Retail landlords' lament: vacancies up, rents down(Crain’s) — The Chicago-area retail vacancy rate edged higher in the fourth quarter as demand for space remained weak and the few retailers looking for space were bargain-hunting. The vacancy rate rose to 11.9% from 11.7% in the third quarter and was up markedly from a year earlier, when the ... New-home sales: ‘The industry has been basically obliterated’(Crain’s) — Local new-home sales inched higher in the fourth quarter, but homebuilders will remain stuck in their slump until the economy recovers. Chicago-area builders sold 584 homes in the fourth quarter, up 3.9% from 562 in the year-earlier period, according to a recent report by Tracy ... Retail construction hits 25-year low(Crain’s) — The construction of new shopping centers in the Chicago area continued to grind down in 2009, falling to its lowest level in a quarter century. Retail construction dropped plunged 53% in 2009, to 1.7 million square feet, compared to 3.7 million square feet in 2008, according ... Industrial vacancy highest in at least 19 years(Crain’s) — The vacancy rate for industrial real estate in the Chicago area rose again in the fourth quarter to 12.15%, the highest level in at least 19 years, as demand for space fell for the eighth consecutive quarter. The vacancy rate for manufacturing facilities and warehouses rose from ... Decade ends on down note for suburban offices(Crain’s) — 2009 went out with a depressing — albeit fitting — milestone for suburban office landlords, as the vacancy rate reached its highest point of the past decade at 24.8%. The overall vacancy rate in the suburbs has climbed for 12 consecutive quarters, surpassing the previous high ... 2010 office sales: Buyers’ yield of dreams(Crain’s) — The investment market for Chicago-area office properties will continue to favor buyers over sellers this year as declining rents and weak demand for space drive down prices, according to a recent investor survey. “No one would sell in this market unless they had to do so," the ... New building pushes up downtown office vacancy(Crain’s) — The downtown office vacancy rate rose for the fifth straight quarter as demand for space held steady but the opening of a new River North office building increased supply. The vacancy rate, including sublease space, rose to 16.2% in the fourth quarter, up from 15.5% in the third ... Chicago-area industrial real estate market seen stabilizing in 2010(Crain’s) – The Chicago-area industrial real estate market is expected to stabilize next year, with the vacancy rate holding steady at 11.7% while rents edge down slightly after two years of steeper declines, according to a new forecast by Cushman & Wakefield Inc. Cushman points to the ... Local commercial delinquencies dip in likely ‘anomaly’(Crain’s) — Local banks reported a lower percentage of troubled commercial real estate loans in the third quarter, though delinquencies are likely to resume their climb over the next year because of depressed property values and the languishing economy. The delinquency rate for commercial ... Worst appears over for suburban apartments(Crain’s) — Rents and occupancies at suburban apartment buildings inched up in the third quarter, according to a recent report, another sign that the suburban rental market is bottoming out. But it won’t bounce back until local companies start hiring again, which isn’t expected to ... Higher office vacancy, more deals expected in 2010(Crain’s) — Declining employment and tight credit will conspire to push up the vacancy rate next year for Chicago-area office space to 20.2%, the highest level in nearly two decades, according to a forecast by real estate firm Grubb & Ellis Co. Meanwhile, the local real estate investment ... Downtown apartments slip as glut looms(Crain’s) — After taking two steps forward, downtown apartment landlords took one step back in the third quarter. Demand for apartments remains surprisingly strong, but competition for tenants is heating up amid a swelling supply of new units. That’s one reason rents and occupancies at ... Chicago loses more luster with investors(Crain’s) — Chicago’s commercial real estate market notched its lowest rating in 16 years in an annual investor survey. But at least Chicago had plenty of company in its misery, as all of the big markets — other than recession-proof Washington, D.C. — saw their rankings fall from last ... Downtown condos: Sales dismal, but development winds down(Crain’s) — Downtown condominium developers limped through yet another quarter, but they have at least one reason to be thankful: The great condo building boom is coming to an end. For the past three years, downtown developers have built more condos than they've sold, the result of ... More positive news on new-home sales(Crain’s) — After enduring a three-year freefall, local homebuilders have nowhere to go but up — or at least sideways. Chicago-area new-home sales rose for the third quarter in a row on a seasonally adjusted annualized basis, according to housing consultant Tracy Cross & Associates Inc., ... Retail vacancy rises, but more slowly(Crain’s) — The local retail vacancy rate edged higher in the third quarter, but the stabilizing economy has slowed a market freefall that began last year. The vacancy rate for Chicago-area retail properties rose to 11.7% in the quarter, up from 11.6% in the second quarter, according to a ... Where the distressed things are: retail, hotels(Crain’s) — Distressed commercial properties in the Chicago area total almost $4.4 billion, with shopping centers, hotels and development sites the biggest sore spots, according to a new report. At $1.2 billion, shopping centers account for more than one-fourth of the local distress, ... Industrial vacancy highest in at least 19 years(Crain’s) — The vacancy rate for industrial real estate in the Chicago area rose for an eighth consecutive quarter as demand remained weak for warehouse and factory space even as the economy showed some signs of improvement. The vacancy rate climbed to 11.9% in the third quarter, the ... Suburban office market weakest in nearly 20 years(Crain’s) — The suburban office vacancy rate climbed for the ninth straight quarter, to 20.1% in the third quarter, the highest level since the early 1990s, as businesses continue cutting back space despite glimmers that the recession is over. The vacancy rose above 20% from 19.4% during the ... Downtown beating: Office vacancy rises(Crain’s) — A blistering year for downtown office building landlords went from bad to abysmal in the third quarter, as the vacancy rate jumped to almost 15%, the highest in three years. The overall vacancy rate surged to 14.8% in the third quarter from 13.7% in the second quarter, according ... |
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