an all time record, office space bargains are everywhere. Vacancy is likely to rise slightly over the next few quarters during the recovery.
Rental Rates Hold Steady
Asking rental rates in the suburban market have held nearly even with last quarters’ rates. The second quarter gross average asking rental rate of $20.57 represents a rise of four cents per square foot over the first quarter. With record availability rates and continued layoffs throughout the suburbs, rates are likely to continue to drop.
First Quarter 2009 Chicago Suburban Office Market Report
Market Continues to Decline
Rental rates continue to drop, and vacancies are increasing at a faster rate. With no signs of recovery before 2010, landlords offer larger concessions.
Rental Rates Are Dropping
Asking rental rates in all suburban submarkets continue to drop as Landlord’s adjust to the new economic climate and compete against the growing flood of sublease space . The first quarter gross average asking rental rate of $20.53 represents a drop of nearly $0.50 per square foot over the last three quarters. As layoffs increase and sublease space continues to rise over the next few months, asking rates are likely to drop further.