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 September 2.
- As the Chicago commercial real estate market continues to show strong signs of recovery, property values and taxes are increasing. BOMA/Chicago’s EVP Michael Cornicelli shared his insights with Crain’s Chicago Business on what this means for Chicago’s landlords and tenants.
- According to a new survey conducted by BOMA International and Kingsley Associates on office space needs, tenants want environments that promote collaboration, efficiency and cost savings. The survey of 1,261 office users also provided insights on hiring and space allocation needs, with the majority of respondents saying they do not anticipate making any change to employee space allocations and expect to either increase or maintain current employee headcount.
- Google has enlisted Chicago based visual marketing company, VHT Studios, to shoot images of its commercial real estate properties as part of its StreetView product. This effort is part of the search engine giant’s broader business of local search, which will enable location to become a bigger part of electronic commerce.
- Labriola Baking plans to lease two new spaces on North Michigan Avenue helping transform the Magnificent Mile into more than a pure shopping district. The 8,000-square-foot establishments located at 535 N. Michigan Ave. and 151 N. Michigan Ave. will add to the competitive restaurant environment on this historic street.
- According to a new report from Fitch Ratings, US nonresidential construction will show significant improvement in 2014. As institutions become more comfortable with lending, nonresidential construction is forecasted to see a 5% boost in the coming year.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.