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January 12, 2021

This Week's Chicago Deal Sheet

[Digital Summit] Oxford Capital Group, Ace Hotel Group, Becker Ventures & More Discuss Chicago Hospitality: From Survival To Recovery Feb. 11

Office availability continued to climb in the last three months of 2020, rising another 150 basis points to close the year at 20.1%, according to a new report by Savills. More than half of all new available space was located in the West Loop, where availability increased 250 basis points to 18.8%.

West Loop tenants also continued to put more space up for sublease. The amount of new sublease space in the submarket increased by 550K SF in Q4, the firm found. And the total amount of sublease product available in downtown Chicago doubled in the past year to 5.6M SF.

This Week's Chicago Deal Sheet

Despite the increase in vacancy, asking rents remained steady at $40.60 per SF, according to Savills.“Looking ahead at 2021, the medium to long-term outlook for tenants remains bright,” a Savills spokesperson said in a written statement. “Those in the financial position to make decisions will have the upper hand and…

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Under Pandemic Pressure, Chicago Rents Fall Faster Than Most U.S. Cities

Under Pandemic Pressure, Chicago Rents Fall Faster Than Most U.S. Cities

The coronavirus pandemic cut down employment levels and put pressure on apartment owners to lower their rents, causing Chicago landlords to have one of their worst years ever, according to a report Monday in the Chicago Tribune.Average December rents in the city dropped to $1,193, a nearly 12% decline from…

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What A Unified Government Could Mean For CRE

The Georgia runoff elections for the U.S. Senate produced an unexpected result — a unified federal government under the Democratic Party at least until 2022.

While issues like the tax code, the future of opportunity zones and the future of 1031 exchanges were top of mind in the commercial real estate industry during much of the campaign, they aren't anymore, CRE executives say. Further relief for the economy, and for the industry, is front and center.

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At The Epicenter: How Property Managers Are Weathering COVID’s Many Challenges

In the past year, everyone has become fluent in debates around wearing a mask, indoor exposure, ventilation and the infection risks of the coronavirus. But unlike many of their commercial real estate peers, property managers, especially those working residential properties, have found themselves on the front lines of this dangerous pandemic, which has radically changed their workplace, workloads, and health and financial prospects.

“People are working from home, and that means people are noticing more issues, there’s more wear and tear, and you notice the tenant above you making noise,” said Ari Chazanas, CEO of Lotus West Properties, a property management firm that oversees roughly 500 units in west Los Angeles, near Brentwood. His team has been “running nonstop” since March. “There’s tenants who are lonely and want to see people. And there’s tenants who, due to COVID fears, don’t want anybody in the building, but their neighbors are making more service calls. And we’re just caught in the middle.”  

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CRE's Next Generation: Oak Investment CEO Erik Murray Invests In Black Developers When Other Firms Hesitate

 

This series asks rising stars in commercial real estate about their thoughts on some of the biggest issues facing the industry, such as inequality, climate change and technology.

Erik Murray is taking efforts to diversify the commercial real estate industry into his own hands.

Murray is CEO and managing partner of Oakland-based Oak Investment Funds, an investment firm growing its record of giving minority developers and opportunities a look when major players don’t.

As a Black man in a business where the vast majority of decision-makers are White, Murray, 38, has focused on giving Black entrepreneurs a chance in an effort to inspire future leaders of color in the big-money business.

Read the full story here.

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How The World’s Most Expensive Apartment Building Became A Lightning Rod For How We Feel About The Super Rich

 

Next week marks 10 years since London’s One Hyde Park was completed and the keys to its luxury apartments were handed over to residents who came from all corners of the globe, but who now shared at least two things: They were incredibly rich, and they had bought one of the most expensive homes on the planet.

One Hyde Park’s story is a classic real estate development tale of ambition, vision, nerve, a bit of cheek and a hefty slice of luck. It made a lot of people in London property who had nothing to do with it a lot of money simply through the gravitational pull that it exerted.

But One Hyde Park has a meaning and resonance that go beyond the property sector, in a way that very few buildings do. It says something about London in the 21st century, its place in the UK and in the world, the global distribution of wealth and how we feel about the very rich in our society. So it is also a story about elites, inequality, snobbery and international politics. Few buildings in recent years have created a reaction so visceral — to the point where its architect didn’t want to work in the UK in the wake of its completion. 

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