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December 15, 2020

This Week's Chicago Deal Sheet

[Webinar] What's In Store For Chicago's Office Market? Find Out With Free Market Ventures, Fairport Development & More Dec. 17

One year after breaking ground on Bridge Point Itasca, a 741K SF industrial campus in suburban Itasca, Bridge Development Partners has leased almost two-thirds of the project to long-term tenants, company officials said in a press release.

Costco-Innovel Solutions is the latest to sign a long-term lease and will immediately occupy 112K SF in Building 1. Bridge will continue to build out the interior space, which Costco-Innovel will use for the last-mile distribution of consumer products.

This Week's Chicago Deal Sheet

"Our newest tenant, along with the existing users in the park, will cement this development as the premier modern industrial offering in the entire Chicagoland region, and further demonstrates the ever-growing demand for top-of-the-line industrial space across the country," Bridge Development Partners Chicago Region partner Nick Siegel said in the…

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Top Stories on Bisnow.com

Forget Working From Home: 2020 Is The Year That Reimagined Benefits Forget Working From Home: 2020 Is The Year That Reimagined Benefits
More Tenants Upsized Their Lease Renewals Than Downsized This Year More Tenants Upsized Their Lease Renewals Than Downsized This Year
Starbucks Isn't Giving Up On Experiential Retail As It Plans To Open 22,000 Stores Post-Pandemic Starbucks Isn't Giving Up On Experiential Retail As It Plans To Open 22,000 Stores Post-Pandemic
Simon Reinstates Full Salaries, Reimburses Back Pay For C-Suite And Board Simon Reinstates Full Salaries, Reimburses Back Pay For C-Suite And Board
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The U.S. Needs More Data Centers, Fast. Is Modular Construction The Solution?

PRESENTED BY:   Clayco
 
The U.S. Needs More Data Centers, Fast. Is Modular Construction The Solution?

For the data center industry, the theme of 2020 has been “more.” Stay-at-home orders and millions of Americans working from home during the coronavirus pandemic led to an immediate demand for enhanced digital connectivity. As a result, the need for reliable data centers that can help people stay connected has…

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Residential Developers Now Looking For Opportunities Outside Once-Hot Downtowns

The coronavirus pandemic initially shut down Chicago’s condo market, and even though sales returned to many outlying neighborhoods and suburbs, the downtown is still threatened because once-dependable buyers such as affluent empty nesters continue to stay away. 

“Right now, they’re not moving into the city,” Belgravia Group Chairman Alan Lev said during Bisnow’s Multifamily Annual Conference Dec. 3. “If you want to move into the city, it’s for theater and restaurants, and you can’t do any of those things.”

The company recently finished developing two downtown condo buildings, he added, and it has had trouble selling the last few remaining units.

“Fortunately, the loans are paid off and the equity returned,” Lev said.

Residential Developers Now Looking For Opportunities Outside Once-Hot Downtowns

He expects the downtown condo market is likely to pick up again when the crisis subsides, but even if it doesn’t fully return to where it had been, the outlying neighborhoods still present developers with plenty of opportunities. A chief reason is that these developments tend to appeal to a…

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CRE's Next Generation: IHDA's Lilian Yool On The Passion It Takes To Solve Housing Inequalities CRE's Next Generation: IHDA's Lilian Yool On The Passion It Takes To Solve Housing Inequalities
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Developers Still Ready To Take Big Chances On Downtown Developers Still Ready To Take Big Chances On Downtown
Industrial Users Continue Absorbing New Big-Box Space As Developers Set Records For New Construction Industrial Users Continue Absorbing New Big-Box Space As Developers Set Records For New Construction
CRE Still Faces The Specter Of Higher Taxes After Failure Of Pritzker's Fair Tax Amendment Plan CRE Still Faces The Specter Of Higher Taxes After Failure Of Pritzker's Fair Tax Amendment Plan
 
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How A Top Chicago Construction CEO Is Laying Out A Path To The Future

PRESENTED BY:   Leopardo
 
How A Top Chicago Construction CEO Is Laying Out A Path To The Future  

The commercial real estate industry is breathing a collective sigh of relief at the prospect of a coronavirus vaccine, but general contractors are still holding their breath.   Demand for construction typically lags the overall economy by 18 months or more, and some construction companies are girding…

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CRE Auctions Get Their Moment In The Sun. Will It Last?

Real estate auctions in the U.S. have long been considered a domain of bank foreclosures and little else, but as the coronavirus pandemic increases the need for online transactions — and foreclosure auctions — it has also started to encourage more people to see them as a legitimate way to buy and sell commercial real estate.

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As Mental Health Suffers During Cold COVID Winter, Bosses Need To Step Up

For the first few months of the coronavirus pandemic, Kontor, a London- and New York-based, tech-focused office broker, found its employees pushing through the uncertainty. Co-founder James Townsend said that many staffers initially thrived during work-from-home life, increasing efficiency while dispensing with the drudgery of a daily commute. But then, winter arrived.

As the days have shortened, and virus levels have surged in both the U.S. and U.K., staff have understandably drifted, feeling more exhausted, isolated and, in some cases, burnt out. 

“Nobody’s business is set up to survive six to 12 months without any sales,” Townsend said. While Kontor has managed to pull together business and even make a small profit in 2020, it’s been challenging to navigate this year’s mental ups and downs.

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Apartment Rent Collections 'Came Crashing' In November For Some Landlords

 

With government support for embattled workers evaporating, apartment rent collections are worsening as the year comes to a close. 

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