1) This week’s Chicago broker breakfast led to two queries on 7.9 acres in Palatine that has been on the market for 8 years with limited/no activity. Potential interest is multi-family. There are developers suddenly sniffing around.
2) My single office tenant in Geneva was informed by his corporate entity out of state that he needs to reduce his lease term from 1 year to 6 months. My owner went along with it but is enforcing 1.5% increases for each extension/renewal period.
Solid Industrial expansion and Job creation in Will Co and Kankakee co continues .National retail vacancies continue to be filled with local and regional companies.
Mixed use and multifamily ground up development is slowly regaining confidence as new projects would deliver in q1 of 2023. Class A apartment rents in the city are down 5-15%, but expectations are that they will be back to prepandemic levels within 2-3 years.
With interest rates at almost all time lows’ demand remains strong for owner occupied properties in the greater Chicago market.
Deals are still closing but seeing some slowing in new transactions. Hope it is just everyone focused on taxes and waiting for elections.
Single story office buildings in the Chicagoland area has seen a lot of interest from investors. A lot of the interest is based on the the Covid 19 outbreak and how to have a safe office environment because of it.