The one-year total return rate for retail properties in Chicago was 13. 2 percent in the first quarter, compared with 12. 7 percent for apartment buildings, according to data from the National Council…
Aided by an improving real estate market and a pickup in lending, the delinquency rate on Chicago-area commercial mortgage-backed securities (CMBS) loans dropped to 8. 0 percent in May, up from 7. 7…
The median net suburban rent rose 2.9 percent in the first quarter, and rents are expected to increase 3 percent to 5 percent for all of 2013, according to Appraisal Research Counselors.
Landlords have had the upper hand over tenants as demand for apartments has outpaced supply, but a construction wave will add more than 5,200 units to the downtown market by the end of 2014.
But the uptick may be a symptom of the broader real estate recovery rather than a contradiction of it.
Mr. Geller, the former head of the Chicago-based firm, was one of four of seven CEOs to take home a bigger paycheck in 2012.
A 24 percent jump in residential building is expected to offset a 1 percent decline in non-residential.
The Chicago-area rate declined to 8.6 percent in the first quarter, but the gains aren't evenly distributed.
A surge in smaller leases pushes the rate down to 9 percent in the first quarter, the lowest since early 2008.
Vacancy rate edges lower and big tenants on the move, but job growth underwhelms.
Chicago landlords are striking deals with smaller new companies as longtime tenants slice space to cut costs.
An index of nine local real estate investment trusts has returned 4.1 percent in 2013, below the total return for all U.S. REITs.
The volume of such loans on local properties dipped last year but has taken off so far this year.
The number employed in the greater Chicago area rose 2.6 percent from June 2011 to June 2012.
Stores are “really focused on this: 'We have to go where the people are.' In Chicago, that's the Loop,” says an executive of Stone Real Estate.
Buyers took chances last year on more fixer-uppers and high-vacancy properties than they did the two prior years.
Rents have risen more than 12 percent since bottoming out in mid-2009, the product of a major shift in the housing market away from owning and in favor of renting.
Lenders have continued to sell bad debt, the main reason the rate has fallen, while higher occupancy and rents also have helped.
The rate on Chicago-area commercial mortgage-backed securities (CMBS) loans has spiked in the past three months, hitting a new high of 10.8 percent in January, according to Trepp LLC.
Local landlords signed 33.6 million square feet of leases last year, the largest volume since 2006, according to Colliers International.