Each week, The Elevator Speech summarizes a list of important news stories impacting our industry and the City of Chicago. Here are the news stories that caught our attention this week:
- The total amount of outstanding commercial real estate loans fell by $32.3 billion (2%) during Q1 2011. Most of the recuperation is a result of write-downs and attrition in construction loans, a lack of new lending and improvements in the multifamily sector.
Officials released a $155 million plan to refresh Navy Pier, including expanding the Chicago Children’s Museum and the Chicago Shakespeare Theater and building a boutique hotel on the east side of the pier.
- Jones Lang LaSalle’s Q2 report shows the national office market is continuing to grow, with more than 11 million square feet absorbed.
- Transformers 3: Dark of the Moon, which was filmed in downtown Chicago last summer, debuted in theaters this week and features several BOMA/Chicago building members, as noted in our recent blog post. The Chicago Tribune had a local commercial real estate appraiser inspect the “damage” to Chicago’s downtown buildings and commercial real estate market.
- BOMA/Chicago leadership and staff attended the BOMA 2011 International Conference this week in Washington, D.C. Four BOMA/Chicago building members were nominated for “The Outstanding Building of the Year” (TOBY) Awards, with the FBI Chicago Regional Office taking home an International TOBY Award in the “Earth Award” category.
These news items crossed our desk this week. Let us know what local commercial real estate or business news has made an impact on you.