Following are some of the highlights in the Chicago CRE markets making headlines in Q1 2023: Downtown Chicago rental rates, ups and downs for the Chicago office market overall, and the future of multistory industrial assets.
ICG goes through the latest Chicago commercial real estate news, focusing on industrial and office real estate, to put together a list of some of the top stories around the region every quarter.
Chicago Commercial Real Estate News Q1 2023
Downtown Chicago Office Asking Rents Drop in Q1 Due to Leasing Activity Decline Since Early 2022
Lack of demand for property space in Downtown Chicago and economic headwinds are affecting rental rates in the area. Read More
The Future of Multistory Warehouses Is Unclear As Amazon Pulls Back From Multistory Warehouse Industrial Asset Project
Prologis developed the first multistory warehouse in the USA, and it started a trend since then. However, recent activity from Amazon has called to question the demand and future of these specific types of properties. Read More
GlobeSt Answers the Question: “What Makes an Office Building ‘Commute Worthy’ in 2023?”
GlobeSt covers the latest office leases signed in Chicagoland, specifically in downtown Chicago. There is a trend of companies leasing space as a clear move to upgrade their working spaces and incentivize people to go to the office. Read More
Class-A Office Buildings Continue To Provide Positive Light for a “Troubled” Chicago Office Sector
The office real estate sector in Chicago is continuing to face many challenges with a negative net absorption and “record-high” vacancy levels. However, Class-A buildings in the area are outperforming in the sector and providing some light in an otherwise troubled market. Read More
Schaumburg Office Building Now Available and On the Market
Experian is downgrading its office footprint and overall workspace by more than 80% in the northwest suburb of the city. The space they once occupied is now being marketed as a possible redevelopment opportunity. Read More
E8-0 Group Leases Office Space in River North
E80 Group, an international intralogistics solutions company, signed a lease for a full-floor, 15,000+-square-foot-office-space at 448 N LaSalle. Read More
Chicago Receives Multiple Bids to Redevelop LaSalle’s Financial Corridor
Chicago received nine different proposal all around the range of $1.2B to convert seven office buildings in the financial district of the city. Read More
Chicago Commercial Real Estate News Q4 2022
Some of the highlights in the Chicago CRE markets making headlines in the 4th Quarter of 2022: several large property acquisitions, Chicago’s industrial vacancy rate, a major financing deal, and more.
Industrial Sector Riding Momentum from 2022
Industrial real estate is “riding a wave” of momentum into 2023. This article covers the high demand for big box and / or warehouse distribution centers over 200K square feet. Read More
What To Know for Industrial Real Estate Going Into 2023
REJournals covers the great year that the industrial real estate market had in 2022, and looks into 2023 for important projects and possible predictions. Read More
Joint Venture Acquires Chicago Industrial Real Estate Portfolio for $100M
A JV with Clear Height Properties and Harbert US Real Estate just acquired an industrial portfolio of assets in Chicagoland for over $100 million. The portfolio consists of 31 properties total. Read More
An Office in Chicago’s Central Loop Leases Over 100K of Sq Ft in November
425 S Financial Place, a 40-story office complex in the Central Loop of Chicago, leased over 100,000 square feet of office space in Q4 2022. Read More
Demand for Sustainable Warehouses Expected To Jump
According to Prologis, demand for sustainable warehouses is starting to pick up and expected to jump as sustainable products are starting to become more affordable. Read More
Midwest Industrial Funds Seals the Deal On Two Industrial Real Estate Leases
Midwest Industrial Funds inked over 400,000 square feet of leased space in Chicago’s Fox Valley submarket. Read More
Future of Horizon Therapeutics’ Offices in Deerfield Up In The Air After Amgen Acquisition
Amgen, a biotech company, will acquire Horizon Therapeutics (a biopharma company) for $28B. This deal puts the future of Horizon’s Illinois campus in the air. Read More
Chicago Industrial Real Estate Vacancy Rate Starts to Climb a Bit As New Assets Are Completed
Chicago’s industrial real estate vacancy rate went up for a second quarter in a row after years of dropping, as new warehouses and assets come online in the area. Read More
United Rentals Completes Acquisition of Ahern Rentals for $2B
United Rentals, a rental services provider for construction and industrial companies, purchased Ahern Rentals for $2 billion. Read More
Midwest Industrial Funds Begins Construction on 400K-Square-Foot Spec Property
Midwest Industrial Funds hosted a groundbreaking event in November to celebrate the beginning of their Class-A development. Read More
Chicago Joins List of “Multilevel” Warehouse Markets
GlobeSt.com reports on how Chicago is added to the list of cities around the country looking to find room for a multi-story warehouse. Read More