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 March 18.
- The trend of communal workspaces holds major implications for the commercial real estate industry. Tenants, particularly large public firms, are downsizing their offices in favor of non-dedicated collaborative shared office spaces and implementing technology to support employees’ ability to work from anywhere.
- In the latest move toward the privatization of Midway Airport, the City of Chicago selected six private investor/operator groups as potential bidders, narrowing the pool from 16. The candidates are companies that invest in or operate airports around the world. In the coming weeks, the City will share information on the qualified parties with Midway to determine next steps.
- DePaul University ruled out the United Center as a possible home for its men’s basketball team, instead turning its attention to a site near McCormick Place to build a new facility. Two potential site options: a 3.67-acre parcel at 330 E. Cermak Rd. and a 1.23-acre parcel at 230 E. Cermak are both expected to go up for auction next month.
- Colliers International represented Industrious, a new office sharing startup firm, in a new 17,000 square foot lease at 320 W. Ohio St. in Chicago’s River North, a neighborhood becoming increasingly popular with consulting and technology firms. Industrious expects to begin welcoming new tenants by June 2013 and a handful of others by mid-2014.
- In an interview with Illinois Real Estate Journal, a commercial financing expert for Associated Bank in Chicago talks about how a stronger commercial real estate market means more accessible financing for developers, noting improving fundamentals and increasing activity in the market.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.