Month: July 2015
Office Market Fundamentals Show Year-To-Date Improvement
The Chicago suburban office market fundamentals showed improvement year-to-date, despite a flat performance during the second quarter. Year-to-date absorption remains positive at 130,000 SF despite quarterly negative net absorption of 230,000 SF. Continue reading
Western Access O’Hare Opens New Ramps
Published by the Daily Herald, read original article here.
State and local transportation officials will be opening three much-anticipated ramps connecting Route 53 (westbound I-290) to Route 390 this weekend after a ribbon-cutting Friday. The ramps are part of the Elgin-O’Hare Expressway project to make O’Hare International Airport accessible from the western suburbs and to build a new tollway around the airport’s western flank. The completion of the full project is years away. Continue reading
Legislative Update: SB 398 – Happy Hour
On July 15th Governor Rauner signed Senate Bill 398 into law – bringing back “Happy Hour” in Illinois for the first time since 1989. Representative Ron Sandack, 81st District provided Choose DuPage with the following summary to help explain some of the nuances of the bill.
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Greatest Mid-Year Velocity in Seven Years
JLL’s Chicago Suburban Office Market Report
As vacancies have tightened across the suburbs, rental rates have been increasing. Year-over-year, Class A rental rates increased across all but one submarket at the same time that market wide vacancy rates decreased year-over-year. While North Lake County’s Class A rental rate did not increase year-over-year it did increase from last quarter rising by $1.57. This trend will continue as vacancy rates tighten further. This tightening will be supported by current tenants in the market looking for a combined 6.7 million square feet of space. Continue readingThe Jewel of the Western Suburbs – Glen Ellyn, Illinois
Small-town charm, civic pride, friendly people, and a premier school system are just some of the reasons businesses and residents choose Glen Ellyn, Illinois. Continue reading
Hub Group, Duchossois Building in Oak Brook
In Spring 2014, officials from Duchossois Real Estate LLC, announced the acquisition of four buildings in Oak Brook with the hopes of turning them into corporate office space. This comes on the heels of Hub Group’s announcement at the end of 2013 to move their headquarters into a new 130,000 square foot office building at York Road and 22nd Street in Oak Brook with a five-year lease.
Wheaton City Council Selects CCS International to Analyze Costs of Downtown Strategic Plan
By: Jessica Cilella, Daily Herald
The Wheaton City Council will work with an Oakbrook Terrace-based firm to analyze the cost of its estimated $52 million downtown strategic and streetscape plan.
Suzanne Fitch was the only council member to oppose working with CCS International to define the costs and scope of proposed construction. Councilman John Prendiville was absent. Continue reading
Suburban Office Vacancy Falls to 8-year Low in Second Quarter
By: Ryan Ori, Crain’s Chicago Business
Suburban office vacancy fell to an eight-year low in the second quarter, as expanding companies continued to boost demand for office space.
Overall vacancy fell to 20.3 percent in the quarter, down from 21.3 percent in the first quarter and 23.7 percent a year earlier, according to Chicago-based Jones Lang LaSalle. It was the fifth consecutive quarterly decrease in unused space. Continue reading
Downtown Naperville Water Street District Construction to Begin Week of April 5
The Water Street District mixed use development proposed for the southern end of Downtown Naperville will include a mix of retail businesses, restaurants, a 158-room upscale, urban boutique hotel with luxury amenities and class A office space, as well as a 524 space parking garage.
Construction of the Downtown Naperville Water Street District, which will include a 520-space public parking garage and 158-room boutique Hotel Indigo will begin with demolition of several existing buildings on the 2.8 acre site the week of April 5. This will be followed by construction of a temporary dam to precede riverfront construction, as well as the installation and relocation of utilities. Continue reading