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 October 8.
- For the second consecutive weekend, Chicago hosted another international sporting event. We’re referring to the Bank of America Chicago Marathon. An estimated 1.7 million spectators flooded the streets of Chicago October 7 to cheer on a record number of registrants (45,000+) this year. The Marathon, now in its 35th year, has an economic impact on the City of Chicago of about $25 million. The near-perfect running conditions helped Ethiopia’s Tsegaye Kebede shatter the previous record by almost a minute to win the Marathon; he was followed closely by fellow countrymen Feyisa Lilesa and Tilahun Regassa.
- Chicago Mayor Rahm Emanuel unveiled a second budget plan since becoming mayor. The proposal included plans to address a $298 million structural deficit. The good news: The 2013 budget calls for no tax hikes, but continues to squeeze savings and revenue from various City operations.
- Retail foot traffic and shopping pattern measurement firm ShopperTrak RCT Corp. is moving its corporate headquarters to the Willis Tower. ShopperTrak RCT Corp. leased 52,450 square feet on the 41st floor of the landmark Chicago building at 233 S. Wacker Drive. This recent leasing announcement for The Willis Tower, which contains nearly 3.8 million-square-feet of office space, means the building is about 82 percent leased.
- A study by Ernst & Young found that 80 percent of Chicago professionals believe local companies will continue moving to downtown from the suburbs. The big reasons for the migration are transportation, concentration of talent and availability of technology infrastructure, according to the survey. Similarly, office vacancies in Chicago’s suburbs continue to increase. Overall suburban vacancy was 24.5 percent in the third quarter, up from 24.4 percent in the second quarter, according to Jones Lang LaSalle.
What headlines caught your attention this week? Leave us a comment and let us know.