Illinois Real Estate Journal October 2015 : Page 1

VOL.16 NO.17 ©2015 LAW BULLETIN PUBLISHING CO. OCTOBER 2015 Chicago hitting records again: DIRECTORIES (pg.21): Green/Sustainable Services & Products, Top Brokerage Firms, Real Estate Investment Firms, Real Estate Law Firms Office absorption, vacancy lowest in years Crossing the border: Illinois industrial users making the move to Southeastern Wisconsin By Dan Rafter he numbers tell the story: In the last four years, the Kenosha and Racine submarkets of South-eastern Wisconsin — right over the Illinois/Wisconsin border — have seen 17 industrial deals of 100,000 square feet or more. Of those 17 deals, six involved companies that made the move from the northern Illinois county of Lake County to Southeastern Wisconsin. And industrial users heading in the other direction? Ryan Bain, first vice president of corporate advisory services with the Bannock-WISCONSIN FEATURE (continued on page 10) T Rendering photo of River Point, a 52-story office tower under construction at 444 West Lake. More on this on Page 6 By Stephanie Aguilar enters just can’t seem to keep away from the city. Chicago has seen an increasing migration of people relocating downtown—whether it be for housing purposes or for business, it’s impossible to stay away from the center of where all the action happens. That is why it’s no surprise that today’s office market activity downtown is strong. According to Drew Nieman, executive vice president of CBRE Chicago’s Agency Leasing Group, it has been building momentum over the last 24 to 36 months. A 2015 third quarter Chicago office market report by Newmark Grubb Knight Frank showed a strong positive turn for the city’s net absorption, totaling more than 1.4 million square feet—the greatest quarterly absorption tally in four years. The same report showed that the overall vacancy rate improved 50 basis points during the third quarter to 16.5 percent, matching the record low set in 2007. Michael Lirtzman, executive vice president of agency leas-ing at Transwestern, said it’s been shaping up to be a record year in the Chicago CBD in terms of gross dollars invested in office buildings, and sale volumes in dollars. He said right now, all signs are positive. OFFICE FEATURE (continued on page 8) R PRSRT STD U.S. Postage TWIN CITIES, MN PERMIT NO. 31515 PAID

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