CRE News: What We’re Reading the Week of October 22

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 22.

  • J. P. Morgan Chase & Co. put 225 W. Wacker Dr. up for sale this week, just as one of its largest tenants, Kaplan Higher Education, prepares to move out. The 650,812-square-foot, 31-story riverside office tower is about 91 percent leased, and could draw bids of $175 million or more. Because Kaplan’s lease doesn’t expire for another 10 years, it’s possible that the company’s departure could boost the value of the building by giving the new landlord an opportunity to find a large tenant with strong credit.
  • With the election only weeks away, many commercial real estate professionals are considering the current state of the market and searching for signs of recovery as they contemplate their final electoral decisions. BOMA International released its Experience Exchange Report (EER) showing that, while market growth has been slow, the commercial real estate industry is recovering and is better off now that it was four years ago. Since 2008, average total rental income earned per square foot (psf) has increased by $1.56, while total operating expenses—including fixed expenses—have decreased by $.20 psf.

Prophet’s office space is just one of five featured in this week’s Crain’s Chicago Business

What CRE or Chicago news headlines from the past week captured your interest?  Or do you have comments or further thoughts on the five items noted above?  We highly encourage you to post a comment.

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About BOMA/Chicago

The voice of Chicago's office building industry since 1902.
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