Zeller Talks Financing and Floorplates
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|With Bisnow's Chicago Real Estate Summit just a week away, we sat down to chat with Zeller Realty Group founder Paul Zeller, one of our many panelists, about the five-building portfolio he manages in the Chicago area, as well as where the markets are headed.|
|Paul, who got into the real estate business in the early '70s, says the amount of space one person takes up in an office building has decreased significantly. (We blame Jared the Subway guy.) When he started, many people had 400 SF offices. Now, the average office worker uses only about 250 SF. That, coupled with high unemployment, is contributing to vacancy in the overall market. On the investment side, Paul says we'll have to work through the glut of CMBS loans coming due over the next two to four years, and one of the other major financing vehicles will need to pick up the slack.Transparency in finance is going to be key this time around, so we don't fall into the same trap, Paul says. To hear more, join hundreds of your colleagues next Tuesday as Paul and a panel of CEOs, managing principals, and other execs talks about Chicago real estate this year and beyond. Sign up today!|