Chicago Real Estate Pros Predict 2016’s Driving Factors

Orig Post| Re-Post Cawley Chicago 3/21/16

Bisnow 3-21-16

BOMA Chicago president TJ Brookover says to expect a lot of backfills later this year as tenants who’ve already signed leases for new office space in the pipeline move into that new product once it’s delivered. He also sees declining adaptive reuse inventory downtown, but that will have a positive effect for owners as it limits supply. If there is a lull in leasing activity in 2016, TJ says building owners and managers will shift their focus to operations and look for ways to offset operating costs. At some point, managers will be forced to look at security procedures and policies, which has been in a quiet period post-9/11. Real estate taxes are another issue heading into the new year. Developers and managers may ask the city to look at building codes and permit processes to lower costs and adopt an international standard if developers are footing the bill for higher property taxes.

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