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December 6, 2022

PR Firm Cision To Halve Space, Move Chicago HQ To West Loop

Wintrust Financial President & CRE Head Bart Johnson Discusses The Future Of CRE Financing At Chicago 2023 Outlook Jan. 25

Another Chicago company is cutting its square footage in half as occupiers pull back on space requirements and flock to cheaper and increasingly plentiful sublease space.

Public relations firm Cision will slash its footprint 52% and move its headquarters to the West Loop, Crain’s Chicago Business reported Monday. The company will leave its 52K SF home base at One Prudential Plaza when its lease expires in late January and reopen at 300 South Riverside Plaza in a 24.9K SF space.

PR Firm Cision To Halve Space, Move Chicago HQ To West Loop

Cision will sublease its new HQ digs from healthcare consultants Evolent Health, sources told Crain’s, which pointed to the deal as emblematic of two trends: fewer people in the office leading to smaller space requirements amid growing acceptance hybrid and remote work is here for…

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From Inflation To War, Here's What CRE Experts Saw Coming (And Didn't) In 2022

Many in the commercial real estate world started the year with the global ripple effects of the omicron variant top of mind. But as pandemic restrictions in much of the world have lifted – with the notable exception of China – new concerns have come to dominate conversations about CRE.

From Inflation To War, Here's What CRE Experts Saw Coming (And Didn't) In 2022

Chief among them is the Federal Reserve's rapid pace of interest rate hikes in response to historic inflation, which appears to be finally cooling from this year's record highs.The factors leading into runaway inflation, including Russia’s invasion of Ukraine, continue to play a role in the real estate sector…

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Cities Release The Handbrake On Parking Mandates To Accelerate Housing Growth

A nationwide housing and affordability crisis is as good a time as any to rethink well-settled ordinances, and cities across the country are looking into some of their most firmly entrenched policies: the American tradition of parking spots included with housing.

Advocates say elimination and reduction of minimum parking requirements remove a potential hurdle to building housing, at least in transit-rich areas. Those advocates have notched a string of recent wins. 

Since October, Cambridge, Massachusetts; Culver City, California; Lexington, Kentucky; and Anchorage, Alaska, have been just some of the cities to eliminate parking minimums. They join Minneapolis, San Francisco and Portland, Oregon, which eliminated minimums years ago and offer a glimpse into how the parking change can affect housing development.

But there are decades of policies mandating the ratio of parking spaces per newly developed housing unit still to be addressed in much of the U.S., and many residents have deeply ingrained expectations for off-street parking.

Cities Release The Handbrake On Parking Mandates To Accelerate Housing Growth

“We've been doing the same type of auto-centric policy for the last 70 to 80 years,” Urban Land Institute Senior Director Paul Angelone told Bisnow. “Following World War II, the way that we've done a lot of our urban development patterns, we've been doing since…

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