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November 17, 2020

This Week's Chicago Deal Sheet

[Digital Summit] Don't Miss Bisnow's Chicago State Of The Market Premium Event To Discuss Important Topics With Leaders Of Industry & Make Deals Happen Nov. 19

Scottsdale, Arizona-based Diversified Partners LLC retained CBRE to market a new 127-acre logistics park at 2136 175th St. in south suburban Homewood, the site of the former Calumet Country Club.

Five buildings totaling 8.8M SF are under construction, an all-time record for the submarket, according to Colliers International’s Q3 report. That total includes Amazon’s two 3.8M SF multilevel distribution warehouses in Matteson and Markham, Colliers said, and other e-commerce users increasingly see the region as important to serving the Chicago metro area. 

This Week's Chicago Deal Sheet

“There is incredible demand for more product in this area and we expect this new logistics park to draw interest from corporate users, e-commerce firms, national retailers and third-party logistics companies that are looking to strengthen their supply chain capabilities in Chicago,” CBRE’s Jason Lev said.Along with Lev, CBRE’s John…

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Chicago's New Building Code Avoids Speed Bumps And Is Set To Keep Rolling Forward

Chicago's New Building Code Avoids Speed Bumps And Is Set To Keep Rolling Forward  

Even though the coronavirus disturbed much of the economy in 2020, municipal and private-sector leaders say it hasn’t derailed this year’s implementation of the city of Chicago’s new building code, which was finally overhauled after decades of fruitless talk and aborted plans.

“The mayor is determined to move forward, as is the private sector,” Chicago Department of Buildings Commissioner Matthew Beaudet said last week during Bisnow’s Chicago Deep Dish: Building Codes webinar.

“It failed in the past because we tried to do it all at once,” Beaudet added.

This time, former Buildings Commissioner Judy Frydland, who stepped down in the summer after a five-year tenure, broke the transformation of Chicago’s archaic code into pieces, he said.     As the department’s first deputy, Beaudet began leading the $251M construction of the new >

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Crystal Lake: The Clear Leader For Business Development In Illinois

PRESENTED BY:   City of Crystal Lake
 
Crystal Lake: The Clear Leader For Business Development In Illinois  

The coronavirus pandemic has not slowed down Crystal Lake. The Illinois city of 40,000 in McHenry County, 30 minutes from O'Hare International Airport, continues to push forward with major economic development efforts attracting retail, mixed-use development and commercial projects. As Crystal Lake continues to grow, the demand for retail and restaurants remains…

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Especially Now, It's Best To Keep Politics Out Of The Office

In a year of nonstop news and a bitterly contested presidential election, it can seem like politics, and political opinions, always bubble beneath the surface. Commercial real estate executives who spoke to Bisnow about the state of — or more commonly, lack of — political discourse at work, said that it’s best for all involved to keep any views under the surface and outside of the workplace. 

“When it enters the boardroom or the office, it’s counterproductive,” said Darren Powderly, co-founder of digital commercial real estate market CrowdStreet. “Influencing other team members with your political views just isn’t good in that venue or forum. We don’t have a lot of chatter around the virtual watercooler around these issues, Slack or otherwise.” 

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How AI Is Rapidly Reshaping The Data Center Market

 

With cloud technology advancing at a brisk clip, artificial intelligence has become something of a double-edged sword for data centers.

Advanced algorithms are placing new demands on servers, requiring heightened power, space and cooling in data centers. But they’re also part of the solution, with software boosting efficiency and raising the bar for data center operators. 

“With businesses of every size looking to leverage AI, particularly medium-sized businesses that can’t afford extensive in-house data center networks, the demand for modernized data centers will only increase,” Nuclear Research analyst Daniel Elman said. “Of course, a large part of that increase will be serviced by the largest cloud vendors ... but it leaves opportunity for other players to enter the market as well to meet the growing demand."

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