Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Below are articles that caught our attention the week of June 25.
- The BOMA/Chicago team attended the 2012 Every Building Conference & Expo presented by BOMA International and Buildings this week. In addition to three days of networking and interesting discussions about the commercial real estate industry, two BOMA/Chicago buildings received International TOBY Awards! The Rookery received the International TOBY Award in the Historical Building category and Hyatt Center took home the International TOBY Award in the Over 1 Million Square Feet category.
- Chicago’s commercial real estate industry was stagnant for five years, but two recent announcements for large-scale developments have people wondering if the downtown Chicago market can accommodate so much new construction. Crain’s Chicago Business analyzed the office building industry, and discussed the impact the proposed new office building construction will have on the city’s CRE landscape.
- Sears Holdings Corp. is increasing its office space by 29 percent on State St., where it has more than tripled its e-commerce workforce in the past three years. Sears agreed to lease an additional 16,000 square feet at 1 N. State St., bringing its total to 71,000 square feet.
- BOMA/Chicago building member Union Station completed a $25 million improvement project to attract CRE tenants to the 87-year-old property. Jones Lang LaSalle managed the project, which modernized the historic Great Hall and the eight-story office head house.
- As anticipated, Moody’s recently downgraded 15 major banks. However, experts believe that while the credit cuts should not impact commercial real estate financing, larger concerns such as job growth, global volatility and economic uncertainty have the potential to cause a slowdown in leasing and sales.
What headlines caught your attention this week? Leave us a comment and let us know.