YESTERDAY'S ROUGH FORECAST

Yesterday, 800 real estate professionals gathered at the Marriott Downtown for the Real Estate Conference Group forecast, where panelists predicted continuing pain, lessening through 2010. JLL's Bruce Miller  opened by citing his concerns for the new year: bank failures, declines in property value and demand, unemployment, Afghanistan, Taylor Swift, his graying beard, and the fact that his wife wants him to eat quinoa. Where to begin?
 

NAI Hiffman's Michael Flynn, Brennan Investment Group's Michael Brennan,  and JLL?s Elaine Melonidas (also on this panel: John Buck Co.'s Bill Rolander and DP Partners' Andy James). Michael Flynn—already a hero for getting the microphones to work—said he saw a high number of prospective clients looking forward and planning ahead. Elaine feels her tenant clients have the money to relocate instead of continuing to ?pretend and extend,? so she foresees more activity in 2010; but she also predicts it will be five years before we see another new skyscraper downtown.

The Private Bank's Karen Case kicked off the financial panel with this gem: Because they'll be examined like never before, landlords will find lending to be like a proctology exam and a root canal at the same time. (Even those who have difficulty with metaphors squirmed in their seat.) Wrightwood Capital's David Friedman (here with First Industrial's Bob Walter, and Sheldon Goode's John Cuticelli) says his company looked at 230 investment opportunties last year but ultimately didn't close on any.

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

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

New Bears Stadium Proposal Floated For Bridgeport

Prologis To Develop 3.8M SF Industrial Park On Former Casino Site

Foundry Robotics Leaves San Francisco For New East Bay HQ

Tenant Rep Firm Expands To Philly, Hires Industry Veteran

$120M Ambulatory Center Planned For Suburbs: The Chicago Deal Sheet

Data Centers Lose The Top Spot, San Francisco Jumps 40 Places: 9 Takeaways From ULI's 2027 Outlook

Obama Center Shows Chicago Is Starved For Development

Mapped: Major Chicago Office Sales Since 2024

Cushman & Wakefield, NYC Added To Suit Alleging $250K Agency Lease Shakedown

Denver Public Schools' $11M Centennial Hall Purchase Marks Rare Land Sale For ULC