The 'Burbs Aren't Snoozing on the Job

Hamilton Partners is selling 49 acres of Kraft's former Glenview/ Morton Grove office to Illinois Tool Works, so we thought partner Michael Rolfs, a 28-year vet of the suburban office scene, would be perfect for Bisnow's June 25 event Death of the Suburbs? Not so Fast. (Snapped with Aaron Rodgers. Yes, Mike's a Cheesehead.) Downtown office activity has received a lot more press, but we can't forget the suburbs. "It's not like everyone's falling asleep and not doing anything out here," he laughs. (Sigh, we'll return our blanket.) Hamilton's retail team intended on making Kraft's office (below) a retail center until ITW came along. By staying in the 'burbs, ITW keeps proximity to seasoned talent and decision makers living in areas like Lake Forest and Winnetka, he says.

Suburban flight to quality has all the "Main and Main" buildings leased up, as Mike calls them, causing a ripple effect, especially in the NW market (Catamaran, Capital One). Companies up north also attract employees opting for more affordable housing across the Wis consin border (just look at 294 in the morning and the Wisco plates in Walgreens' and Baxter's parking lots). It will be a while before rental rates ratchet back up, spurring new development, and we can thank sluggish job growth and the state's financial situation. Building's that'll fare well these days will have better than average parking ratios and sustainable features, Mike tells us.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Google Delays Thompson Center Opening To 2028, Releases New Renderings

California Investor Scoops Up Amazon Warehouse: The Chicago Deal Sheet

How Crystal Lake 'Connects The Dots' To Building Complete Community

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

Prologis Acquires 69 Acres For 1M SF Chicago-Area Industrial Development

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

D.C. Investor Behind The Stacks Swaps CEO For First Time In 25 Years

First LaSalle Street Reimagined Conversion Opens In Chicago's Loop

CBRE IM Buys Net Lease REIT For $1.6B, Plans More Investment

The Difference Between Service And Hospitality That Makes A Flexible Workspace A Success