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 July 2.
- In another indication that the downtown Chicago commercial real estate market is improving, the downtown office vacancy rate fell for the sixth consecutive quarter. The overall vacancy rate dropped to 14.8 percent in Q2 2012 from 14.9 percent in the first quarter.
- The Tribune Company hired the Chicago office of Colliers International to find office tenants at its Tribune Tower building at 435 N. Michigan Ave. While the media company is going through a bankruptcy, it will consolidate space if a large tenant is interested in leasing one or more large floor plates.
- After five years, the renovation of the landmark Monroe Building at 104 S. Michigan Ave. is nearing completion. It is one of the longest and most painstaking downtown renovations since the late 1990s because James Pritzker and his team went to extraordinary lengths to achieve historical authenticity. The Monroe Building is a BOMA/Chicago Building Member.
- Hotel occupancy in Chicago hit 92.3 percent in June, an increase of 3.2 percent compared to last year. In addition, the local hotel occupancy rate for the first half of 2012 increased by 4.2 percent from last year.
- Most of Cook County’s property tax bills were mailed last week – the earliest in at least 30 years. According to Cook County Clerk David Orr, property taxes are likely to go up or at least stay the same this year. If you want to learn more about how property taxes are tabulated, register for our “Ask the Expert Series” on Property Tax Assessments.
What headlines caught your attention this week? Leave us a comment and let us know.