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October 12, 2022

Mag Mile Retail Exodus Continues With Departure Of Banana Republic

Riverside COO Anthony Scacco Discusses 566 West Van Buren Project At Chicago State Of The Market On Nov. 16

Another longtime Magnificent Mile stalwart is leaving the building, in a move that could push retail vacancy along the famed shopping street north of 30%.

Banana Republic will close the store it operated at 744 North Michigan Ave. for about 25 years, Crain’s Chicago Business reported, joining the flight of retailers who have abandoned the area since the onset of the pandemic.

Mag Mile Retail Exodus Continues With Departure of Banana Republic

The 39K SF property is now being marketed by JLL, which confirmed the apparel chain had decided not to renew its lease.Banana Republic’s departure follows those of other big-name retailers like Macy’s, Uniqlo and

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Hybrid Is Here To Stay Despite Coming Recession, CRE Leaders Say

A recession could send employees back into the waiting arms of the office sector, yet any reunion will likely be short-lived, commercial real estate executives said at an industry panel in Atlanta this week.

Hybrid Is Here To Stay Despite Coming Recession, CRE Leaders Say

Many economists and financial titans expect a recession to hit the U.S. economy over the next few months, and that could compel employees to report back more often for fear of losing their jobs.But it is workers who will have the upper hand in the long run when it comes to determining…

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With Likely Recession Encroaching, Proptech Seen As Cost-Cutting Tool In CRE

A rolling series of challenges, from the pandemic to labor shortages to an unfolding economic downturn, have increased focus on performance, efficiency and cost-cutting within commercial real estate, leading to a push for proptech focused on streamlining work and for real estate firms to upgrade or risk being left behind.

A new JLL report delving into the hybrid office transformation found 78% of companies plan to adopt a majority of the so-called anchor technologies that will enable a more efficient workspace. Of all the industries covered in the report, the authors found that one of the fastest projected adopters of new technological solutions over the next three years was real estate itself, which is “planning to rapidly scale up its implementation.” 

“I think right now, firms are nervous,” Ernst & Young Americas Real Estate Leader Mark Grinis said. “In three months, I think the fear index is probably going to go up a little bit. People are looking at how to be more efficient.”

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Meta Backs Out Of Another Office Lease, This Time In Silicon Valley

Meta Backs Out Of Another Office Lease, This Time In Silicon Valley  

Facebook parent company Meta terminated its lease at a two-building, 457K SF Silicon Valley office complex previously leased by WeWork, The Real Deal reported. Meta moved out of one of the buildings in the second quarter of this…

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