Each week, The Elevator Speech summarizes news related to some of the key events, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention the week of August 8th:
This week, the Federal Reserve created a plan to suppress short-term interest rates for the next two years. Although the measure helps to stabilize the economic outlook, commercial real estate investors should be prepared in case capital costs still rise.
- Integrys Energy Group Inc. will move its headquarters from One Prudential Plaza to the Aon Center, reducing its office space by nearly 25 percent.
- An international bank, Chase, and household names Starbucks and Caribou Coffee are expanding in Chicago. Starbucks and Caribou plan to open dozens of stores in downtown Chicago and Chase plans to open four new locations in the area, adding 400 jobs.
- Chicago was the third-most active commercial real estate market nationwide during the first half of 2011. CRE sales improved for all property types, with total commercial sales of $3.7 billion, compared to $1.1 billion during the first half of 2010.
- Lollapalooza 2011 was the most successful year yet, with more than 270,000 attendees. The Chicago Tribune provided coverage and photos of this year’s music festival.
After a two-year legal battle, a federal judge ordered the developer of the Chicago Spire to pay Bank of America more than $5.2 million for unpaid loans tied to the failed lakefront skyscraper.
What headlines caught your attention this week? Leave a comment and let us know.