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September 4, 2024

Will Offices Come Back In Fashion? Contrarian Buyers Are Betting Millions On It

Jordan Menashe is excited about the future of office buildings. His family-run firm, Menashe Properties, has acquired four office properties in the last 10 months and is eyeing another.

It's a bet few are willing to take as office occupancy has stagnated far below where it was in 2019. But a growing number of investors are putting money behind the belief that remote work is still just a fad, and just like the fashion trends of the '90s that are back in style, office work is going to come back with a vengeance.

“We were all wearing skinny jeans just a year ago. But before skinny jeans, we were wearing jeans that were really baggy,” Menashe said. “Now, what are kids wearing on their first day of high school? The baggier, the better.”

Will Offices Come Back In Fashion? Contrarian Buyers Are Betting Millions On It

Just like baggy jeans a few years ago, the bargain bin is filled with aging office buildings burning a hole in owners' and lenders' pockets.Fire sales of office buildings are becoming more common. In the first half of 2024, eight office properties sold at discounts greater than $100M from their prior…

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Foxtrot To Reopen Its First Store This Week

Foxtrot is set to return after a tumultuous saga that featured the grocery retailer abruptly shuttering all of its stores, leaving vendors, employees and customers in a lurch. 

The company's new owners, led by Foxtrot founder Mike LaVitola, will reopen the store at 23 W. Maple St. in Gold Coast on Wednesday, Foxtrot announced in a press release. The store will likely look the same to customers, but Foxtrot is expanding its coffee and food offerings, the company said.

Foxtrot To Reopen Its First Store This Week

Foxtrot plans to reopen additional locations in Chicago and Dallas through 2025, according to the release.Earlier this year, LaVitola said the first two stores to make a comeback would likely be the Gold Coast location and its Old Town shop, but the company did not provide a timeline for…

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This Week's Chicago Deal Sheet: $43M O'Hare Cargo Campus Winds Up

This Week's Chicago Deal Sheet: $43M O'Hare Cargo Campus Winds Up  

Construction work on the third and final phase of O'Hare International Airport's $43M Realterm Northeast Cargo campus wrapped, expanding the airport's cargo capacity. 

The project adds 130K SF and two aircraft parking positions to the cargo area, accommodating up to a dozen jumbo freighters a day. 

“O’Hare is our region’s largest economic engine, and cargo operations are a critical component of that engine,” Mayor  Brandon Johnson said in a press release. “These new cargo facilities support Chicago’s role in bringing essential goods from across the globe into the United States and shipping them to all corners…

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Women, People Of Color Make Up Small Proportion Of Chicago Multifamily Leaders: New Analysis

Women, People Of Color Make Up Small Proportion Of Chicago Multifamily Leaders: New Analysis  

Less than 1 in 5 Chicago multifamily developers employ a person of color as a leader or manager — and the numbers are even worse for women, according to a new Urban Institute study.

The analysis, released Wednesday, indicates women and communities of color have been largely shut out of the sector due to structural barriers like access to capital and industry network groups, “stifling their potential to contribute to the housing stock and create wealth for themselves and their communities.” Study authors found…

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