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Chicago Commercial Real Estate

COMMERCIAL BROKERS (A LITTLE) OPTIMISTIC

Chicago-area commercial real estate is on the rebound, according to a recent survey of RE/MAX Northern Illinois commercial brokers working in the trenches. Multifamily leads the pack, naturally, but the brokers surveyed are also expecting to see fewer empty retail spaces and even fewer empty offices by the end of 2012. But they aren't giddy enough to predict much non-apartment development. Commercial broker Dave Shalabi with RE/MAX Synergy in southwest suburban Orland Park, Ill., has been seeing creditworthy commercial tenants trade up lately, taking advantage of low rental rates to grab high-quality available space. Get it while the gettin's good, in other words—which is helping to drive leasing and even investment sales volume, Dave says.

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