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March 12, 2020

Empty Corporate Campuses Leave Some Suburbs Unfazed

Sky-high vacancy rates plague many suburban office submarkets, and with blue-chip companies like McDonald’s and Motorola Solutions recently abandoning the burbs in favor of new digs in Chicago’s Central Business District, their future sometimes seems cloudy. But economic development officials say suburbs can thrive even as the sprawling corporate campuses of the past empty out. In the future, towns that foster a vibrant street life, one similar to the variety found in urban cores, will hold onto remaining companies, and start snagging new office users.

Earthshaking changes to the suburban office market are nothing new, experts say, and didn’t start with the exit of McDonald’s and others. The key to overcoming these shocks is long-range planning.

Empty Corporate Campuses Leave Some Suburbs Unfazed

“In the early '80s we had 20% interest rates, then the tech overreach of the 2000s, and then in 2008 the financial crash,” Naperville Development Partnership President Christine Jeffries said. “Every decade there is a new challenge, and what matters is how you recover.”  Architects, developers, investors and others will…

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CBOT Owners Opt For Refinance Instead Of A Sale

CBOT Owners Opt For Refinance Instead Of A Sale

Finding buyers for downtown office buildings wasn’t easy last year, and many owners instead opted to refinance properties they had been shopping around. Joint venture partners GlenStar Properties and Los Angeles-based Oaktree Capital Management, owners of the iconic Chicago Board…

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These 3 Chicago Attractions Got A High-Tech Engineering Makeover

PRESENTED BY:   Klein & Hoffman
 
These 3 Chicago Attractions Got A High-Tech Engineering Makeover  

Sometimes even Chicago’s most enduring attractions need a little care. In a city that prides itself on its architecture, keeping existing buildings in tiptop shape and inventing designs for the next generation of architectural icons is an especially meaningful experience for Chicago’s architects and engineers. “I can look at the…

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Multifamily Execs On Coronavirus: Keep Calm And Nab Those Low Mortgage Rates

Faisal Ashraf woke up Monday morning ready to work on $200M worth of deals in London hotels when fears about the coronavirus rippled through the world and caused the largest single-day stock market drop since the Great Recession.

Ashraf, who, as founder and CEO of advisory firm Lotus Capital Partners, connects lenders and borrowers, didn't sweat it. The lenders he was working with understood the project had solid fundamentals, he said. 

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Can Real Estate Make Money From Esports And Digital Gaming? These Brokers Think It Can.

 

The real estate sector is playing a game. Like anyone thumbing through Candy Crush or engrossed in Call of Duty, it has to reach the next level. The target is to make money out of the booming esports and digital entertainment sector.

But how do you turn a global entertainment phenomenon into brick-and-mortar, rents and yields. Bisnow spoke to a team who think UK real estate can find a way to make gaming pay.

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Coronavirus Crisis Comes At A Bad Time For U.S. Shopping Malls

The once-bustling corridors of American shopping malls have already suffered from slowing sales, and the coronavirus outbreak threatens to turn retail properties across the country into ghost towns as consumers shy away from large public places.

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Cushman Report Shines A Light On Real Estate’s Ethnicity Pay Gap

 

LONDON — A new report from Cushman & Wakefield has for the first time provided data on the gap between pay for white workers at a commercial real estate firm and workers who are black, Asian and minority ethnic (BAME).

Cushman’s BAME staff are paid on average 24% less than white staff on a median basis, the brokerage said in a pay gap report for its UK business. That does not mean that BAME staff are paid less for doing the same job, which is illegal, but that the average BAME staff member is paid 24% less per hour worked than the average white staff member.

When it comes to bonuses among Cushman’s 1,800 UK staff, the picture is even more stark: The median gap on bonus pay is 57%. 

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'Never Seen This Many Women On A Project': Chicago's $1B Wanda Vista Project Leading The Way On Diversifying Construction Industry

 

CHICAGO — When completed later this year, the nearly $1B Vista Tower in Chicago’s Lakeshore East neighborhood will be the tallest building in the world designed by a woman, and the third-tallest overall in Chicago. As it illustrates the growing diversity in the architecture profession, the Jeanne Gang-designed structure is making a similar mark in the realm of construction.

“I’ve never seen this many women on a project,” Melissa Tompkins said. She works for general contractor McHugh Construction Co. as project manager on the condo portion of the 101-story tower, which will feature nearly 400 residences and the 200-room Wanda Vista Hotel.  

“On previous jobs, I would frequently be the only female, so there’s been a big change in the last 10 years,” she added.

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