CBRE and Chicago Cubs Raise $500,000 for Local Charities

Once again, CBRE Chicago and the Chicago Cubs teamed up to host the annual Charity Bash at Wrigley Field. This year’s efforts far surpassed last year’s totals, bringing in a record $500,000 for CBRE Cares and Cubs charities. More than 1,600 showed up on a beautiful evening to celebrate with friends, colleagues, clients, and, several Cubs players.

In attendance from the Cubs were Jon Lester, Anthony Rizzo, Kyle Schwarber and manager Joe Maddon.

Along with CBRE Cares charities, proceeds will go to: The Anthony Rizzo Family Foundation, Jon Lester’s NVRQT Campaign for Pediatric Cancer Research Foundation, Joe Maddon’s Respect 90 Foundation and Kyle Schwarber’s Neighborhood Heroes Campaign.

Thank you to all who attended for making this event such a smashing success.

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CBRE Chicago Take Your Kids To Work Day 2017

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Chicago Industrial Construction Increases, But Pre-Committed Space Very High

According to CBRE research, warehouse development across the country hit a new high in Q1 2017 with 167 million square-feet under construction. However, 43 percent of that space is pre-committed, also a new high.

This demonstrates that user demand is still very strong and new space is being taken at a very healthy rate. Chicago is above the national trend, as 51.3 percent of its 10.3 million-square-feet of space currently under construction is pre-committed.

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Chicago Fourth in Nation for Fastest-Growing Office Occupancy Costs, Top 15 in the World, According to CBRE

Chicago (downtown) ranked in the top 50 for prime office occupancy costs in the world, and, came in fourth for the largest 12-month increase in the nation, according to CBRE Research’s latest annual Global Prime Office Occupancy Costs report.

With the strength of a very active downtown office leasing market, Chicago has become more expensive, as it saw a 10.2 percent prime occupancy cost increase over a 12-month period as of Q1 2017, making it the fourth-fastest growing in the US, eleventh fastest in the world, and, placing it 48th on the top 50 list in the world for overall costs.

In March, CBRE noted in its Global Prime Office Rents survey that prime net rents in Chicago’s top office properties, a subset that comprises approximately 14 million square feet, rose 19.9 percent from 2015 to 2016.

This latest survey once again demonstrates strong price growth in the Chicago market by tracking prime office occupancy costs for the same properties—which reflect prime net rents, plus local taxes and service charges—for the 12-month period of Q1 2016-Q12017.

“The downtown market has been very active the last few years,” said Sara Spicklemire, senior vice president with CBRE. “Demand is still very healthy for high-quality space and we continue to see positive absorption. As long as a flight-to-quality and inbound migration to the urban core continues, I don’t see this trend reversing.

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Market Spotlight: Illinois Medical District

Poised for growth, the Illinois Medical District has more than $1 billion of planned construction projects.

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Infographic: What Do the Annual Top 100 Industrial Transactions Tell Us About the Chicagoland Market

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As Retail Anchor Space in Chicago Hits a New High, Rents Climb

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Available retail anchor space in the Chicago area is at a record high, according to CBRE’s 2017 Retail Anchor Report.

Yet as more space is available, much of the new space hitting the market is quality Class A space, which has attracted users at a faster rate than past years, and, driven rental rates up as active and expanding retailers vie for prime space in the market.

Joe Parrott, CRX, CLS, senior vice president with CBRE and author of the report, recently spoke to the Chicago Tribune about these trends.

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