Can Philly Be A Model For Chicago's Emerging Life Sciences Industry? If So, It Will Start With Science

It has been a successful number of years for Philadelphia’s life sciences market, and CRE heads in Chicago aren't just noticing — they are looking to replicate it. 

With new life sciences towers and spaces dedicated to biotech coming online, Chicago boasts major improvements in accommodating an industry that has historically been starved for Class-A lab space.

Now, some think Chicago is poised to become the next Philadelphia if it looks to the city as a model for its emerging market, though it is hard to predict where the chips will fall, with real estate professionals noting it is up to advancements in science and technology to lead the way.

Adopting a Philadelphia model, which values extensive collaboration across the entire ecosystem and coalesces around a particular expertise — gene and cell therapies, in Philly's case — could spur growth within Chicago’s emerging life sciences market, Sterling Bay Director of Life Sciences

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Former Lombard Department Store Gets New Life As Malls Continue Reinvention Process

Like many U.S. malls of its vintage, the 54-year-old Yorktown Mall in Lombard has had its share of struggles, given the rise of e-commerce followed by a crippling pandemic that had it scrambling to pay off mortgage debt last year.

Now, new plans are underway to transform a former anchor department store — Carson Pirie Scott, which enjoyed a 50-year run in the space before shuttering in 2018 — into a mixed-use project to include luxury multifamily buildings, a 3-acre park area, and new dining and retail offerings.

Retail developer Pacific Retail Capital Partners and Synergy Construction announced Tuesday they had acquired a 12-acre property, including the former Carson's store at 230 Yorktown Center, with plans to redevelop it for a new era of retail. No price has…

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Commercial Real Estate's ESG Push Has Industry Fighting Over Talent

Corporate America’s push toward ESG investment is predicated on the need to preserve precious resources and slash carbon emissions, but for commercial real estate firms seeking to expand their workforce in anticipation of more regulations and reporting requirements, one of the most precious resources might be talent with the right analytics experience and skills. 

“The quest for ESG talent has never been bigger,” said Marta Schantz, Urban Land Institute co-executive director of the Randall Lewis Center for Sustainability in Real Estate. “Everyone wants to be doing more on climate, there's not enough staff to do it, and no one person can be an expert on all of the different aspects of ESG that needs to be covered.” 

An increasing number of local carbon emissions reduction regulations, like New York City’s Local Law 97 and Boston’s Building Emissions Reduction and Disclosure Ordinance, have spurred the need for skilled sustainability professionals at every level. Companies and property owners are deploying proptech to measure portfolio emissions, or seeking more bespoke…

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