MARKETPLACE (pg 14): ASSET/PROPERTY MANAGEMENT FIRMS ECONOMIC DEVELOPMENT CORPORATIONS CONSTRUCTION COMPANIES/GENERAL CONTRACTORS
©2023 Real Estate Publishing Corporation April/May 2023 • VOL.23 NO.2
FINANCE & INVESTMENT FIRMS
Don’t listen to the headlines! Office rebounding slowly as companies navigate period of experimentation By Mia Goulart, Senior Staff Writer
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he advent of remote work has transformed the office landscape of most major metros across the U.S., but as Downtown Chicago’s hustle and bustle continues to reemerge, certain trends—and certain neighborhoods—are leading the rebound. Illinois Real Estate Journal recently spoke with JLL Executive Vice President of Brokerage Jamie Wallenberg and Cresa Senior Vice President Michael Marrion to discuss the current state of the market and interestingly, they both came
up with one conclusion: the state of the market is much more positive than the headlines reflect. The last six months have reflected significant leasing activity of upwards of three million square feet, whether it be growth or rightsizing in terms of footprint, as companies continue to look at this as a tool to continue to drive employees back to their office space. And within the office? Employees are returning. In fact, Chicago, compared with all the gateway OFFICE (continued on page 8)
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Industrial construction market still one of the strongest in U.S., but shifts in demand starting to surface By Mia Goulart, Senior Staff Writer
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hicago’s industrial construction market stands out as one of the strongest in the U.S., and while it’s not often that market conditions undergo significant transformation, there are now noticeable shifts in the patterns of demand. To start, and perhaps most shockingly, lots of firms have seen a slowdown in the push for 500,000- to 1,000,000-square foot speculative buildings, with clients focusing more on buildto-suits than in years past. PREMIER Design + Build Group Senior Vice President, Midwest INDUSTRIAL (continued on page 10)