News

City of Elgin Joins Foundations in Donating to Elgin Covid Response Fund

For immediate release, May 28, 2020City of Elgin Joins Foundations in Donating to Elgin Covid Response Fund  Fund seeks to provide support to local nonprofits for the purpose of providing direct financial assistance to individuals and families facing urgent, financial need as a result of the pandemic. Elgin, IL— The City of Elgin and both local and regional funders announce details of the recently established Elgin Covid Response Fund (ECRF). Beginning June 1, eligible nonprofit organizations can apply

Elgin Announces Guidance for Temporary Outdoor Seating Areas for Bars and Restaurants

For immediate release, March 28, 2020Elgin Announces Guidance for Temporary Outdoor Seating Areas for Bars and Restaurants  The City of Elgin releases Quick Guide and Frequently Asked Questions list for bars and restaurants Elgin, IL - The City of Elgin announces guidance for restaurants and bars to create temporary outdoor seating areas during Phase 3 of Governor Pritzker's Restore Illinois Plan.  The City of Elgin is committed to working with restaurants and bars that wish to serve food and

Illinois Chamber Rail Report from Springfield

ILLINOIS CHAMBERRail Report     May 24, 2020  Highlights from Today:  Early this morning, the Illinois General Assembly adjourned the special session. the following pieces of legislation have now passed both the House and Senate.  HB 64 passed the House 74-31-5 and passed the Senate 54-o. This bill is the re-appropriation for capital projects and maintains the  infrastructure funding level.      SB264 passed the House 68-44 and passed the Senate 37-19. This bill is the

Retail Rents to Decline

Moody’s expects that store closures will push the U.S. retail real estate vacancy rate for 2020 past its historical high, owing to store closures. COVID-19 will hurt the retail sector more than other commercial property types thanks to the sector’s pre-existing conditions, according to Moody’s Analytics REIS Network. “The COVID-19 pandemic has prompted unprecedented challenges in the economy, and commercial real estate markets are changing rapidly as a result,” said Moody’s Analytics head of commercial

News Cares Act Funding

Applications for CARES Act Non-Competitive Awards Accepted Through Mid-June and Competitive Awards on Rolling BasisU.S. Economic Development Administration sent this bulletin at 05/27/2020 11:43 AM EDT  Having trouble viewing this email? View it as a Web page. Wednesday, May 27, 2020Applications for CARES Act Non-Competitive Awards Accepted Through Mid-June and Competitive Awards on Rolling Basis On May 7, the Economic Development Administration (EDA) began accepting applications for our CARES Act

12 Must Reads for the CRE Industry Today

NREI WIRE12 Must Reads for the CRE Industry Today (May 27, 2020)McDonald’s Corp. is facing a class-action lawsuit seeking compliance with health guidelines, reports Reuters. Construction work on a nine-story wooden mixed-use building continues in Cleveland, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | May 26, 2020  Landlords Were Never Meant to Get Bailout Funds. Many Got It Anyway. “Real-estate companies are

Eight Interesting Articles for Today

FREDERIC J. BROWN/AFP via Getty ImagesNREI WIRE Eight Must Reads for the CRE Industry Today (May 26, 2020)New analysis from CoStar showed that 14 of the 20 largest mall tenants are either apparel retailers or department stores, including several names that have now filed for bankruptcy. The National Association of Home Builders index on build confidence has fallen to Great Recession levels, reports Million Acres. These are among today’s must reads from around the commercial real estate industry.   NREI

Apartment Renters Continue to Pay Rent

Apartment Renters Continue to Pay Up, and Owners Wonder: How?Some Industry Executives Worry US Collection Rates Are 'Too Good to Be True' Apartment executives are wondering whether the high rates of rent payments during record U.S. unemployment can last. (Getty Images) By John Doherty CoStar NewsMay 22, 2020 | 4:41 P.M. Tenants are continuing to make rent payments on their apartments — and that’s confounding industry experts. The National Multifamily Housing Council, or NMHC, reported that 90.8% of

How May the World of Work Change

How Might the World of Work Change? It Depends on How You Look at It. “Over the last week, we have now regained about 60-65% of prior year comparable U.S. store sales while reopening under modified operations and with reduced hours.”– Starbucks CEO Kevin Johnson When it comes to communicating difficult information, it’s all about the framing. And the quote above is a prime example of doing it well. Think about how you might frame it in the way we typically talk about same-store sales. And by that we mean

EPEL Announces Community Partner Outreach Efforts

Elgin Community Partners Host Drive-Through Event to Serve Families and Encourage Census Participation Food, diapers, and books provided by community partners and 2020 Census information and assistance provided by the Illinois Census Office and Latino Caucus Foundation            Elgin, IL - Elgin Partnership for Early Learning (EPEL), Northern Illinois Food Bank, Illinois Census Office and the Illinois Latino Caucus Foundation are coming together to provide food, a limited supply of diapers and children's

U-46 Honors Districtwide Volunteers With 'Volunteer of the Year' and 'Helping Hands' Recognition

U-46 Honors Districtwide Volunteers  Longtime volunteers recognized ELGIN – School District U-46 annually recognizes many of the volunteers who so generously give their time and talents at the school and District level. For the 2019-20 school year, U-46 names longtime TalentFest volunteer Jeff Grosser as the 2020 Volunteer of the Year, for his extraordinary contribution at the District level “In its tenth year, TalentFest has grown to be an event where students can showcase their many gifts and skills

Gov. Pritzker Release Guidelines for Businesses and Workplaces to Safely Reopen During Phase 3 of Restore Illinois

Guidance Developed by the Illinois Department of Commerce and Economic Opportunity and the Illinois Department of Public Health with Input from Industry Leaders and Business Owners  Springfield – Governor JB Pritzker today released industry-specific guidelines that allow for the safe re-opening of businesses as the state progresses into the next phase of the Restore Illinois plan. All four regions of the state are on track to advance to Phase 3 of the plan in the coming days, allowing thousands of

State Distributes More Than 13,000 Meals to Local Foodbanks

State Distributes More Than 13,000 Meals to Local Foodbanks SPRINGFIELD – The State Emergency Operations Center (SEOC) is working with the Department of Human Services and our local emergency managers to address an identified need in our communities. To date, the SEOC has received requests for food assistance from more than 40 local emergency management agencies. Since the escalation of the pandemic, the demand for food relief has skyrocketed. Food banks are surging to meet an unprecedented demand.  To

Best Buy

Best Buy Sees E-Commerce Jump 155%Pandemic Accelerates Shift to Hybrid Retail Model Best Buy's curb-side service has contributed to the retailer's online sales growth. (CoStar) By Clare Kennedy CoStar NewsMay 21, 2020 | 6:38 P.M. Executives at electronics and home appliance retailer Best Buy said its retail real estate has been one of its greatest assets through the coronavirus pandemic but they are in no great hurry to fully reopen the more than 1,000 stores to the general public. Perhaps that's

Mall of America

Bill-Pugliano/Getty ImagesFINANCE & INVESTMENT>CMBSBiggest U.S. Mall Is Two Months Delinquent on $1.4 Billion LoanThe Mall of America missed two months of payments on a $1.4 billion CMBS loan. Bloomberg | May 21, 2020 (Bloomberg)—The Mall of America, the largest U.S. shopping center, missed two months of payments for a $1.4 billion commercial mortgage-backed security, the latest sign of the devastating impact of pandemic-related shutdowns on the retail industry. “The loan is currently due for the April

New Campaign Lets Supporters Share Stories and Donations Online

Elgin, IL (May 21, 2020) –Finding ways to connect—when we are required to remain separate—is challenging. Since 1976, Elgin Youth Symphony Orchestra (EYSO) has been a place of connection and belonging for hundreds of young people. EYSO families deeply value the sense of community, making coming together and forging ahead even more important. In March, EYSO suspended in-person rehearsals (in line with Gov. Pritkzer’s “stay at home order”), then pivoted to distance learning via what they

VNA Offers COVID-19 Testing in Elgin and Other Local Sites

TESTING IS AVAILABLE FOR THOSE WHO: Have COVID-19 Symptoms Including: Difficulty Breathing or Change in Breathing • Fever • Cough • Chills • Repeated Shaking with Chills • Fatigue • Body Aches • Loss of Appetite • Headache • Mucus Production • Confusion • Runny Nose • Sore Throat • Bloody Sputum • Vomiting • Diarrhea • Loss of Smell or Taste IF EXPERIENCING SEVERE SYMPTOMS, INCLUDING DIFFICULTY BREATHING OR CONFUSION, CALL 911. Do Not Have COVID-19 Symptoms, But: ‣ Have had contact with someone

DES Notifying Claimants Whose Information May Have Been Viewed by a Single Individual Due to PUA System Access Issue

Deloitte to Offer Free Credit Monitoring to All Claimants Possibly Impacted SPRINGFIELD – After working with Deloitte to investigate a glitch in the system it built for Pandemic Unemployment Assistance (PUA), the Illinois Department of Employment Security (IDES) announced today notification will begin to go out to claimants whose information may have been unintentionally viewed by a single claimant. The claimant immediately reported the issue within the PUA system. Computer records confirm that no other

Governor Pritzker Announces Plan to Expand Child Care in Next Phases of Restore Illinois

Governor Pritzker Announces Plan to Expand Child Care in Next Phases of Restore Illinois Chicago – Building on a robust, statewide effort to ensure Illinois can safely reopen and families can return back to work, Governor Pritzker announced the state’s plan for a gradual reopening of child care in Phases 3 and 4 of Restore Illinois. “We can’t have a conversation about going back to work without talking about child care – anything else leaves a large portion of the workforce, especially women who too often

Gov. Pritzker Statement on Passage of SB1863, Expanding Vote by Mail

Gov. Pritzker Statement on Passage of SB1863, Expanding Vote by Mail Springfield, Ill. — Gov. Pritzker issued the following statement on the passage of Senate Bill 1863, ensuring all recent voters receive a vote by mail application for the November election. "The right to vote is the foundational pillar of our democracy -- and, now, as our elected leaders are making some of the most consequential decisions of our lifetimes, it's more important than ever that people have every ability to make their voices

Target Well Positioned

Buoyed by Triple Digit Growth and Revamped Properties, Target Says It's Ready to 'Play Offense'Retailer to Hit Accelerate on New Initiatives, Buying Real Estate Customers rushed to purchase toilet paper at a Target store in response to the coronavirus pandemic. (Getty Images) By Clare Kennedy CoStar NewsMay 20, 2020 | 2:41 P.M. Target, with the help of its vast real estate empire, edged out rival Walmart in sales growth and had an easier time than Amazon in filling online orders in the first

Leisure Travel Increases

Leisure Travel Pushes Hotel Industry Toward Steady RecoveryKey Performance Measures Rise for the Fifth Week, Primarily on the Weekend Leisure travelers are slowly filling hotel rooms again after anemic demand because of the coronavirus pandemic. (Getty Images) By Richard Lawson CoStar NewsMay 20, 2020 | 6:03 P.M. Rising leisure travel pushed hotel occupancy slightly higher for a fifth straight week as cities and states relax restrictions put in place to slow the spread of the coronavirus. Occupancy

Interesting Commercial Real Estate Articles for Today

Getty ImagesNREI WIRE12 Must Reads for the CRE Industry Today (May 21, 2020)U.S. demand for warehouses could surge as lockdowns accelerate online shopping, reports Business Insider. In addition to the coronavirus, plumbing systems in emptied commercial buildings could put returning employees at risk of Legionnaire’s and other illnesses, according to the New York Times. These are among today’s must reads from around commercial real estate industry.   NREI Staff | May 20, 2020  Warehouses Are The New

Illinois Unemployment Rate Rises to 16.4% Amid COVID-19 Pandemic

Illinois Unemployment Rate Rises to 16.4% Amid COVID-19 Pandemic SPRINGFIELD – The Illinois Department of Employment Security (IDES) announced today that the unemployment rate jumped +12.2 percentage points to 16.4 percent, while nonfarm payrolls shed -762,200 jobs in April, as the COVID-19 pandemic continued to impact Illinois businesses and households, based on preliminary data provided by the U.S. Bureau of Labor Statistics (BLS) and released by IDES. The monthly unemployment rate rose to a new record

Lavelle Law's Migala Highlights PPP Forgiveness Application

PPP Loan Forgiveness ApplicationSteven A. Migala • May 20, 2020On May 15, 2020, the U.S. Department of Treasury (Treasury) and the U.S. Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. The application and related instructions provide more guidance for borrowers with respect to PPP loan forgiveness. The SBA is also expected to issue soon a new interim final rule to supplement the application, which will provide specific information and guidance

Pier 1 Imports to Close Stores

Pier 1 Imports Plans to Liquidate Merchandise, Close All Its 900 StoresDespite CARES Act Funds, Retailer Proceeds With Winding Down Operations Pier 1 Imports plans to liquidate more than 900 closed stores throughout the United States and Canada. (Getty Images) By Candace Carlisle CoStar NewsMay 19, 2020 | 3:07 P.M. Home goods retailer Pier 1 Imports wants to liquidate its U.S. and Canadian assets after failing to find a buyer since filing for Chapter 11 bankruptcy protection three months

Walmart and Future Shopping Behavior

Walmart’s Robust Quarter Offers Peek at Future Shopping BehaviorNearly All 4,600 US Stores Benefited From Stockpiling in Pandemic; E-Commerce Sales Surged 75% Walmart reported $900 million in extra first-quarter costs tied to the coronavirus pandemic. (Walmart) By Jennifer Waters CoStar NewsMay 19, 2020 | 12:47 P.M. Walmart's designation as an essential retailer that allowed it to stay open during the pandemic may have resulted in more than just a surge in first-quarter earnings from strong big-box

Pritzker Administration Announces 1.8 Million SNAP Recipients Will Be Able to Buy Food Online

Pritzker Administration Announces 1.8 Million SNAP Recipients Will Be Able to Buy Food Online Access will be provided automatically to all existing Link card holders beginning June 2; Customers will not need to call or visit an office; Traditional SNAP purchasing will continueToday, Governor JB Pritzker and the Illinois Department of Human Services (IDHS) announced the state’s plan to enable 1.8 million SNAP recipients to purchase food from participating grocery retailers online has been approved by the

Governor Pritzker Announces Updates to Phase 3 of Restore Illinois Plan in Consultation with Health Experts

Bars and Restaurants Can Open for Outdoor Seating, All State Parks to Open Chicago – Building on a robust, statewide effort to ensure Illinois can safely reopen and following the data, science, and guidance from public health experts and stakeholders across the state, Governor Pritzker announced updates to Phase 3 of the state’s Restore Illinois plan.   “We are by no means out of the woods, but directionally, things are getting better. And because of these advances, we are able to make some

Amazon Reportedly Looks at J.C. Penney

 Amazon Reportedly Looks at Deal for JC Penney AssetsJC Penney Might Create Real Estate Spinoff, Plans to Close 29% of its Stores J.C. Penney filed for Chapter 11 bankruptcy protection from creditors after months of temporary store closings. (iStock) By Candace Carlisle CoStar NewsMay 18, 2020 | 6:56 P.M. Department store retailer J.C. Penney, which has filed for Chapter 11 bankruptcy protection, could be the acquisition target of e-commerce giant Amazon in a deal that would boost the online

7 Articles for Today

Joe Raedle/Getty ImagesNREI WIRESeven Must Reads for the CRE Industry Today (May 19, 2020)The Wall Street Journal looks at malls that reopened last weekend. U.S. banks continue to disclose exposure to the reeling retail industry, reports the S&P Global. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | May 18, 2020  Three Malls in Three States: A Weekend Shopping Trip Under Coronavirus “Many U.S. malls were struggling to attract shoppers and keep tenants

Monday's News

Alex Wong/Getty ImagesNREI WIRE  Eight Must Reads for the CRE Industry Today (May 18, 2020)In its twice-yearly financial stability report released Friday, The Federal Reserve warned on significant asset price declines, with commercial real estate potentially being among the most affected, Bloomberg reported. Legislation introduced in California could make it easier for small businesses to break their leases, according to a story from California Globe. These are among today’s must reads from around the

J.C. Penney Files for Chapter 11

J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt RestructuringPosted on May 18, 2020 by Taylor Williams in Company News, Retail, Texas, Top Stories Pictured is J.C. Penney's store at Jamestown Mall in metro St. Louis. The company will announce in the coming weeks which of its 850 U.S. stores will be closing following its filing for Chapter 11 bankruptcy.   PLANO, TEXAS — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances

CoStar Opinion

CoStar EconomyMay 18, 2020 INSIGHTS ON DATA POINTS AND ECONOMIC POLICY The Trouble With Charting a Pandemic-Induced Downturn “I have nowhere to go and no place I’m supposed to be. Am I lost or completely free?”- Doug Cooper, author of "Outside In" Settle in, reader. This week’s edition is a veritable chartbook. There’s nothing we like more than a good chart. A picture tells a thousand words, right? The trouble with charts these days is that they keep breaking. Take the initial

Governor Pritzker Announces the Illinois Contact Tracing Collaborative: A Locally-Driven Approach to Massively Scale Up Contact Tracing

Launches with Pilot Programs in St. Clair and Lake Counties; Partners in Health Providing Playbook After Implementing the “Massachusetts Model”Chicago – Building on a robust, statewide effort to ensure Illinois can safely reopen, Governor Pritzker announced the Illinois Contact Tracing Collaborative, a locally-driven approach to scale up contact tracing in Illinois. “With Illinois’ daily availability of testing among the best in the nation, we want to grow our voluntary contact tracing so we can further

Retail Industry Braces

Retail Industry Braces for Hundreds of Millions of Vacant Square FeetState of the Market Video: Retail Rents Are Expected to Tumble in Post-Pandemic WorldBy Jennifer Waters CoStar NewsMay 14, 2020 | 5:56 P.M. The retail fallout in a post-pandemic world is sweeping across every U.S. market and is expected to leave hundreds of millions of square feet vacant while driving rents and valuations lower. By categorizing retailers based on their S&P credit ratings, CoStar managing director and senior economist

Elgin Covid Response Fund Established

For immediate release, May 15, 2020Elgin Covid Response Fund Established  Local and Regional Foundations partner with the City of Elgin to establish a fund for nonprofit service providers to support those impacted by COVID-19.  Elgin, IL— The Elgin Covid Response Fund has been established through a powerful partnership between the City of Elgin and local, regional and state foundations. The fund will provide support to nonprofits so they can continue providing critical services to the Elgin

US Retail Sales

April U.S. retail sales: Double-digit declines in eight of 11 categories April U.S. retail sales: Double-digit declines in eight of 11 categories ...May 15, 2020 April U.S. retail sales minus auto and gas dropped 9.3 percent year over year and 14.3 percent from March 2020, according to an advance estimate by the U.S. Census Bureau. Nonstore sales, food-and-beverage-store sales and building supply/garden-store sales each grew year over year, but only nonstore sales increased from March 2020 to April 2020.

US Hotels Rooms Gradually Refill

US Hotel Rooms Gradually Refill With Leisure TravelersLodging Industry Posts Fourth Week of Increased Occupancy Travelers are starting to move about the country again, which has boosted U.S. hotel occupancy. (Getty Images) By Richard Lawson CoStar NewsMay 13, 2020 | 6:04 P.M. The U.S. hotel industry’s slow mending resulted in its fourth straight week of higher occupancy, signaling that more people are venturing out and traveling. Hotel occupancy in the United States rose to 30.1% for the week ended

Pandemic Cuts Into City Budgets

Pandemic Cutting Into The Budgets Of Even Well-Off Municipalities May 13, 2020 Brian Rogal, Bisnow Chicago The coronavirus pandemic has led to plunging revenues for states and cities across the U.S., and with the White House and Senate Republicans opposing federal aid to make up budget shortfalls, it seems likely many governments will soon need to make drastic cuts in spending. These troubles are not limited to governments like Chicago’s and Illinois’, which have struggled for years with high pensions

Number of Initial Claims Plateauing While Thousands of Applicants Access PUA Portal

More Than 50,000 PUA Claims Filed in First Three Days of Launch SPRINGFIELD – The Illinois Department of Employment Security (IDES) today released new statewide data showing the department processed 72,671 new initial claims for regular unemployment benefits during the week ending May 9. The department has now processed 1,076,461 claims for regular unemployment benefits from March 1 through May 9. This amount is nearly 11.5 times the number of claims the department processed over the same period last year,

U-46 Food and Nutrition Services Department to Recognize Distribution of 1 Million Meals

U-46 Food and Nutrition Services Department to Recognize Distribution of 1 Million Meals  Staff rallies to provide food for children during COVID-19 pandemic    ELGIN - When school doors closed in mid-March due to the COVID-19 pandemic, more than 160 School District U-46 employees raised their hands to support meal distribution at 26 sites. On Friday, many of those same dedicated team members will recognize the distribution of a million meals in just two months.   “We’re so proud and honored

Thomas M. Hartwell, Kane County Circuit Clerk Protective Mask Giveaway

Thomas M. Hartwell, Kane County Circuit Clerk along with other political and community leaders are planning to distribute more than 4,000 protective face masks and care packages to people in need this weekend. The free care packages will be available this Saturday, May 16th from 10:00 AM to 12:00 PM at the New Life Covenant Church located at Elgin, 2250 W. Highland Ave Elgin, IL 60123 The care package will include protective face masks, hand sanitizer, food items, and fresh Oberweis milk. A maximum of four

Illinois Council of Orchestras names EYSO volunteer Anthony Riani as Volunteer of the Year

The Illinois Council of Orchestras has named Anthony Riani as Volunteer of the Year for his service to the Elgin Youth Symphony Orchestra during the 2018-19 season, largely focused on his video recording and editing contributions.EYSO staff say Riani’s efforts go above and beyond volunteerism to the point that he has become an invaluable member of the EYSO team, and his dedication to and understanding of EYSO’s core values and mission are reflected in his work and attitude.  Riani’s most recent

Trade Events-Illinois

Illinois Trade Events and Opportunities   Commercial Service Illinois continues to provide our clients and partners with counseling and information during this difficult and challenging time.    Know that we are here for you whether you have questions about the status of an event, need to cancel a service, or are checking on the status of an export market. To learn more about our virtual services, visit Trade.gov/virtual-services.   Our thoughts are with you and the global business community, and we

Articles for Today

NREI WIRE14 Must Reads for the CRE Industry Today (May 13, 2020)The New York Times looks at the future of shopping. Seniors are holding off on special housing due to a rise in telemedicine, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | May 12, 2020  Will Shopping Ever Be the Same? “As luxury department stores prepare to reopen their doors, global retailers share their plans — and fears — for the future of shopping.”

How Will Food Halls Fare

Bryan Thomas/Stringer/Getty ImagesRETAILHow Will Food Halls Fare Post COVID-19?Some will be undone by higher operating costs driven by the pandemic. But the sector will eventually rebound, brokers insist. Sebastian Obando | May 11, 2020 Before the virus hit, there were approximately 226 food halls operating in the U.S., according to Phil Colicchio, executive managing directors of Colicchio Consulting, the specialty food and beverage, hospitality and entertainment group at Cushman & WakefieldFood halls

Top Ten Articles for Today

twinsterphoto/iStock/Getty ImagesNREI WIRE10 Must Reads for the CRE Industry Today (May 12, 2020)Chinese investment in the U.S. dropped to the lowest levels since the financial crisis, reports Reuters. Wall Street investors are flocking to single-family rental REITs, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry. NREI Staff | May 11, 2020Reopening the Coronavirus-Era Office: One-Person Elevators, No Cafeterias “Welcome back to work.

Thermal Imaging

Technology That Guides Bombs May Help Protect Office Workers From CoronavirusInfrared Radar Is One Piece of the Puzzle to Ensure Health Safety Thermal imaging could be used more often to scan people for elevated body temperatures as the coronavirus remains a threat. (FLIR Systems) By Richard Lawson CoStar NewsMay 8, 2020 | 3:15 P.M. Technologies developed over the past century could be part of the future of protecting employee health in office buildings. To detect feverish employees who may be sick

Different Approaches to Opening Retail

The differing approaches to reopening retail The differing approaches to reopening retailMay 8, 2020 “There is such a yearning from small businesses and national tenants to reopen,” said C. Kelly Cofer, founder and CEO of consulting, research and recruitment firm The Retail Coach. “Opening their doors back up is key not just from a cash-flow standpoint, but also from a confidence standpoint.” Masks, gloves, social distancing and see-through plastic barriers at checkout stands will be part of the shopping

Elgin Initiating Third Round of Expenditure Reductions in Response to Coronavirus Pandemic

For immediate release, May 11, 2020Elgin Initiating Third Round of Expenditure Reductions in Response to Coronavirus Pandemic    Elgin, IL - The City of Elgin is initiating its third round of expenditure reductions in response to the coronavirus pandemic. Reductions impact summer parks and recreation facilities, special events, employee wages and employment statuses. Parks and Recreation, Special Events Changes The continuing social distancing limitations in the Governor’s executive order

warehouse Demand

INDUSTRIALWarehouse Giant Seeing Insatiable Demand from Amazon, WalmartPrologis Inc. is seeing growing demand for warehouse space. Bloomberg | May 07, 2020 Companies including Amazon.com Inc. and Walmart Inc. have an “almost insatiable” appetite for more warehouse space, Chief Executive Officer Hamid Moghadam said in an interview on Tuesday.(Bloomberg)—Prologis Inc., the largest owner of warehouses in the U.S., is getting a boost as social-distancing pushes consumers deeper into the embrace of

What Office Landlords Can Do

Glyn Kirk/Getty ImagesOFFICESome States Are Reopening. Here’s What Office Landlords Can Do to Make Tenants Feel SaferFrom tracing apps to strictly enforced rules on the use of masks, office landlords prepare for eventual reopening. Patricia Kirk | May 07, 2020 The majority of big corporate employers are taking a compassionate approach, allowing employees who feel uncomfortable returning to the office ahead of CDC recommendations to continue working from home. They are also being thoughtful about how to

ADA Implications: I Don’t Want to Wear a Mask….

ADA Implications: I Don’t Want to Wear a Mask…. By Michael Wong – SmithAmundsen LLC – www.salawus.com During the COVID-19 pandemic we have seen multiple shifts in views by the public and employees.  Initially, the issue was what to do if an employee requested a face mask.  However, businesses are now facing different questions: 1.       Can you require employees to wear a face mask?  2.       Can you require customers or members of the public to wear a face mask when coming into your business? What

Department Store Woes

RETAIL What Department Stores Will Be Left Standing After COVID-19?The sector was already facing massive challenges. With consumers unlikely to return to malls anytime soon, some chains will disappear. Liz Wolf | May 06, 2020 Now the health crisis and its mandated shutdowns and social distancing—not to mention a deep looming recession—may put the final nail in the coffin for some department store retailers.The U.S. department store sector was in a downward spiral even before the COVID-19 pandemic hit as

Treasury Starts Offering Bonds

Treasury Starts Offering Bonds to Cover Coronavirus Debt of $3 TrillionPandemic Costs Are Mounting as GDP Takes a Hit From Reduced Spending in Several Categories The Treasury Department expects to borrow nearly $3 trillion to cover costs stemming from the coronavirus pandemic. (NCinDC/Flickr) By Mark Heschmeyer CoStar NewsMay 6, 2020 | 10:20 A.M. The Treasury Department is planning to offer $96 billion of securities next week as part of a three-month plan to help cover the costs of coronavirus

IRS: Three new credits are available to many businesses hit by COVID-19 WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits availab

IRS: Three new credits are available to many businesses hit by COVID-19WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them.Employee Retention Credit:The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.The credit is available to

Banks Boost Reserves

Banks Boost Reserves to Deal With Coronavirus. And for Good Reason.CoStar Analysis Shows Hundreds of Institutions May Have Lacked Sufficient Capital as Pandemic Took Hold The coronavirus pandemic is a reality check for the adequacy of banks' capital levels. (Getty Images) By Mark Heschmeyer CoStar NewsMay 7, 2020 | 9:34 A.M. After boosting reserves by $400 billion in the first quarter to shore up against potential losses from the coronavirus pandemic, U.S. banks have already raised that amount by

Multifamily Property Owners

Responding To The Pandemic Will Mean More Costs For Multifamily Landlords, Even After It Subsides Chicag May 5, 2020 Brian Rogal, Bisnow Chicago Most multifamily landlords were relieved after tabulating April’s overall rent collection, but experts say May, the first full month under statewide shutdown orders and mass unemployment, will be a tougher test. Property owners will need to keep rental income flowing, not merely to keep their businesses afloat but because in the months and perhaps years ahead,

CHASE is Hiring!

Employment Opportunities at Chase Elgin Credit Card Service Center 2500 Westfield Dr. Elgin, IL 60124 Are you ready to start a career at Chase? Submit your application on our website today!www.chase.com/careers200028578 -Specialist I - Collections - Elgin, IL  We now have full-time opportunities in the Collection’s Group. Our Collections group creates and delivers the right solutions to our customers to resolve account delinquency, directly impacting the risk of loss to the Bank.  We are looking for

Today's Reads

NREI WIRE 10 Must Reads for the CRE Industry Today (May 5, 2020)MGM Resorts completed a $750 million debt offering, reports MarketWatch. Some businesses in California are opening doors despite stay-at-home orders, according to the Los Angeles Times. These are among today’s must reads from around the commercial real estate industry. NREI Staff | May 04, 2020  The Pandemic May Mean the End of the Open-Floor Office “As businesses contemplate the return of workers to their desks, many are considering large

Questions When People Return to Work

As Some Employees Return to Offices, Temperature Checks — and Legal Questions — May AwaitLawyers Expect a Rise in Potential Lawsuits and Claims Employees at an office building in China have their temperatures checked. (Cushman & Wakefield) By Candace Carlisle CoStar NewsMay 4, 2020 | 4:55 P.M. As Texas and other U.S. states prepare to begin reopening office buildings for business, some companies might opt to screen employees prior to entry for fever, a known symptom of the coronavirus

What if a Laid Off Worker Refuses to Return to Work under the PPP?

What if a Laid Off Worker Refuses to Return to Work under the PPP?  By Carlos Arévalo – SmithAmundsen LLC – www.salawus.com A couple of weeks ago, we examined two general factors that the Treasury will be examining to determine PPP loan forgiveness, namely whether at least 75% of the borrowed funds have been spent on “payroll costs” and whether employers maintained the same headcount and salary levels for full-time equivalent (FTE) employees. On Sunday May 3rd, the Treasury issued additional guidance

The U-46 Educational Foundation Encourages Families to Honor Teachers Making a Difference

The U-46 Educational Foundation Encourages Families to Honor Teachers Making a Difference Teacher Appreciation Week is May 3-9 ELGIN - In recognition of Teacher Appreciation Week — May 3-9, 2020 — the U-46 Educational Foundation invites families to make a donation on behalf of School District U-46 teachers who continue to impact their students despite today’s challenging circumstances. Funds raised will go toward the Foundation’s Teacher Innovation Mini-Grant Program.  “Now, more than ever, we are

IDES Instructs 1099 Workers to Apply for Regular Unemployment Benefits Before PUA Program Goes Live

IDES Instructs 1099 Workers to Apply for Regular Unemployment Benefits Before PUA Program Goes Live PUA Portal to Launch on May 11 SPRINGFIELD – The Illinois Department of Employment Security (IDES) today released new instructions for 1099 workers who have lost work due to COVID-19.  Workers who believe they may be eligible for new federal benefits under the Pandemic Unemployment Assistance (PUA) program, must first apply for regular unemployment insurance before applying for benefits under PUA when a new

Governor Pritzker Announces Restore Illinois: A Public Health Approach To Safely Reopen Our State

FOR IMMEDIATE RELEASE Tuesday, May 5, 2020  CONTACT Gov.Press@illinois.gov Governor Pritzker Announces Restore Illinois: A Public Health Approach To Safely Reopen Our State Restore Illinois is a Five-Phase, Regional Plan for Saving Lives, Livelihoods, and Safely Reopening Illinois Chicago – Building on data, science, and guidance from public health experts and after consulting with stakeholders across the state, Governor JB Pritzker announced Restore Illinois, a five-phase plan focused on saving lives,

Office Footprint

Survey: 69% Of Companies Plan To Shrink Office Footprint, Increase Remote Work April 30, 2020 Kelsey Neubauer, Bisnow New York A new survey suggests working from home will be a permanent fixture of corporate life. Sixty-nine percent of corporate real estate professionals said their company will take up less real estate after spending time working from home, according to a CoreNet Global survey released Wednesday. CoreNet conducted the survey between April 22 and April 27, the first time it had polled its

Chicago Areas Industrial Market

Industrial Market Expected to Fare Best Among Chicago Property Sectors By Denes Juhasz Market AnalystsMay 1, 2020 | 2:54 P.M. The Chicago industrial market held up well in the first quarter of 2020, though a noticeable downshift in activity occurred in the second half of March as Illinois’ shelter-in-place mandates took effect. Prior to the coronavirus outbreak, the market's industrial demand had held up well, reaching 1.9 million square feet in the first quarter, or roughly 16% higher than Chicago's

Association for Individual Development (AID) to Participate in #GIVINGTUESDAYNOW

#GivingTuesdayNow is a global generosity movement unleashing the power of people and organizations to transform their communities and the world. Help the Association for Individual Development (AID) raise important funds for programs and services on #GivingTuesdayNow, a global day of giving and unity (May 5, 2020).This is a great opportunity to show your support for AID and help us continue to provide the best possible care for the individuals we serve.The Coleman Foundation has partnered with AID to match

J. Crew Files for Bankruptcy

J.Crew Files for Chapter 11 Bankruptcy, Expects to Eventually Reopen StoresPosted on May 4, 2020 by Taylor Williams in Company News, New York, Northeast, Retail, Top Stories Pictured is one of J.Crew's stores at Miami's Dadeland Mall. The company is attempt ing to restructure its debt load before reopening stores.   NEW YORK CITY — J.Crew Group Inc., which operates the J.Crew and Madewell fashion retail brands, has filed for Chapter 11 bankruptcy protection. The company hopes to restructure its debt

Green Shoots

Why It Might Be Too Early to Talk of 'Green Shoots' “And I think as those green shoots begin to appear in different markets and as some confidence begins to come back, that will begin the positive dynamic that brings our economy back.”- Ben Bernanke, former Federal Reserve chairman in his interview with "60 Minutes" in March 2009 “And there’s been some signs from different partners or different companies that ad spending whilst down considerably has actually improved a little bit, maybe some green shoots

Hotel Occupancy Rates Rise for Second Week

Hotel Occupancy Rises for Second Week, Signaling Bottom May Be in the PastRising Occupancy Gives Boost to Revenue Per Available Room The Standard Hotel in New York City displays a heart to show support for the frontline workers treating coronavirus patients. (Anthony Quintano/Flickr) By Richard Lawson CoStar NewsApril 30, 2020 | 5:24 P.M. Hotel occupancy in the United States rose again, providing a glimmer of hope for the industry as some states begin to institute plans to reopen their

Office Changes

Pandemic Can't Derail Many Changes Already Underway In The Office Sector April 30, 2020 Brian Rogal, Bisnow Chicago Landlords and property managers know many office buildings need drastic changes before now-homebound workers feel it’s safe to return. Decade-long trends that introduced open offices, bench seating arrangements and shrunken individual workspaces may reverse. But even as stakeholders begin planning for the inevitable day when offices reopen, they should recognize that several other recent

May Rents?

Mystery May: Landlords Armed With April Data Still Unsure What May Will Bring National April 29, 2020 Bisnow Staff Here we go again. For all of the pain April seemed to promise, most landlords — with the exception of retail owners — were left pleasantly surprised: They recouped close to 90% of their expected rents. But as rent comes due again on Friday following the first full month of the U.S. economy’s near-complete shutdown, what May will deliver for landlords is anyone’s guess. “No one really knows

Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program

April 30, 2020Federal Reserve Board announces it is expanding the scope and eligibility for the Main Street Lending Program For release at 10:00 a.m. EDTShare  The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the

Back To Work

Back To Work: How To Reboot In A Post-COVID-19 WorldAs lockdowns begin to ease and pressure to restart the economy ramps up, companies need to determine how to keep employees safe as they go back to work.April 29, 2020  The challenge presented to organizations by the COVID-19 pandemic and resulting lockdown orders is unprecedented: restoring the economy and livelihoods while managing a very real risk to human life. Going back to work will involve countless unknowns, but leading companies will need to

EAC's Business Review Newsletter for March 2020

 EAC's Business Review Newsletter for February 2020  

EAC's Business Review Newsletter for February 2020

 EAC's Business Review Newsletter for February 2020

What's in Store for the Local Economy in 2020?

    The U.S. economy is in its 126th month of expansion that dates to July 2009, and Elgin businesses have been riding the wave. The question everyone has been asking themselves is how long can the longest expansion in U.S. history continue? Will the economy contract, continue expanding, fall or flatten is anyone’s guess? Here are a few quotes from Elgin’s business leaders on what 2020 has in store:     “Ziegler’s Ace customers continue to invest in new Weber and Traeger grills, Ego mowers and snowblowers,

EAC'S Business Review Newsletter for January 2020

Welcome New Chamber Members!

Welcome to these new Chamber members in January!   Culver's of Elgin Ross Thomas 1175 N. McLean Boulevard Elgin IL 60123 OPENING SOON!!www.culvers.com Food & Beverages/Restaurants   H.B. Fuller Lesandro Gonzalez 1575 Executive Drive Elgin IL 60123 (847) 841-7002www.hbfuller.com Industrial/Adhesive – Manufacturer   Innerspire, Inc Nate Lindquist 164 Division Street, Suite 406 Elgin IL 60120 (904) 385-9017www.TheMinimalistCEO.com Business Services/Consulting   Rosenfeld Injury Lawyers,

Darwin Realty Arranges Sale of 90,000 SF Industrial Building in Elgin, Illinois

Darwin Realty has arranged the sale of a 90,000-square-foot industrial building located at 501 Davis Road in Elgin. Consideration for the sale was in excess of $5 million. The property features seven loading docks, three drive-in doors, 5,000 square feet of office space and a clear height of 24 feet. Noel Liston of Darwin brokered the transaction. Chicago Logistic Service owned and occupied the building. Navis Industries, which provides plastic packaging films, purchased the building and plans to relocate

The Elgin Symphony Orchestra Kicks Off its 70th Anniversary Season with a Performance At The Harris Theater for Music & Dance in Chicago

The Elgin Symphony Orchestra Kicks Off its 70th Anniversary Season with a Performance At The Harris Theater for Music & Dance in Chicago  (Elgin, IL) The Elgin Symphony Orchestra’s (ESO) 70th Anniversary Season Classic Series will begin on Friday, September 13th at the Harris Theater for Music and Dance in Chicago followed by two performances at the Hemmens Cultural Center in Elgin. Led by Music Director, Andrew Hilary Grams, the Classic Series features traditional musical masterpieces by composers such as

Conor Commercial expands in Elgin with two new buildings

Conor Commercial Real Estate recently held a grand opening ceremony for Northwest Pointe III, 2801 Galvin Drive in Elgin. The two new, speculative industrial buildings will be ready for occupancy by the end of the year and together measure over 349,000 square feet. The two new buildings sit on 20.54 acres, have a clear height of 32 feet, 20-28 truck docks per building, over 400 parking spaces and column spacing of 50 feet by 52 feet allowing for vast open areas inside the building.Read More

Welcome to our new Elgin Area Chamber members!

Welcome to our new Chamber members in July! Calpine Energy Solutions Kyle Warford 1901 Esplande Drive, Suite 660 Downers Grove IL 60515  (630) 797-0736 www.calpinesolutions.com Utilities & Service Providers/Electric Service El Taco Alegre Mexican Grill Cristina Leon 154 E Chicago Street  Elgin IL 60120  (224) 434-7431 www.facebook.com/El-Taco-Alegre-Mexican-Grill-357267711666276 Food & Beverages/Restaurants HFRI, LLC Carly Guerra 2500 Westfield Drive, Suite 2-300 Elgin IL 60124  (847)

EAC's Business Review Newsletter for July 2019

This is the monthly newsletter of the Elgin Area Chamber for July, 2019 

EAC's Business Review Newsletter for May 2019

Here is the May monthly newsletter from the Elgin Area Chamber.

Happy Anniversary to our Elgin Area Chamber members

Thank you to these Elgin Area Chamber members who are celebrating an anniversary with our organization:  Celebrating 60 - 69 YearsCity of ElginElgin AcademyGolden Corridor Family YMCALaird Funeral HomeLundstrom Insurance Agency, Inc Celebrating 30 - 39 YearsBurnidge Properties, Ltd.Daily Herald Media GroupSenior Services AssociatesShales McNutt ConstructionThe Learning Tree Child Care CenterThe Literacy Connection Celebrating 20 - 29 YearsAmerican NTN Bearing Manufacturing Corp.Rotary Club of Elgin

Welcome to our new Elgin Area Chamber members

Welcome to our new Elgin Area Chamber Members in May: Allstate Insurance - Chavez Insurance Group Inc Jose Chavez 48 S McLean Boulevard  South Elgin IL 60177  (630) 908-5200 www.agents.allstate.com/jose-chavez-south-elgin-il Financial & Insurance Services/Insurance & Investments B & C Enterprises Inc Erik Bauer 2482 Technology Drive  Elgin IL 60124  (847) 930-5859 www.bcentinc.com Business Services/General Contractors Caffé Mariani - Java and Gelato Randy & Lisa Mariani 3145 West, Highway