CBRE has executed on several of the largest condo deconversion projects in the city of Chicago. As the multifamily market continues to show strong returns, both developers and condo owners are finding this scenario to be a win-win. Watch this video to lean how the process works.
In a recent study, CBRE reports that e-commerce has driven a more than doubling of the average footprint of warehouses built in the U.S. since the early 2000s.
CBRE analyzed the average size of warehouses built in the U.S. during the last development upswing from 2002 to 2007 and compared those figures to the current building period of 2012-2017. The analysis found that the average size increased by 143 percent in that span to 184,693 sq. ft. and the average warehouse clear height rose by 3.7 feet, to 32.3 feet in total.
Chicago warehouse size increased roughly 134 percent in that time frame, with the average new building now at 283,366 square feet, up from 121,133 square feet.
“The e-commerce industry has created demand for massive warehouses with high ceilings to store extensive, fast-moving inventories,” said Matt Mulvihill, executive vice president with CBRE in Chicago. “We have seen this drive new construction activity in the Chicago region and we expect it to continue for the foreseeable future as new product is delivering an advantage to large-scale distributors.”
To read the report, click here.
We are proud to announce that CBRE recently received three 2017 NAIOP Chicago Awards for Excellence – more than any other Chicago commercial real estate firm.
Congratulations to the brokers below for being recognized by their peers for outstanding deals in 2017!
CBRE Chicago winners include:
Broker Transaction of the Year – Suburban Office
Wilton Brands at 535 E. Diehl Road, Naperville
Broker Transaction of the Year – Industrial
E-Commerce Client at 6521 Monee-Manhattan Road, Monee
Congratulations to our winners and all of our seven finalists.
To see the complete list of winners, visit NAIOP’s awards page.
Law Firms Taking Less Space in Chicago, with 65% of Transactions Listed as Contractions Since Start of 2016
Law firms are adjusting their real estate strategies in response to advances in technology, shifting client demand, aging workforces and intense competition to attract and retain skilled talent, according to a new report from CBRE.
In Chicago, 65 percent of transactions between Q1 2016 and Q2 2017 have resulted in a contraction of space, with firms reducing their space by 23 percent on average. Nationally, firms reduced their footprint by 27 percent in the same time period.*
The second-most active market tracked in the study, Chicago experienced 1.6 million square feet of leasing activity in this time frame, with 90 percent of the transactions listed as renewals.
“One of the most efficient ways for law firms to reduce their operating cost is to address their office rental costs,” said Todd Lippman, vice chairman with CBRE. “As a result, many law firms are employing new real estate strategies to shrink their footprint when lease expirations present opportunities. By really examining their space needs, many firms are reconsidering long-held assumptions about how their attorneys work.”
For the second consecutive year, CBRE Chicago has been recognized in the Chicago Tribune’s Top Workplaces program.
Based solely on feedback from 950+ Chicago-area CBRE employees who completed a Tribune survey, the recognition places the firm on an elite list of some of the city’s most well-respected employers. CBRE earned the “Workplace Achiever” designation, which means the company held the standards of what it means to be a Top Workplace.
The Chicago Tribune describes a top workplace as an organization that is successful because its employees enjoy their work, embrace their mission and feel like valued teammates.
“This is a very prestigious honor, which reflects the tremendous efforts and dedication of our most valuable resource, our employees,” said John Latessa, president of CBRE’s Midwest division. “Congratulations to all of them for making this possible.”
Thank you to all of our employees for achieving this incredible recognition!