Articles About Office

Approximately half – 47 percent – of American companies whose sales range from $25 million to $2 billion say they will hire more employees in 2011, according to a Bank of America survey of chief financial officers (CFOs).  The new number represents a significant uptick over the 28 percent who planned to hire new employees […]

The $625 million sale of the 49-story Hyatt Center at 71 South Wacker Drive is proof that the market is still strong for high-credit trophy buildings; the price represents a 6.1 percent cap rate.  The purchaser is Southern California-based Irvine Companies, which plans to close the deal as quickly as possible. The $419 PSF sales […]

With the Patient Protection and Affordable Care Act now the law of the land, commercial real estate executives are waiting to see what impact the legislation will have on their business.   Consensus is that the new healthcare law changes crucial demand drivers for real estate by introducing alternative models to deliver medical services.  The potential […]

Who’s right about the state of the economy and commercial real estate – the bulls or the bears?  Robert Knakal, chairman of New York-based Massey Knakal Realty Services, weighs both sides to help us cut through the mixed messages. In a recent interview for the Alter NOW Podcasts, Knakal noted that the bulls like to […]

Who is the recipient of the inaugural Mayor Richard M. Daley Legacy Award for Global Leadership in Creating Sustainable Cities?  It’s none other than retiring Chicago Mayor Richard M. Daley himself. Writing in the Chicago Tribune, architecture critic Blair Kamin said “Chicago’s lame-duck mayor, famous for his green thumb and his iron fist, will receive […]

Chicago’s downtown office market started its long-awaited recovery in the 3rd quarter, with a slight decline in the vacancy rate reported following seven consecutive quarters of decline.  According to statistics provided by CB Richard Ellis, the vacancy rate fell to 17 percent from 17.3 percent across all property types.  Class A space has the lowest […]

Real estate professionals who had been expecting a worst-case scenario – an onrush of distressed commercial properties coming onto the market – are still waiting for that to come to fruition.  Ben Johnson, writing in the National Real Estate Investor, notes that “Keep on waiting/lurking seems to be the prevailing view.  According to New York-based […]

Although foreign investment in United States commercial real estate doubled in the 1st half of 2010 compared with 2009, activity is still sluggish, thanks to the slow economy and a lack of trophy properties offered for sale.  Currently, the United Kingdom is the hottest international destination for investment, according to Jones Lang LaSalle research.  So […]

Although construction in the United States has been slow since the financial meltdown of 2008, there is one niche segment that is thriving – green construction.  According to McGraw-Hill Construction, green buildings now comprise one-third of all new construction, an increase of two percent over 2005, a surprise in an industry that is historically slow […]

Chicago’s initial Green Office Challenge honored 34 property-management firms, companies and buildings in a contest to determine who has accomplished the most in terms of reducing energy consumption and greenhouse gas emissions. Sponsored by Mayor Richard M. Daley, the city’s Department of Environment and the non-profit ICLEI-Local Governments for Sustainability USA, the competition is part […]