LAWRENCE, KAN. — Northmarq has brokered the sale of 1621West Apartments, a 56-unit property in Lawrence. Casey Wilhm, Jeff Lamott and David Belpedio of Northmarq represented the seller, DCBE1621 LLC. The Robert Corry and Nathalie Corry Family Revocable Trust was the buyer. The asset features a mix of one- and two-bedroom units. Built in 2026, the property is located within one mile of the University of Kansas campus.
OMAHA, NEB. — Trader Joe’s will open at Avenue One, a mixed-use destination along the Dodge Expressway in West Omaha. The grocery store will span 13,500 square feet. Additional retailers at Avenue One include Arhaus, Williams-Sonoma, Pottery Barn, West Elm, Perry’s Steakhouse & Grille, Barnes & Noble, L.L. Bean and Ulta Beauty. An opening date for Trader Joe’s has not been announced yet. Avenue One is owned and developed by JSP Development, with Poag Shopping Centers serving as retail co-developer and JLL overseeing leasing.
After three years of new construction outpacing tenant demand in many sectors and areas, commercial real estate posted a mostly encouraging report card in the third quarter of 2026. Lee & Associates’ 2026 Q3 North America Market Report shows industrial demand nearly doubled from the second quarter, while retail and multifamily extended their rebounds. Office, the sector that had been staging a comeback, slipped back into negative tenant demand territory. Sponsored: Download Lee & Associates’ 2026 Q3 North America Market Report. Industrial Overview: Tenant Growth Gains in United States There has been broad general improvement across North American industrial markets, with demand for space rebounding in the United States. Third-quarter net absorption totaled 84,081,618 square feet, as more users gradually have set aside tariff and trade concerns that have hobbled tenant expansion since 2023. The third-quarter gains are an 89 percent improvement from 44.4 million square feet in the second quarter and a year-on-year jump of 172 percent. The third quarter’s growth brought the year-to-date total to 161.2 million square feet as net absorption has recovered from three years of tepid growth. Despite the increase so far this year, tenant expansion continues to fall short of absorbing the volume of deliveries that …
CHICAGO — R2 Cos. and Lagfin, the building’s owner, have completed development of the office-to-residential conversion at 79 W. Monroe in downtown Chicago’s Loop. Ware Malcomb’s Chicago office provided architecture and interior design services for the renovation of the historic 14-story building, which included transforming seven upper floors of vacant office space into 76 market-rate and 41 affordable housing units. Built in 1905 and historically known as the Rector Building, the masonry high-rise is the oldest surviving commercial structure by Chicago architect Jarvis Hunt. The project marks the first completed under the city’s LaSalle Street Reimagined initiative. The new residential floors offer a mix of studio, one- and two-bedroom units. Rooftop amenities include an indoor tenant lounge, a fitness center and outdoor areas. Leopardo Cos. and GMA Construction Group were the general contractors.
BISMARCK, N.D. — Kraus-Anderson has completed a new $63.7 million laboratory facility for the Department of Health and Human Services and the Department of Environmental Quality located on North Dakota’s State Capitol grounds adjacent to the State Museum in Bismarck. Designed by Zerr Berg Architects, the three-story, 104,230-square-foot facility features an expanded capacity for future tests such as toxicology of non-fatal overdoses, hematology and chemistry tests for North Dakota correctional facilities. Separate departments will share resources in the facility. Construction began in April 2024.
ARLINGTON HEIGHTS, ILL. — JLL Capital Markets has arranged the $25 million sale of FourNorth Apartments, a 76-unit boutique community in Arlington Heights. Completed in 2024, the property offers studio, one- and two-bedroom floor plans averaging 796 square feet. Amenities include a fitness center, resident lounge area, entertainment space, rooftop terrace and onsite management office. The five-story, pet-friendly building is 95 percent occupied. Bill Baumann, David Gaines and Sam Grohe of JLL represented the seller, Benchmark Developers. A private investor was the buyer.
BARTLETT, ILL. — Meridian Design Build has completed a 50,463-square-foot truck maintenance and tire storage facility for Pava Logistics within Blue Heron Business Park in Bartlett. The building marks the third build-to-suit project that Meridian has constructed within the park, which is owned by Abbott Land & Investment. The building features a clear height of 24 feet, two loading docks, 12 drive-in doors and accommodations for truck maintenance. Harris Architects provided architectural and structural design services, while Mackie Consultants handled the civil engineering design.
By Jim Adler, NAI Hiffman For decades, suburban Chicago’s office market was defined by abundance. Corporate campuses, office parks and multi-building complexes supported a workforce that spent most of its week in the office. Today, hybrid work has reshaped office demand, while investors and landlords have become increasingly selective about where they deploy capital. Well-located, amenity-rich properties continue to attract investment and tenants, while aging buildings face growing pressure to compete. Recent market performance reflects this divide. While suburban vacancy remains elevated at 26.7 percent, Class A properties posted 43,337 square feet of positive absorption during the third quarter, while Class B buildings recorded negative absorption of 26,098 square feet. Reinvestment and winners Despite elevated vacancy rates, leasing activity is healthier than many headlines suggest. Class A office leasing in suburban Chicago increased 16.6 percent year over year to 644,228 square feet through third-quarter 2026, up from 552,698 square feet a year earlier. Although Class A leasing remains down 11.3 percent year to date, its share of third-quarter leasing rose to 57.3 percent from 54.3 percent a year ago. The shift suggests that larger tenants are increasingly exploring higher-quality buildings they may have overlooked previously. Inland Real Estate Group’s approximately …
Berkadia recently partnered with the Chen Institute for Global Real Estate Finance at NYU Stern School of Business for the third annual Multifamily Investment Case Competition, held October 15–16. The competition brought together graduate student teams from leading business schools across the country to explore how technology can enhance investment returns in the multifamily sector. Participants were challenged to develop strategies at the intersection of apartment operations, technology and innovation financing — areas that do not often converge in traditional business school curricula. “Berkadia was honored to partner with NYU Stern for the third year in a row, highlighting our commitment to supporting young professionals and future leaders in real estate,” said Justin Wheeler, Berkadia’s CEO. “Engaging with eager, thoughtful participants and judges with deep expertise in the multifamily industry was both exciting and inspiring. This event was made possible by the dedication of university teams, fellow judges and NYU’s sustained support.” This year’s competition included teams from NYU Stern, Columbia Business School, UCLA Anderson, the University of Wisconsin–Madison’s School of Business, the University of Florida Warrington College of Business and the University of Texas at Austin McCombs School of Business. An accomplished group of industry leaders served as judges, …
CHICAGO — Colliers has arranged the $70.6 million sale of a purpose-built educational facility at 161 W. 9th St. within Chicago’s Roosevelt Collection. The 102,000-square-foot property is fully occupied by the British International School of Chicago, South Loop, under a long-term absolute net lease. W. P. Carey acquired the property. Todd Noel, Mindy Korth, Kyle Campbell and David Burden of Colliers represented the seller, EPR Properties. Josh McGee, Austin Little, Christian Rahe and Jack Johnson of Colliers helped facilitate the transaction. Completed in 2015, the campus was designed to serve students from preschool through 12th grade and comprises a. three-story building.
