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 August 19.
- According to Jones Lang LaSalle’s US High-Technology Office Outlook study, Midwest cities have created clusters of tech entrepreneurs, such as Chicago’s 1871 and Catapult Chicago, which have a major impact on their commercial real estate markets. The recent growth has occurred so quickly that several markets, including Chicago, face dwindling supplies of creative office space.
- Chicago’s new Divvy bicycle-sharing program has caught on with public transit commuters and drivers, as well as thousands of tourists and bike enthusiasts. City transportation officials say that the program has far exceeded expectations, surpassing more than 458,000 miles in just two months. A total of 400 stations will open in phases through next spring, with the majority of stations in or around Chicago’s central business district.
- The Metropolitan Pier and Exposition Authority filed a second eminent domain lawsuit to gain a parcel at 230 N. Cermak Road needed for the development of the new DePaul University arena and adjacent 500-room hotel. The move follows a lawsuit filed by McPier earlier this summer to obtain a neighboring parcel, both of which are a block north of McCormick Place.
- International trade show organizer Hannover Fairs USA is moving its North American headquarters to Chicago from New Jersey next month. The move to a Chicago office, which will be located at 8755 W. Higgins Road near O’Hare International Airport, is expected to help continue the efforts made by the city to boost tourism and conventions to Chicago.
- Chicago was named a finalist for the City Climate Leadership Awards, presented by C40 and Siemens. The 29 finalist cities spanning five continents display leadership in climate solutions, including energy efficient built environment, intelligent city infrastructure, urban transportation and more.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.