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September 7, 2022

Loan Trouble Looms Large Over 2 Loop Office Towers

Announcing Chicago State Of The Market Nov. 16

Despite speculation of a Google-inspired revival, the Loop continues to show signs of struggling, with two LaSalle Street offices in danger of defaulting on their loans.

Loan Trouble Looms Large Over 2 Loop Office Towers

A $105M loan tied to 10 South LaSalle Street was transferred to a special servicer in a sign that property owners could default on the debt if terms aren't restructured. The owner is The Feil Organization.The other property, historic 47-story office building One North LaSalle, which sits kitty-corner from 10 South LaSalle,…

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Chicago Bears Reveal Renderings And Plans For Future Arlington Heights Move

The Chicago Bears officially confirmed they are not seeking taxpayer dollars to help build a new stadium in Arlington Heights, but they are requesting funding for the surrounding entertainment district — one the team projects will pump $1.6B back into the economy yearly.

In a public letter issued Tuesday, the team released its first public renderings of plans for the 326-acre site with a stadium on the northwest portion of the property and a mixed-use district on the southeast portion to replace the Arlington International Racecourse property.

Chicago Bears Reveal Renderings And Plans For Future Arlington Heights Move

If completed, the build-out could generate $16M annually in local tax revenue, plus $60M per year in property tax revenue for Cook County and the state, according to the letter.While the deal for the $197M purchase of the Arlington Park property is not yet solidified, the letter stressed plans are…

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Facing $1T Shortfall, Pensions Scale Up Real Estate Investments In Search Of Returns

Public pension funds make up some of the most important scaffolding around the commercial property market, with an estimated $6T invested in real estate assets around the globe, and as economic and investment patterns change with the times, these institutions face mounting uncertainties with growing implications for CRE.

A volatile stock market, the retirement of the large baby boomer demographic and even geopolitics contributed to what is expected to be the biggest single-year drop in funding ratios for retirement systems since the Great Recession, according to a report from the Equable Institute.

The gap between pension funds’ assets and the money they need to fulfill their obligations is estimated to be over $1T this year, and while experts say the funds are stable and meeting self-determined expectations for returns, they predict that these funds will pour even more money into the property market to cover their shortfalls.

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Hotels Will Outperform Previous Forecasts For Rest Of 2022: CBRE Report

Hotels Will Outperform Previous Forecasts For Rest Of 2022: CBRE Report  

The second quarter of 2022 proved unexpectedly strong for the U.S. hotel market, despite a drop in U.S. GDP and the highest rate of inflation in 40 years, according to a new report by CBRE. The company found that revenue…

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CRE Industry Steps Forward For Some Women, Stalls For Others

 

Women in commercial real estate, particularly those in the upper echelons of management, have made gains when it comes to equity and pay parity in the workplace, but talent pipelines, mentorship and diversity in leadership ranks still leave something to be desired.

That’s according to a pair of new surveys on the careers and perceptions of women in commercial real estate as the industry goes through a generational upheaval in the aftermath of a pandemic and racial reckoning that have changed the way workplaces work.

In spite of gains in some areas, significant challenges remain when it comes to making sure those advances make their way to the entire industry.

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