The retail market posted another strong year in 2016. According to CBRE research, the U.S. has experienced 12 consecutive quarters of positive year-over-year rent growth. Net asking rents averaged $16.59 per sf. ft. nationally in Q4 – up 4 percent from Q4 2015 and 8.3 percent from the cycle low for $15.32 in Q4 2013.
Chicago is tracking rents higher than the national average at $18.54 per sq. ft., which is up from $18.36 the previous quarter. Continue reading
CBRE’s Project Management Group (PJM), in partnership with Clune Construction, recently completed the restoration of Union Station’s iconic Great Hall Staircase in Chicago.
After 90 years of foot traffic, the famous Travertine stairs had begun to realize “cupping” and other wear-and-tear. The project not only restored the Chicago Landmark space, but also implemented ADA code compliances to bring it up-to-date. Continue reading
CBRE’s Drew Nieman spoke recently at The Illinois Real Estate Journal’s 15th Annual Commercial Real Estate Forecast in Chicago.
Nieman addressed the crowd of 700 on the State of the Chicago Market panel. He specifically highlighted the strength of the Class A office market in the CBD.
According to Nieman, Class A+ space has a vacancy of 3.5 percent, which could trigger another new tower to launch in Chicago this year. Continue reading
According to a new report from CBRE Research, large law firms in Chicago, those occupying 75,000 square feet or more, continue to downsize space, with 80 percent shrinking their office footprints in the last two years.
Currently, the average square feet per attorney occupied by the 25 largest law firms in Chicago is approximately 1,000 square feet. However, the report states that most of these firms are aiming to downsize to 750 square feet or lower per attorney. Continue reading
On behalf of CBRE, we would like to congratulate Brad Serot for being named to this year’s 40 Under 40 Class by Crain’s Chicago Business.
Brad is one of CBRE’s most prominent tenant representation brokers, having been involved in over six million square feet of transactions valued at more than $5 billion.
Please join us in congratulating Brad on this tremendous achievement!
Click here to read the full article.
CBRE has announced that it will bring its highly successful Workplace360 initiative to the Chicago suburbs with the opening of a new, state-of-the-art 45,000-square-foot office in Oak Brook, Ill.
The move will bring together all of CBRE’s suburban employees under one roof in an effort to foster increased collaboration, improve productivity, better serve its clients and establish a world-class work environment aimed at recruiting and retaining the firm’s industry-leading talent.
The new office will be located on the top two floors of Oak Brook Pointe (700 Commerce Drive), where the firm currently leases 20,243 square feet. The new 45,000-square-foot space will also accommodate employees previously based at the firm’s Schaumburg (20 N. Martingale) and Bannockburn offices.
“We are excited for the collaborative culture our new office will create for our employees and for the opportunity to demonstrate a new way of working to our clients and the broader business community in suburban Chicago,” said Bill Wright, a CBRE managing director and co-project lead.