Economic Incentives Combat Problem of ‘Grocery Deserts’ in South Suburban Chicago

At a time when the development of new retail power centers across metro Chicago has been at a record low since chain store proliferation first started back in the early 1980s, south suburban Cook County has suddenly seen a turnaround with the addition of two new freestanding Walmart stores and one new Meijer store.These three openings occurred within months of each other in 2016 and represent approximately 560,000 square feet of the 1.36 million square feet of new retail construction that …

February 9, 2017Illinois, Market Reports, Midwest, Midwest Market Reports, Retail

Transit-Oriented Developments Are Transforming Chicago’s Urban Core

Mixed-use projects are booming, and for good reason: the city as we know it is fundamentally changing. Millennials are flocking away from the suburbs and into the city center, driving development in walkable urban cores that incorporate everything consumers need to live, work and play.In Chicago, a dramatic increase in mixed-use development since the last recession has completely recast the way we think about how retail concepts fit into our unique urban landscape. Mixed-use buildings …

October 27, 2016Illinois, Market Reports, Midwest, Midwest Market Reports, Retail

Renter Demand Keeps Pace with Apartment Developers’ Building Bonanza

Chicago’s diverse economy and ample employment opportunities are driving growth metrowide, which bodes well for apartment owners and managers.Encouraged by the positive economic outlook, developers are expected to deliver nearly 7,500 new units this year, the largest supply increase since 2000. That said, high levels of construction will not be at the expense of other performance metrics such as occupancy, rent and price growth.Job growth is accelerantIn the first half of the …

October 20, 2016Illinois, Market Reports, Midwest, Midwest Market Reports, Multifamily

Speculative Industrial Development Makes a Big Comeback in the City of Chicago

Chicago’s nearly 1.2 billion-square-foot industrial market continues to be a strong performer, garnering national attention. Tightening vacancies, healthy absorption and rising rental rates have spurred increased construction across our region.In fact, 7.7 million square feet in new industrial product came on line during the first six months of the year, with another 16.6 million square feet currently under development, earning metro Chicago the distinction of having the second largest …

October 6, 2016Illinois, Industrial, Market Reports, Midwest, Midwest Market Reports

Why Specialty Fitness Centers Are Enjoying a Healthy Run in Chicago

Today we have a choice in virtually every retail segment, and choosing a place for your favorite workout is no different. Specialty health clubs are a growing trend in Chicago, ranging from cycling at Flywheel or SoulCycle to high-impact cardio and weights at Shred415, Orange Theory or Barry’s Boot Camp. You can take ballet-inspired classes at Pure Barre, The Bar Method, Daily Method or The Barre Code, or yoga at Core Power Yoga, Yoga Six or Yoga By Degrees. You can even take rowing classes …

June 23, 2016Illinois, Market Reports, Midwest, Midwest Market Reports, Retail, Uncategorized

Market Conditions Ripe for Office Acquisitions by Single-Tenant Users

Across the country, and specifically in the Chicago corridor that leads to the northwestern suburbs, a wide range of businesses are debunking the commonly held notion that urban migration is diminishing the suburban marketplace. The evidence is indisputable. While Fortune 500 firms are leasing hundreds of thousands of square feet in Chicago’s suburbs, small to midsize firms are facilitating the expansion of their businesses by acquiring single-tenant facilities in the burbs as well. Since …

June 16, 2016Illinois, Market Reports, Midwest, Midwest Market Reports, Office, Uncategorized

Don’t Expect Metro Chicago’s Industrial Boom to Tail Off Anytime Soon

The Chicago industrial market continues its charge full steam ahead in 2016, driven by strong fundamentals, our diverse economy, intense investor demand and constrained development. After a strong first quarter, the second quarter seems to be keeping pace. Demand remains high and continues to outpace new construction. We will also see more new projects announced as developers see continued success with existing projects. At the end of the first quarter, the overall vacancy rate in metro …

June 9, 2016Illinois, Industrial, Market Reports, Midwest, Midwest Market Reports, Uncategorized

Is the Current Bull Run for Chicago’s Hotel Sector Nearing an End?

The hotel industry has gained momentum over the last few years, with impressive increases in revenue per available room (RevPAR) and a continuing development boom in virtually all major markets across the Midwest and the nation.In the Chicago hotel market, RevPAR increased 7.2 percent in 2014 on a year-over-basis, according to STR Inc., and RevPAR was up 7.7 percent through the first 11 months of 2015.With consumer demand so strong and the development pipeline quite active, it might …

February 4, 2016Hospitality, Illinois, Market Reports, Midwest, Midwest Market Reports

Dynamic O’Hare Industrial Submarket Regains Its Beat on Development Front

[caption id="attachment_133598" align="alignright" width="100"] Phil Reiff Jr., Paine/Wetzel TCN Worldwide[/caption]Chicago’s 1.2 billion-square-foot industrial market has weathered the Great Recession and is now showing strong growth through expansion of the region’s traditional boundaries and by way of redevelopment in land-locked areas. At the center of this trend is O’Hare International Airport — sixth in the nation and 17th in the world in air cargo tonnage. All totaled, the …

June 18, 2015Illinois, Industrial, Market Reports, Midwest, Midwest Market Reports

Several Factors Keeping Retail Construction in Check Across Metro Chicago

[caption id="attachment_127015" align="alignright" width="100"] Andy Bulson, Mid-America Real Estate[/caption]Mid-America Real Estate’s annual Chicagoland Shopping Center Report shows construction completions totaled 2.4 million square feet in 2014, a slight uptick from the 2.26 million square feet completed in 2013. Looking ahead, 2015 should yield a little over 2 million square feet, which will likely prove to be within the normal range for development going forward. However, this is …

March 5, 2015Illinois, Market Reports, Midwest, Midwest Market Reports, Retail