October 2024 Market Update
Office vacancy in Manhattan has hit a three-year low, while Boston office leasing has reached a two-year high. LA office leasing has reached its highest level since Q1 2020. Additionally, the availability of Class A office space in Chicago has decreased for the first time since the pandemic. Even San Francisco, which has struggled the [...]
September 2024 Market Update
In August, the U.S. economy added 142,000 jobs, which was slightly below the expected 161,000 jobs. This suggests a slowdown in the labor market but could also lead to the Federal Reserve lowering interest rates later in the month. The unemployment rate dropped to 4.2% as the labor force expanded by 120,000, maintaining a 62.7% [...]
101 N Washington St, Hanover, IL – Turn-Key Cannabis
We are pleased to announce the sale of 2 adjacent vacant industrial buildings in Hanover, IL totaling 109,380 square feet sitting on approximately 30 acres of land. The property was rebuilt as a turn-key cannabis manufacturing and distribution business. The current owners were growing hemp with anticipation to convert the production into cannabis but failed [...]
October 2023 Market Update
U.S. commercial property prices resumed their decline in Q3 as interest rates once thought to be inconceivable have become the norm, and will likely continue for at least the next 24 months. Retail rent has increased 11% since the end of 2019 and 4% over the past year as retailers enjoy surging sales amid limited [...]
September 2023 Market Update
The challenges facing the office market are broad, and especially pronounced at high-profile buildings in the largest urban markets. National office vacancy hit a record 13% in Q3 2023. Downtown office attendance is at half of its pre-pandemic level, based on keycard data. On a bright note, suburban office properties showed exceptionally robust net cash [...]
August 2023 Market Update
In the industrial market, net absorption is 30% below pre-pandemic levels. New construction will likely outpace tenant demand for at least another two or three quarters. Industrial rent growth has begun to decelerate from a peak rate of 12% in mid-2022 to 8.5% as of mid-2023. Still, the industrial market remains strong in nearly all [...]
May 2023 Market Update
Rising interest rates, low rent growth, and banking turmoil have dramatically slowed CRE investment volume. Commercial real estate investment decreased by 57% YOY in Q1. As a result, commercial prices have declined by 15% Year-over-Year as of May. Large players with cash on hand, however, have enjoyed the luxury of continuing to invest via all-cash [...]
1000 Essington Rd, Joliet, IL 60435 – Multi-Tenant Office Investment
We are pleased to announce the sale of a 100% occupied, high NOI multi-tenant investment opportunity located in the city of Joliet, Illinois which is 35 miles southwest of Chicago. 1000 Essington Rd is a +/- 15,861 square foot one-story office property with a basement, siting on +/- 1.96 acre of land and constructed in [...]
3033 Ogden Ave, Lisle, IL – Multi-Tenant Medical Office Investment
We are pleased to announce the sale of Midway Center, LLC. It is an 83.88% occupied, multi-tenant investment opportunity at 9.6% cap rate. This is a +/- 24,000 square foot three-story elevator office building, sitting on +/- 1.15 acres of land and constructed in 1978. The property is occupied by 15 strong and reliable mostly [...]
206, 210-212 E Irving Park Rd, Wood Dale – 4-Building Retail Portfolio
We are pleased to announce the sale of a great value-add investment opportunity: a portfolio of four adjacent retail buildings at 206, 210-212 E Irving Park Rd and adjacent apartment/restaurant building in Wood Dale, IL. The firm represented a seller in this sale-leaseback offering. The portfolio generates a high net operating income from nine apartments, [...]
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