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 23:
- Sales of office buildings in the CBD jumped 24 percent last year, hitting their highest level since 2007. Investors bought 15 downtown Chicago buildings for a total of $2.7 billion in 2011.
- President Obama touched on key points of interest to the commercial real estate industry in his State of the Union address this week. He mentioned lower tax rates for domestic manufacturers and high-tech firms, as well as plans to streamline the building development process.
- The U.S. commercial office market experienced its seventh consecutive quarter of tightening in Q4 2011. This enabled commercial real estate firms to expand their teams and grow their portfolios as the market slowly gains momentum with increased absorption and slightly improved rental rates anticipated in 2012.
- Plans for two of Chicago’s marquee outdoor spaces were announced this week. The five teams competing for the opportunity to redesign Navy Pier’s outdoor spaces will present their plans to the public next week. The final plans to transform 20-acre Grant Park into sloping hills and valleys with play areas and forested paths were also unveiled.
- Jonathon Zimmerman, former leasing director at Chicago-based Prudential Rubloff, formed his own firm and will focus on leasing Class C office space in the CBD.
What headlines caught your attention this week? Leave us a comment and let us know.