Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention the week of October 3:
- Downtown Chicago office vacancy rates improved for the third straight quarter. The downtown office vacancy rate, including sublease space, fell to 15.8% in the quarter, down from 15.9% a quarter ago and 17.0% a year ago, according to a report from CB Richard Ellis Inc.
- The Wrigley Building’s sale price was released at $33 million dollars, reflecting its 35 percent occupancy rate and need for major renovations.
Beginning an expected wave of downtown Chicago apartment sales predicted for this fall, MetLife Inc. is set to purchase EnV at 161 W. Kinzie St. in River North next to the Merchandise Mart. Sources say the 249-unit project was priced between $122 and $126 million.
- Chicago-based DLA Piper released a “State of the Market Survey” about commercial real estate executives’ sentiments toward the industry. Of the 280 responders, 70% consider themselves “bearish” on the state of commercial markets, an increase of 10% since last year.
- Mayor Emanuel plans to cut Chicago’s $4-a-month employee head tax in half and eliminate the tax entirely by 2014, in an effort to draw more businesses and jobs to the city.
What headlines caught your attention this week? Leave us a comment and let us know.