Naperville City Council voted Tuesday night to sell 5 acres of land the city doesn’t need so it can become the future home of the Perma-Seal Basement Systems national headquarters. The council sold the vacant site at 1720 Quincy Ave. to the company for $770,000, which is about 81 percent of the $945,000 valuation the land was given in an appraisal in February.
Perma-Seal plans to move its headquarters to Naperville from Downers Grove, where it currently hosts 190 of its 250 employees. Continue reading
Inland Real Estate Group Chairman and CEO Daniel L. Goodwin was named the winner of a gold Stevie Award as the Executive of the Year — Real Estate category for The 14th Annual American Business Awards.
Goodwin was recognized for his leadership, ethical business practices and philanthropic endeavors. Continue reading
Mark Moran, executive vice president and partner with NAI Hiffman in Oakbrook Terrace, and Choose DuPage board member, has seen plenty of industrial markets. So he knows a strong one when he sees it. Today, he sees an exceptionally strong industrial market in the Chicago area. Moran recently spoke with Midwest Real Estate News about the reasons behind the industrial activity taking place now in Chicago.
Suburban Office MarketThe overall suburban office market experienced negative absorption due to a weakened start to the year in the North Suburbs while the balance of the suburban office submarkets remained relatively unchanged.
New Tenant Took Occupancy in March
More than 750 Business Leaders Attend 7th Annual DuPage County Regional Outlook Event
On May 3, 2016, Comptroller Leslie Munger shared solution-focused principles to address Illinois’ budget impasse before an audience of more than 750 of the region’s top business and civic leaders during the seventh annual DuPage County Regional Business Outlook event at the Drury Lane Conference Center. The annual event, hosted by Choose DuPage Economic Development Alliance, Mesirow Financial and Ice Miller, brings together local business owners and executives, government and education leaders and other members of DuPage County’s business community to learn insights about the current regional and national economic landscape, as well as to discuss best practices and growing potential in today’s economy.
During her keynote address, Comptroller Munger encouraged three principals the State and Illinois businesses must pursue to help navigate the current financial crisis: innovation, fostering an environment for economic growth and tackling the problems causing Illinois’ financial troubles, rather than the symptoms. “We can return Illinois to prosperity by encouraging our businesses to invest and grow, putting people back to work and expanding our tax base so we can balance the budget and fund our state’s critical priorities,” said Illinois Comptroller Leslie Munger. “Choose DuPage has helped foster a dynamic business climate in DuPage County, and I look forward to working with them as we move Illinois forward.”
As a prelude to Comptroller Munger’s remarks, Brian Belski, Chief Investment Strategist and leader of the Investment Strategy Group at BMO Capital Markets, shared his view on the national economy delivering a 2016 market outlook. His presentation advised the crowd to remain cautiously optimistic as the economy’s long-term picture remains bright. Following the keynote presentation, business journalist Lisa Leiter hosted a panel discussion on innovation and opportunity in DuPage County with Michael Vivoda, Senior VP & President, West Region, Northwestern Memorial HealthCare; Ray Ziganto, President, Bi-Link and Sean Chou, CEO, Catalytic. The panel’s remarks echoed the theme of the overall event which positioned DuPage County as a smart choice for business success.
“The current DuPage economic picture is positive,” said DuPage County Board Chairman Dan Cronin, who kicked off the event by highlighting recent economic development wins
within DuPage County. “Our unemployment rate remains stable and significantly lower than the rest of the state and the region at 5.3%. Through our economic development arm, Choose DuPage, we welcomed 107 new projects to our county creating 3,700 DuPage jobs.” Throughout the event, speakers highlighted DuPage County’s low unemployment, skilled workforce, high quality of life and growing industry sectors including manufacturing, business services, healthcare, retail and technology. The event confirmed DuPage County’s thriving business climate and reinforced the spirit of innovation and opportunities throughout the business community.
About Choose DuPage Economic Development Alliance
Choose DuPage is the regional economic development organization for DuPage County, Illinois. A public/private partnership, Choose DuPage is dedicated to advancing DuPage County as a premier global business location. Geographically desirable, with a highly skilled labor force, DuPage County offers a diverse economy, friendly business climate, and substantial transportation network. Choose DuPage leverages these benefits to retain and attract business, support local economic development efforts, and address policy issues critical to the needs of business.
About Ice Miller LLP
Founded in 1910, Ice Miller LLP is an Am Law 200 Firm with a nationally recognized reputation in many of its practice areas. Ice Miller offers a broad array of capabilities in virtually all areas of legal practice including: corporate, patents and trademarks, bankruptcy, lobbying, labor and employment, litigation, employee benefits, environment, tax, trusts and estates, real estate, municipal finance and government law. With offices in Bloomington, Ill.; Chicago; Cleveland; Columbus; DuPage County, Ill.; Indianapolis; New York and Washington, D.C., the Firm has more than 300 lawyers and 40 paraprofessionals.
About Mesirow Financial
Mesirow Financial is an independent, employee-owned firm founded in 1937. As specialists in investment, risk management and advisory services, we are committed to helping our institutional, corporate and individual clients achieve their objectives. Our professionals are inspired by an entrepreneurial desire to develop tailored solutions that deliver measurable results. Authentic communication, consistent accessibility and an unwavering commitment to achieve define the Mesirow approach.
Advancing the Village Board goal of addressing key redevelopment sites in the community, the Village of Lombard announces that Bradford Real Estate will be pursuing zoning and development approvals from the Village for a new 74,000 square foot grocery store at 345 W. Roosevelt Road, Lombard. The project will consist of the demolition of an existing vacant K-Mart store, which has been closed since January, 2013 and replacing it with a modern prototype store that is focused upon meeting the grocery and convenience needs of the community. Continue reading
DuPage County economy flourishing; unemployment rate remains lowest in region while industrial and office vacancies attract new business
The 2016 First Quarter Economic Indicators Report confirms DuPage County’s thriving business climate due to its low unemployment rate, growing business sector and declining office and industrial vacancy rates. The report findings further indicate an estimated $350 million opportunity for retail expansion to meet current consumer demand; a substantial growth opportunity for additional business development.
2016 First Quarter Economic Indicators Report Highlights:
- DuPage County continues to maintain the lowest unemployment rate in the Chicagoland region at 5.3%; far below the state’s 6.8% unemployment rate.
- DuPage County industrial vacancy rates have decreased to 4.8% compared to 5.6% at the same time in 2015; 1.9 million square feet of industrial space has been absorbed in just the first quarter of 2016 showing strong industrial development.
- DuPage County office vacancy rates have also decreased by 0.9% over the past year with 522,000 square feet of office space being absorbed in the first quarter; space is being acquired by new businesses moving into the area as well as the expansion of existing DuPage businesses.
- DuPage County has an estimated $350 million retail growth opportunity to meet current consumer demand from its nearly one million residents.
“This report highlights DuPage County as a premier business location with enormous retail development potential and space for commerce to grow,” said John Carpenter, president and CEO of Choose DuPage. “We have a population of almost a million people in DuPage—including a highly skilled workforce. New businesses continue to make DuPage their home, while local industries remain strong and continue to expand and grow their footprint. There is a great opportunity to be cultivated here.”
DuPage County has shown promising activity in the first quarter of 2016 with new developments coming to the area including Minneapolis-based developer Ryan Companies’ purchase of an 11-acre Oak Brook property with proximity to both I-88 and I-294 which it plans to transform into a major 300,000 to 400,000 square foot multi-building office development. Local leading accounting, advisory and technology firm Sikich increased its total footprint in Naperville by 50%, while other local companies including AMITA Health and ConPac Group signed new leases in the area. In just the first three months of the year, a combined total of more than 2.4 million net square feet of office and industrial space was absorbed indicating positive development and further growth for DuPage County.
The report was compiled from Choose DuPage member data and professional economic data provider EMSI.