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July 5, 2023

Chicago Bears Outnumber The Bulls By A Wide Margin When It Comes To CRE Outlook

Uncover The Secrets To Chicago's Booming Biotech Market At Chicago Life Sciences Summit July 11.

Chicago CRE professionals are nearly twice as gloomy about overall market conditions as they were last year, according to a new report finding just 4.4% are bullish on the state of the market.

Nearly 46% of real estate professionals say they are bearish on market conditions over the next six months, up from 23.7% a year ago. Including those describing themselves as bears, more than 82% said they were concerned, up from 65% last year, according to the 2023 Chicago Mid-Year Sentiment Report developed by the Real Estate Center at DePaul University and Urban Land Institute Chicago District Council.

The percentage of those optimistic about the near future is the lowest in the report’s six-year history.

Chicago Bears Outnumber The Bulls By A Wide Margin When It Comes To CRE Outlook

"It’s a market unlike anything we’ve seen before,” James Shilling, DePaul finance professor and George L. Ruff endowed chair in the Real Estate Center, said in a release. “The report cites more than a dozen threats acting as headwinds, all posing a significant risk to the health of the real…

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NAR, NAA Among Groups Pushing For Supreme Court To Strike Down Rent Control

A dozen national real estate groups have joined the fray in New York landlords' legal fight against the state's 2019 rent stabilization laws, filing briefs asking the U.S. Supreme Court to overturn the landmark legislation.

If the groups are successful with the Supreme Court and its 6-3 conservative majority, the case could torpedo rent stabilization laws across the U.S, experts told Bisnow.

“If there has ever been a chance at getting the Supreme Court to take a serious look at the constitutionality of regulation as it exists in New York, this is certainly the court that you could have some hope might take an interest,” said Deborah Riegel, a member attorney at Rosenberg & Estis. “It’s a business-friendly court. It's a more conservative court, and it generally seems to be carving out a mindset of being anti-regulation.”

NAR, NAA Among Groups Pushing For Supreme Court To Strike Down Rent Control

Two New York-based landlord groups, the Community Housing Improvement Program and the Rent Stabilization Association, have been pushing for the Supreme Court to examine the changes to New York state’s rent stabilization laws enacted in…

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WeWork Sells Another Office It Bought In Its Hypergrowth Period

WeWork Sells Another Office It Bought In Its Hypergrowth Period  

WeWork has sold to Hines a London office building it bought before its aborted 2019 initial public offering attempt. Hines said in a statement that it had bought the 103K SF Film House in the Soho district of London’s West End, but it didn't name the seller.…

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'Power Is The New Parking': What Companies Want Most In Their Industrial Space Is Rapidly Shifting

'Power Is The New Parking': What Companies Want Most In Their Industrial Space Is Rapidly Shifting  

As developers try to build industrial properties that will last half a century or longer, they are increasingly thinking about how to turn warehouses into what owners and tenants will want in the future.

“What we're telling all of our clients is you need to be cautious about that older stuff in the logistics environment, because we view the future of logistics similarly to the future of office,” Mary Lang, CBRE Investment Management’s head of Americas logistics and strategies, said at Bisnow Northeast Industrial event last week.

The office has been devalued since the pandemic-induced pivot to hybrid workforces, but the properties that are leasing are typically the newer buildings with the best amenities. Industrial will likely face similar conditions in the future, as changing demands for parking, energy and environmental impact draw potential tenants away from older product,…

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