Happy Holidays to you and yours from BOMA/Chicago!
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 December 19:
- A Chicago-based software firm, Savo Group, is more than doubling its space in a move to 155 N. Wacker Dr., one of the Loop’s newest office towers. Savo Group’s move represents the CRE trend of technology companies leasing more office space when relocating to a different property.
- Despite Chicago’s office market improving, commercial real estate experts believe the development of a new large-scale downtown building is unlikely. Experts predict 2013 might be the year when ground is broken on a new office property.
- 19 hotels in Chicago changed hands this year for a combined $705.5 million, up 83 percent from 2010.
The owner of the iconic 87-year-old Allerton Hotel proposed a Chapter 11 reorganization plan in which Petra Capital Management would have five more years to pay off the $66.8 million in past-due debt.
- Chicago’s commercial real estate market offered a wide spectrum of trends this year. 2011 was defined by a soaring apartment market and prominent high-end building transactions.
What headlines caught your attention this week? Leave us a comment and let us know.
This will be the last post for 2011. But come January, we plan to continue to publish timely, provocative and insightful posts on topics that drive commercial real estate in Chicago and beyond. Thanks to all who contribute, subscribe and read this blog. Wishing you a prosperous 2012.