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March 31, 2020

This Week's Chicago Deal Sheet

[Webinar] Chicago Virtual Deep Dish: CRE During Coronavirus April 2

Deerfield, Illinois-based builder The Jacobs Cos. finished Phase 1 of Gateway Northbrook, a 68-residence townhome community taking shape at Shermer Road and Church Street in downtown Northbrook. Of the 10 residences in the first phase, seven have already sold, and @properties Developer Services recently began sales on the project’s second phase of 20 homes.

This Week's Chicago Deal Sheet

Phase 2 homes at Gateway Northbrook will sit next to a private community park. The development is one block from Village Green Park and within walking distance of other downtown amenities, including restaurants, Starbucks, Sunset Foods and the Northbrook Metra station.“The concept of city-style living in downtown Northbrook has taken hold,…

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Industrial Demand For New Space Goes Into Steep Decline Even As E-Commerce Users Are Busier Than Ever

Industrial Demand For New Space Goes Into Steep Decline Even As E-Commerce Users Are Busier Than Ever

The collapse of certain sectors of the economy due to COVID-19 fears has undermined the industrial sector's once-splendid prospects in the Chicago region.The mass closure of most offices and nonessential businesses led many to work from home, as well as strip stores of needed items,…

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CRE Industry Keeps Deals Afloat Through VR Technology, Skype And FaceTime

 

All the intangibles revealed during commercial property tours, like a building's patina or its interior design, or how it just feels to walk into the lobby, help landlords win over potential tenants.

But what happens when an international pandemic like the coronavirus makes it impossible for brokers to invite prospective tenants and clients on-site for personalized tours? 

For some, it means business activity subsides until the crisis ends. 

Others are sealing the deal from the comfort of their own homes. While virtual reality and remote building tours aren’t new to the brokerage industry, the pandemic may hasten their move into must-haves.

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Foreign Investors Eyeing U.S. Property For Recession-Era Deals

 

Before the coronavirus hit the U.S., foreign investors were bullish on the country's commercial real estate sector, a new survey from the Association of Foreign Investors in Real Estate found.

The international organization that represents institutional real estate investors polled 200 members, including 62 members representing foreign institutional capital and sovereign wealth funds.

The survey found that although respondents to its 28th annual sentiment survey in late 2019 were bullish on U.S. CRE before the COVID-19 crisis shook up global property markets, several of them have since updated their responses to the group's CEO, saying that 2020 is now in prime deal-making territory.

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The Scramble Is On To Build Temporary Healthcare Space

In the face of a pandemic that threatens to overwhelm the U.S.' capacity to provide healthcare, states and localities are racing to improvise new space.

As the number of acute COVID-19 cases grows exponentially, so does the need for beds. The hundreds of thousands of expected COVID-19 patients will need them, and others will too, in places that don't expose them to the virus.

Across the country, governments and the private sector are working to expand existing healthcare facilities and convert or construct a wide variety of other spaces into makeshift hospitals as the healthcare industry prepares to be overwhelmed.

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The Way We Get Our Food May Change Forever

Behind the door of a nondescript former warehouse unit in Hackney, east London, lies a microcosm of how the way we get our food is likely to be permanently changed.

At Karma Kitchens, a dark kitchen startup, demand for takeout food and meal kits is spiking. Global multinational company Unilever has paired up with the kitchen’s smaller tenants, and staff who are no longer working on corporate catering accounts are packing grocery delivery boxes for people unable to leave their homes.

The restaurant, hospitality and retail industry is changing in real time across the world as a result of the coronavirus outbreak. In the UK and many parts of the U.S., pubs, cafés and restaurants have been ordered by the government to close their dining rooms, and stay-at-home orders are keeping people away. As a result, delivery instantly became an essential part of the strategy for operators to maintain an income stream.

A process that might have taken years to unfold is happening in a space of weeks, but while for some operators the move to delivery will provide a big opportunity, others will be left behind. And the impact on commercial real estate can be significant. 

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Beyond The Bio: 16 Questions With Okapi CEO And Co-Founder Iris Cedon

 

This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles.

Iris Cedon is CEO of Okapi, an artificial intelligence-based tool to increase net operating income and efficiencies through data. Though Okapi is used in multiple other industries, especially overseas, it is primarily known in the U.S. as a commercial real estate platform for property managers and asset managers. She co-founded the company in 2017 with Maya Gal, raising $4.3M in seed funding that year and then $5.5M in Series A funding last year.

Cedon's background is in business intelligence, including stints at Ness Technologies and Gilon BI. She is also co-author of the bestselling book Six Steps To Operational Excellence.

Though it means she is often battling jet lag, the former Army commander loves traveling and does it regularly for work and for pleasure.

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