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 February 4.
- According to data from Built in Chicago, 197 technology startups were launched in Chicago last year. While the amount of local venture capital dropped 73 percent, from $1.45 billion in 2011 to $391 million last year, the number of companies raising more than $1 million increased by 15 in 2012. In addition, Chicago was third in tech acquisitions last year, partly due to Groupon purchasing 12 companies. Similarly, Excelerate Labs teamed up with TechStars, one of the best-known start-up accelerators in the country, to attract more investors and applicants to Chicago’s technology community.
- Another corporation with headquarters in the suburbs announced moving downtown this week: financial services firm Guggenheim Partners will relocate to Chicago, bringing more than 200 employees to new headquarters at 227 W. Monroe St. The firm, which purchased the Los Angles Dodgers last year, will boost its office size by 25 percent in the move.
- The delinquency rate for Chicago-area CMBS loans spiked in the past three months, hitting a new high of 10.8 percent in January. However, the market looks brighter in the coming months, as rents rise and servicers that handle defaulted CMBS loans move more aggressively to modify the loans or foreclose, which should lead to lower delinquencies.
- Commercial real estate professionals believe the office and retail markets in the Midwest are improving. While there has been little construction and expansion since 2007, tenants are starting to reconsider those plans, causing some movement in the Midwest commercial real estate markets.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.