Creative Office – New Investment Opportunities

As creative and vintage offices continue to attract tenants, new investors are entering the market to capitalize on this unique product.

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70% of Large Law Firm Leases Listed as Contractions in Chicago Since 2016

Large law firms in Chicago continue to contract their space as new workplace strategies allow for more efficiencies, and, provide firms the opportunity to attract new talent with more appealing and innovative layouts and designs, according to a recent report from CBRE.

Law firms, especially those requiring 75,000 square feet or more, continue to increase efficiency by reducing square-footage per attorney when opportunities arise. In the past 24 months in Chicago, approximately 70 percent of these large law firms have contracted their space when completing a lease transaction. Currently, the 25 largest law firms by square footage in Chicago average 800 square feet per attorney. As the downsizing trend continues, firms are aiming to achieve 550-650 square feet.

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“Law firms are continuing to drive for efficiency with their space and we don’t see this trend changing anytime soon,” said Todd Lippman, vice chairman with CBRE and member of the firm’s Law Firm Practice Group. “As more law firms see the benefits of adopting new workplace strategies, both for financial and functional purposes, the square footage per attorney will continue to decrease and firms will be able to do more with less space.”

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CBRE Wins Three Chicago Commercial Real Estate Awards

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CBRE received three awards last week at the 30th Annual Chicago Commercial Real Estate Awards. Congrats to all of our winners!

Deal of the Year – Bank of America/GGP
Drew Nieman, Sara Spicklemire, Christy Domin, Michael Kazmierzak, Ellen Zalatoris

Office Investment Broker of the Year
Paul Lunstedt, Blake Johnson, Dan Deuter, Tom Sitz & Cody Hundertmark

Property Management Firm of the Year
Neil Pendleton and Asset Services team.

The event has raised more than $1.45M for the Greater Chicago Food Depository – a record for the event. Congrats to all who donated!

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Infographic: 2017 Top 100 Chicago Industrial Leases – Overview

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VIDEO: CBRE Asset Services Chicago

This video highlights our Asset Services team and its number one differentiator in the market – our amazing people.

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CBRE Named Finalist 11 Times for Chicago Commercial Real Estate Awards

We are proud to announce that CBRE has been named a finalist 11 times for the 30th annual Chicago Commercial Real Estate Awards Dinner. The awards ceremony will be on March 15 at the Hilton Chicago. As always, the event will benefit the Greater Chicago Food Depository.

Congratulations to all of our finalists!

Deal of the Year
1. Bank of America/GGP
Drew Nieman, Christy Domin, Sara Spicklemire, Mike Kazmierczak, Ellen Zalatoris

2. Northern Trust
Todd Lippman, James Whalen, Scott Brandwein, Maura Mahone

Industrial Broker of the Year
John Suerth & Jason Lev

Investment Broker of the Year – Industrial
Michael Caprile, Ryan Bain & Zachary Graham

Investment Broker of the Year – Office
Paul Lunstedt, Blake Johnson, Dan Deuter, Tom Sitz & Cody Hundertmark

Office Broker of the Year
1. Brad Serot, Paul Reaumond, Chad Freese, David Saad, Paul Diederich & Aaron Kulick

2. Kyle Kamin

Project Manager of the Year
CBRE – Abe Gamboa

Property Management Company of the Year
CBRE – Neil Pendleton

Retail Broker of the Year
Joseph C. Parrott & Jim Sakanich

Special Achievement of the Year
Museum of Contemporary Art (CBRE – Michael Tobin)

 

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CBRE Analysis Finds Chicago Life Sciences Market Poised for Growth

Chicago is one of the nation’s leaders for employment in the life sciences industry, but startups and research and development firms in this sector may have a difficult time finding lab space as the city boasts the lowest vacancy of any primary market, according to a recent report from CBRE.

While many U.S. industries are navigating fundamental disruption, the life-sciences industry – which includes pharmaceuticals, biotechnology and medical-device manufacturing – is on a long-term expansion track.

Chicago is primed to benefit from this industry’s growth, as the market has seen strong gains in employment and National Institutes of Health (NIH) funding in recent years.

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Largest U.S. Life Sciences Centers by Employment

However, as employment and funding have increased, available lab space is difficult to find. Currently, the market boasts a less than two percent vacancy, the lowest of any primary market that CBRE tracks.

“Chicago is well-positioned for future growth in life sciences thanks to its large cluster of pharmaceutical and biotech companies and world-renowned research institutions such as Northwestern University, the University of Chicago, Rosalind Franklin University and the University of Illinois at Chicago, Fermi and Argonne Labs” said Scott Brandwein, executive vice president with CBRE in Chicago. “With existing vacancy extremely low for lab space, there is demand for more product in this market. This now has the government and private sector focused on this need and is beginning to facilitate the expansion with some new projects in the development pipeline.”

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