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November 10, 2020

Medical Office Sector Rising In Importance, But It Needs More Work To Adapt To COVID-19 Era

[Webinar] Today Hear How Chicago's Updated Buiding Codes Have Impacted Design & Development Processes

Medical office properties were already one of the nation’s top real estate sectors before the coronavirus crisis, largely due to the aging of the population and consumer demand for new clinics and facilities close to home.

But the sector moved up another notch to fourth out of 24 commercial real estate sectors in the Urban Land Institute’s Emerging Trends in Real Estate 2021 report, Illinois Medical District CEO Dr. Suzet McKinney said last week during Bisnow’s Chicago Deep Dish: Healthcare Update webinar. And as some sectors sink due to the recession, the combination of even greater demand for healthcare services and historically low interest rates has investors further ramping up medical office purchases and funding new development.  

Medical Office Sector Rising In Importance, But It Needs More Work To Adapt To COVID-19 Era

“Although industrial is in the best position to weather the current storm, thanks to the surge in e-commerce, COVID-19 has made the healthcare and medical office sector a bright spot,” she said.The fear of future pandemics will create even more work for medical office developers in the near future, McKinney…

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This Week's Chicago Deal Sheet

Murphy Real Estate Services will restart construction of 8000 North Lincoln Ave., a residential, retail and parking facility at Lincoln Avenue and Oakton Street in downtown north suburban Skokie, according to a report in Crain’s Chicago Business. The company took control of the stalled project last spring and just secured a $38M construction loan from Wintrust Bank.

The $68M mixed-use development, designed by architect Lucien Lagrange, will become a 12-story tower with 153 luxury rental residences. The former developers partnered with the village of Skokie on the project but only completed the foundation and parking garage.

This Week's Chicago Deal Sheet

“When considering the quality of design, finish detail and exceptional location, this is clearly a very unique development opportunity for both our firm and the Village of Skokie,” Murphy Real Estate Services CEO John Murphy said in a press release. “The advance of this project was only slowed by the…

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Facing Heavy Losses, Hotel Industry Sees Vaccine News As 'Light At The End Of The Tunnel'

Hotel companies have shored up their balance sheets as they prepare for a difficult winter with coronavirus cases rising, and new progress on a vaccine gives the industry more clarity about when demand will start coming back.

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Take The Bisnow Exit Poll: Is Biden The Right Choice For CRE?

Take The Bisnow Exit Poll: Is Biden The Right Choice For CRE?  

Though the election is not yet certified, much of the country and real estate is gearing up for Joe Biden to take the Oval Office in January. Sources have been telling Bisnow for months that Biden has gained support within commercial real estate, and professionals we have spoken to…

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The Real Estate Problem That Could Delay The Coronavirus Vaccine Rollout

As cases of the coronavirus reach new all-time highs, the production and distribution of an effective vaccine is the moment most of the world is waiting for before life can return to some sort of normal.

But as the race for a vaccine continues, a real estate problem has emerged that could slow its rollout, potentially delaying any real economic recovery in the process.

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