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 March 19:
- A start-up ecosystem has formed in Chicago as local start-ups raised $654 million in venture capital funding in 70 deals last year, a 40 percent increase from 2010. In addition, the number of collaborative work spaces and support programs to help start-ups in Chicago is growing. The collaborative space will help create “an ecosystem of high-level, experienced entrepreneurs in Chicago,” according to Dan Salcedo of Mobcart Inc.
- Chicago-area real estate stocks are off to a strong start in 2012, as investors believe that an improving economy will boost demand for commercial property. An index of seven local REITs returned 7.6 percent last week, compared to 8.6 percent for all U.S. REITS.
- A new study by the International Council of Shopping Centers (ICSC) found that office workers spend a significant amount of money at retail establishments near their building.
- The owner of a key property next to McCormick Place has lost a nearly two-year bankruptcy fight after failing to come up with a credible plan to develop the site into a hotel-and-retail complex. A bankruptcy judge ruled to dismiss the Chapter 11 case to move forward with the foreclosure suit.
- Delinquency rates on commercial real estate loans in the U.S. are decreasing as banks sell off and rework bad loans. Large U.S. banks are making headway with troubled commercial real estate loans faster than smaller banks.
What headlines caught your attention this week? Leave us a comment and let us know.