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 ... Forecast predicts commercial values to get even worse(Crain’s) — After plummeting over the past year, commercial real estate values in the Chicago area are poised to fall further and remain mired at recessionary lows for a couple more years, according to a new forecast. The apartment sector is forecast to be the best local performer, with ... Downtown hoteliers still face weak recovery(Crain’s) – The economic outlook may be brightening, but the first seven months of the year were brutal for downtown hoteliers. Occupancies at downtown hotels fell to 64% through the end of July, down from 70% in the year-earlier period, and the lowest level since 2002, according to Smith ... Apartment occupancy ticks up in suburbs(Crain’s) — After enduring a prolonged decline in the suburban apartment market, landlords got a breather in the second quarter. The suburban occupancy rate rose to 91.7% in the quarter, up from 91.3% in the first, according to a report by Appraisal Research Counselors, a Chicago-based ... Delinquent loan rate jumps in Chicago area(Crain’s) — The epic commercial real estate hangover for banks is getting worse. The delinquency rates for Chicago-area commercial mortgages along with construction and land loan delinquencies jumped again in the second quarter and could rise well into 2010 even as the economy improves. ... Downtown apartment rents, occupancies rise(Crain’s) — It’s the worst of times for many real estate investors, but downtown apartment landlords can’t complain about much. Rents and occupancies at top-tier downtown apartment buildings rose for a second straight quarter, bucking the downward trend of the broader real estate ... Downtown home sales jump compared with first quarter(Crain’s) — Sales of new homes in the downtown market jumped up to 313 units during the second quarter, compared to a meager 55 in the first quarter, a step in what is likely to be a long, punishing recovery. Although the second-quarter results are a hopeful sign, sales were still down 35% ... Local new-home sales show another positive sign(Crain’s) — The local market is growing a little less bleak for homebuilders. For the second straight quarter, sales of new homes climbed higher on a seasonally adjusted, annualized basis, as activity was buoyed by major price cuts and the $8,000 tax credit for first-time home buyers that ... Loop office market falls on all cylinders(Crain’s) — There’s nowhere to hide for downtown office landlords these days. The vacancy rate climbed in all six downtown submarkets during the second quarter as the direct vacancy rate hit 13.3%, up sharply from 12.2% in the first quarter. The East Loop had the highest vacancy rate, ... Microsoft deal boosts second-quarter sales(Crain’s) — The value of local commercial real estate sales edged up 3% to $369.3 million in the second quarter, compared to the first quarter, thanks to Microsoft Corp.’s purchase of its west suburban data center, which accounted for nearly half the total. Without that unique deal, the ... Retail vacancy rings up 15-year high(Crain’s) — The vacancy rate for Chicago-area retail real estate continued to soar in the second quarter to 11.6%, the highest level in at least 15 years. A combination of retailers retrenching and a continued wave of new construction helped drive up vacancies from 11.0% in the first ... ‘Slow, slow’ recovery expected for industrial space(Crain’s) — The market for industrial real estate in the Chicago area continues to worsen, with demand depressed and vacancy rising, as the recession has manufacturers and shippers alike moving less product. The vacancy rate for warehouse and manufacturing space climbed for a seventh ... Rising vacancies, distress in suburban office market(Crain’s) — Suburban office vacancies climbed for a 10th straight quarter, nearing the highest level this decade as companies continue to cut jobs and reduce their space. Almost one-fourth of the 96 million square feet of office space in the suburbs is now vacant, including space that’s ... |
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