Please join Rawly Lantz of Cawley Chicago as he sits with a panel of experts for the Institute of Real Estate Management at the June Chapter Meeting – Mid Year Market Review. Covering updates on the state of the market in all areas of real estate, Rawly will be speaking specifically on office product. The date of this networking lunch is scheduled for June 28th starting at 11:00am located at Gene & Georgetti’s. Detailed information is listed in the below link.
Original Post GlobeSt.com | Re-post Cawley Chicago 6.9.17
This summer, Northern Builders, Inc. will put the finishing touches on a 302,354 square foot speculative industrial facility at its Carlow Corporate Center in Bolingbrook, IL. It’s their second building at this new business park, the last major developable piece of land in the I-55 submarket. The first was a 615,000-square-foot build-to-suit the company did for Best Buy…“This is going to be a high-end business park with extensive water features and landscaping,” Bercu says. “It’s not going to be your run-of-the-mill distribution center,” and Best Buy was “indicative of the type of user that will value this environment.”
Original Post BisNow.com | Re-post Cawley Chicago 6.7.17
Total Score: 54.9
Carbon Footprint Estimate Per Household: 43.5 tons
Walk Score: 78
Park Score: 77.5
Bike Score: 70
Chicago has been focusing on reducing carbon emissions from municipal buildings, which represent 71% of the city’s emissions. In 2010, it reached 22% of its 2020 goal of reducing building emissions by 10%. Chicago also has become the second most bike friendly city through its bike-share program Divvy for Everyone, which offers low-income commuters a $5 annual fee and no usage fee if a bike is returned within a half hour.
Original Post www.worldpropertyjournal.com | Re-post Cawley Chicago 5.25.17
While the fairly dramatic increase in long-term interest rates that occurred in late Q4 2016 continued into early Q1 2017, its impact on commercial real estate markets has been fairly limited, especially given the more recent decline in Treasury rates.
While banks maintained their standing as the second most popular lending group in Q1, their market share slipped substantially to 25.5% of loan volume, down from 43% a year earlier. Many key bank interest rates and spreads have not been materially affected by the recent increases in Treasury rates. However, bank construction lending remains limited and banks are selective in granting loans.
Original Post www.GlobeSt.com | Re-post Cawley Chicago 5.23.17
Another Chicago-area firm has decided to stick with the suburbs. The Opus Group has just completed a new 175,000-square-foot corporate headquarters for MC Machinery Systems, Inc. in Elk Grove Village. The two-story building features 50,000 square feet of office space, 75,000 square feet of warehouse and storage space and a 50,000-square-foot industrial machinery showroom to showcase the company’s equipment and host customer walkthroughs. Company officials say their new home will accommodates their rowing workforce and changing business needs
“We have very talented people with us and staying within a five-mile radius of our previous facility located in Wood Dale, IL assured us that we wouldn’t lose our employees,” Patrick Simon, senior marketing and corporate planning manager, MC Machinery, tells GlobeSt.com. “We also wanted to stay close to Chicago’s I-90 due to the numerous partners in the area as well as the proximity to O’Hare International Airport.”
Original article: www.BisNow.com | Re-post Cawley Chicago 5.18.17
The record number of crane permits issued last year only tell part of the story about Chicago’s construction boom. Last year, over 20,000 people pulled 44,000 permits in the City of Chicago. Permit forms, while available online, are mostly filled out manually, and confusing building code interpretations can result in even the most experienced users missing forms or submitting incorrect documents, leading to weeks in delays and cost overruns. But a new platform may change all of that.
Original post www.BisNow.com | Re-post Cawley Chicago 5.16.17
The past two years have seen a steady resurgence in suburban commercial real estate. But that rebound has not followed any traditional patterns and, depending on the submarket and asset class, can be almost unpredictable.
Origin Investments vice president of acquisitions Tom Briney has been predicting another 18 months in this upmarket for the past 18 months, and yet the suburbs continue to exhibit organic growth that runs counter to the “migration to the CBD” headlines. Briney said net absorption in the suburbs has outpaced the central business district from 2011 through last year, and he feels that is the foundation of a pendulum swing that will particularly benefit trophy assets.