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 April 2:
- Office vacancies in downtown Chicago buildings declined for the fifth consecutive quarter to 14.9 percent, as big tenants start to make decisions and commitments for space. Tenants are showing more decisiveness amid a gradual economic recovery, and are now seeking long-term leases. However, a report by Studley Inc. found that the average rental rates slightly declined in Q1 2012.
- Honest Buildings, a new social networking site that connects architects, builders, occupants, owners, managers and buildings, launched last month. The site is a platform for the people who use, occupy, design, build and manage buildings to provide transparent building data.
- Chicago is a leading indicator for the overall U.S. real estate market, and is experiencing a “slow but steady growth” as Class A buildings are trading in the 5-6 percent range and big blocks are becoming scarce.
- Continuing the trend of technology companies expanding in Chicago, Dotomi Inc. tripled its space to more than 80,000 square feet in its move to 101 N. Wacker Dr. The lease is another example of how high-tech companies are leading the office market in Chicago.
- American cities are revitalizing their downtowns to change former perceptions and encourage business and economic development in their CBDs. Newark, Oklahoma City, Miami and Oakland are among many cities taking action to revitalize their downtowns.
What headlines caught your attention this week? Leave us a comment and let us know.