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 January 9:
U.S. commercial real estate vacancies declined in 2011, as few new buildings were built and expanding businesses moved into existing spaces.
- In an effort to fill vacant space at the Tribune Tower, the Tribune Company leased nearly 14,000 square feet of retail space on the first floor to a new restaurant. Tribune Co. hired brokers to lease out about 100,000 square feet of retail space and as much as 150,000 square feet of office space, or roughly one-third of the building.
- Continuing the trend of technology firms expanding in Chicago, Emmi Solutions doubled its space at the 12-story 300 W. Adams St. building.
- The Wall Street Journal reports that there may be trouble in the office market this year, as office vacancy rates rise and incomes fall due to large tenants leaving or renewing leases for less space.
- A team from Mayor Emanuel’s office reported that the May G-8 and NATO summit meetings may cost the City $65 million. Meanwhile, the City plans to scale back security restrictions and protest rules.
What headlines caught your attention this week? Leave us a comment and let us know.