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April 16, 2024

‘I've Got To Be Able To Win Too’: Chicago Office Landlords Fed Up With Forking Over Tenant Improvement Cash

Like players of credit card roulette at a Michelin-starred restaurant, office landlords are increasingly attempting to duck the bill for tenant improvements, closing their wallets as shaky fundamentals linger on — and on.

‘I've Got To Be Able To Win Too’: Chicago Office Landlords Fed Up With Forking Over Tenant Improvement Cash

Panelists at Bisnow’s Chicago Office Summit squabbled over who should bear the financial burden for costly tenant build-outs, exposing collegial tension between landlords and tenant representatives at the event, hosted at Braveheart by IndusPad.While some panelists said participating in the amenities arms race is a must to stay competitive, others argued that…

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This Week's Chicago Deal Sheet

Wingspan Development Group sold Sixteen30, a Class-A, 284-unit apartment community it developed at 14750 Wallin Drive in Plainfield, for an undisclosed price.

This Week's Chicago Deal Sheet

Continental Properties acquired the property, which opened in August 2022. The community features a mix of studios, one-, two- and three-bedroom units spanning 600 SF to 1,500 SF.“Until recently, Plainfield – like neighboring Naperville – has seen much more for-sale single-family home development than luxury rentals,” Christopher Coleman,…

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Chicago Industrial Construction Starts At 5-Year Low, Deliveries Also Slow

Chicago Industrial Construction Starts At 5-Year Low, Deliveries Also Slow  

Chicago had just 2M SF in industrial construction starts in the first quarter, its lowest quarterly total since Q1 2019, according to a new report from Colliers.

The new construction slump represents a cooldown from Chicago’s red-hot pandemic-era industrial boom when developers raced to build a host of properties to keep up with skyrocketing demand. Last year alone, developers delivered 33M SF of speculative product, only 29% of which was leased at the end of Q1.

A sizable chunk of recently constructed buildings is vacant, and developers are waiting for occupancy numbers to rise before they begin more new construction, said Diana Perez, research director at Colliers. She expects tenants to lease a good amount of the recently delivered space within the next 18 months. “All this space is…

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'Not Out Of The Woods': Big Banks Skirt CRE Calamity For Now

'Not Out Of The Woods': Big Banks Skirt CRE Calamity For Now  

The anticipated impact of commercial property loans on the books of the country’s banks has been the cause of much hand-wringing in the last year. But the first of the largest banks to report their first-quarter earnings have taken a smaller-than-expected hit. So far, anyway.

JPMorgan Chase, Wells Fargo, Citigroup and Goldman Sachs all reported their Q1 earnings in recent days, and while they delivered mixed results in some regards, commercial loans weren’t to blame for their shortfalls.

“Commercial real estate for large banks was definitely a nonevent in the first quarter,” S&P Global Ratings Financial Institutions Managing Director Stuart Plesser told Bisnow. 

That doesn’t mean there won’t be trouble, he said, just that it hasn’t reared its head yet. “Everyone's expecting to see further losses in CRE,” Plesser said. “Q1 just wasn't the quarter, at least for these large banks, where that came into play.” JPMorgan, the first out of the gate,…

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