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 September 10.
- Members of the Chicago Teachers Union went on strike this week for the first time in 25 years. More than 26,000 Chicago Public Schools teachers and other school workers marched through downtown Chicago as contract negotiations between Chicago Public Schools officials and Chicago Teachers Union leaders continued throughout the week.
- According to A. Rick Scardino, director of retail brokerage in the Chicago office of Lee & Associates, the Chicago retail real estate sector is seeing more activity; the result is an increased demand for retail space in the Chicago area. Food-related businesses are among retailers driving demand for new space.
- Properties within the City of Chicago will be reassessed in 2012 to determine property tax rates through 2014. Given that the Chicago commercial real estate market has undergone a significant value loss since 2008, the 2012 revaluation is a defining event for Chicago property owners and managers. This article from National Real Estate Investor explains the property revaluation process and its implications for local building owners.
- A venture led by Sterling Bay Cos. and other partners sold 300 W. Adams St., a 253-847-square-foot office building to Alliance Partners for $51 million. The 85-year-old property, which is 93 percent leased, has new roofs and recently-completed facade work.
- The downtown Chicago hotel market is picking up due to a strong summer tourist season and increases in business/conference travel. Revenue per available room rose to $124.57 for the first seven months of the year, up 10.5 percent from 2011.
What headlines caught your attention this week? Leave us a comment and let us know.