News

How to Manage Multifamily Assests

Owlapple/iStock/Getty ImagesMULTIFAMILY  How to Manage Multifamily Assets When Residents No Longer Leave   With many Americans working and learning from home, multifamily properties are facing increased wear-and-tear, greater volumes of waste and recycling and demands for services. Bendix Anderson   With millions of Americans working and learning from home, properties that used to have residents on site only part of the day now have them around nearly all of the time. This is putting added strain on

Back to School Shopping

Justin Sullivan/Getty ImagesRETAIL  What Will Back-to-School Look Like at U.S. Malls in the Midst of COVID-19?   Some malls are still holding back-to-school marketing events, but outdoors, with attendance limits and social distancing guidelines. Liz Wolf  The health crisis is forcing school districts around the country to struggle with big decisions regarding reopening schools. Do they offer in-person classes, virtual-only learning or a mix of in-school and digital learning? Much remains up in the

Invitation Homes Eyes To Buy 80,000 Houses

Steve Proehl/The Image Bank/Getty ImagesALTERNATIVE PROPERTIES>SINGLE-FAMILY RENTALS  Invitation Homes Eyes Next 80,000 Houses as Suburbs Boom   The firm is buying up new houses at a time when mortgage rates are low and suburban houses are in high demand. Invitation Homes Inc., the largest U.S. single-family landlord with roughly 80,000 houses, posted higher occupancy rates and revenue that beat estimates as renters decided that life during the pandemic is better with extra rooms and a

Interesting Articles for August 5, 2020

Roy Rochlin/Getty ImagesNREI WIRE  16 Must Reads for the CRE Industry Today (Aug. 5, 2020)   Facebook leases all the office space in the former main post office at Penn Station in Midtown, reports The New York Times. Department stores are struggling to survive in the current retail landscape, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.   NREI Staff    Once the Innovators, Department Stores Fight to Stay Alive “Decades of

Habitat for Humanity of Northern Fox Valley August E-Newsletter

         A celebration in the making         One thing that we continually learn during the COVID-19 pandemic is how critical the need for a home is. A safe, affordable home means everything, and this past Saturday Habitat for Humanity of Northern Fox Valley held a very special House Blessing for Luz and her family. Hosted by our Spring of Life

14 Articles for Today

Gotham/Getty ImagesNREI WIRE 14 Must Reads for the CRE Industry Today (Aug. 4, 2020)   Eighty-three percent of New York City restaurants are unable to pay their rent, reports the New York Post. The survival of J.C. Penney hangs on urgent sale negotiations, according to Reuters. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Aug 03, 2020  U.S. Long Bond Demand Raises Prospect of Whole Curve Yielding Below 1% “A decline in U.S. Treasury yields over

7-Eleven to Buy Speedway Gas

7-Eleven to Pay $21 Billion for 3,800 Speedway Gas StationsJapan-Based Parent Company Bets on Rebound in Gas Sales After Pandemic Speedway gas stations would be part of the 7-Eleven retail empire in the United States and Canada under a purchase agreement from Marathon Petroleum. (Getty Images)By Jennifer Waters CoStar News  Seven & i Holdings Co., the world’s largest convenience store retailer and parent of 7-Eleven stores, is bulking up with a $21 billion cash purchase of Speedway gas stations, a deal

NIU EIGERlab Innovation Network Update

 August 1, 2020  NIU EIGERlab serves the region with leading edge business and engineering support services targeting physical and digital product-based initiatives. Whether you're a new or existing entrepreneur, inventor, start-up or an existing company interested in innovation, NIU EIGERlab is a regional resource for commercialization and growth.   Land . Launch . Learn . Grow  www.EIGERlab.org  COVID-19 Update: NIU EIGERlab is operating both in-person

Chart of the Day

CHART OF THE DAYHere's Where States Stand When It Comes to Reopening Their EconomiesA Patchwork of Policies Govern Who Can Open and by How Much By Rohit Diwadkar CoStar NewsEver since the pandemic reached the U.S., states have had to decide how to manage the spread of infection, forcing communities to chose which businesses to close, which to allow to remain open and by how much. Here's a look at what actions states have taken governing the operation of so-called nonessential businesses.

Pier 1 Imports Moves Online

Pier 1 Imports Parts With Last Piece of Owned Real Estate as Sales Move OnlineNew Owner of E-Commerce Operations to Launch Online Platform in August Pier 1 Imports exited its last piece of real estate prior to the confirmation of the sale of its e-commerce business and brand. (Getty Images) By Candace Carlisle CoStar NewsJuly 31, 2020 | 6:09 P.M. Pier 1 Imports has parted ways with the last of its owned real estate and a completed a deal to sell the home goods retailer's e-commerce

Gov. Pritzker Announces New Community-Based Approach to Transform Juvenile Justice in Illinois

Gov. Pritzker Announces New Community-Based Approach to Transform Juvenile Justice in Illinois New Model for Department of Juvenile Justice is an Evidence Based Three-Phase Plan Designed to Reduce the Harm of Incarceration CHICAGO - Governor JB Pritzker and Lt. Governor Juliana Stratton today announced the 21st Century Illinois Transformation Model, a new plan that will transform the state’s juvenile justice system over the next four years. The Model focuses on reducing the harm of incarceration by

Pessimism Returns with Recent Rise in Virus Cases

Pessimism Returns With Recent Rise in Virus Cases “We can only see a short distance ahead, but we can see plenty there that needs to be done.”- Alan Turing, English mathematician and computer scientistOne of the underlying themes of this column in recent months has been broken charts. The lockdown recession is like nothing that we’ve ever seen, and it’s creating some truly astounding data visuals, and ones that will have to be managed by analysts who make charts for a living (i.e. your authors). We aren’t

IDHS Launches three new mental health programs in Illinois

IDHS LAUNCHES THREE NEW MENTAL HEALTH PROGRAMS IN ILLINOIS Programs will provide additional resources for crisis support, housing, and community care CHICAGO –The Illinois Department of Human Services (IDHS) today announced three new mental health programs designed to provide additional support for Illinois residents. These new resources will be provided by community organizations through the Living Room Program (LRP), Transitional Living Centers (TLCs), and the Transitional Community Care and Support

Gov. Pritzker Launches Mask Awareness Campaign: ‘It Only Works If You Wear It’ Public Health Campaign Uses Real-Time Data to Allocate Resources to Communities with Greatest Risk; Illinois Mask Mandate

Gov. Pritzker Launches Mask Awareness Campaign: ‘It Only Works If You Wear It’ Public Health Campaign Uses Real-Time Data to Allocate Resources to Communities with Greatest Risk; Illinois Mask Mandate Went into Effect May 1 Springfield, Ill. — Governor JB Pritzker launched a new $5 million awareness campaign today to encourage Illinois residents to wear a face covering every time they’re in public — because it only works if you wear it. Following the data-driven approach that has guided Illinois’

Dunkin' Brands to Close 800 Stores

Gary Hershorn/Corbis/Getty Images    RETAIL Dunkin’ Brands Expects to Close About 800 U.S. Stores This Year The closures are part of “portfolio rationalization” and will involve mostly low-volume sales locations.   Bloomberg | Jul 30, 2020   (Bloomberg)—Dunkin’ Brands Group Inc. said it expects to close about 800 stores in the U.S. permanently this year, as well as about 350 internationally. The closures are part of a “real estate portfolio rationalization,” and will mostly involve low-volume sales

Illinois Department of Commerce Update's

    Groupon and the State of Illinois...         As we approach National Black Business Month, Groupon is partnering with the Illinois Department of Commerce and Economic Opportunity (DCEO) to offer three virtual panel discussions for merchants during the month of August that bring together a national audience of government officials and Black business community leaders. The series will help bring more attention to the disparities Black entrepreneurs face and highlight resources available to

Is your business the next Illinois Maker?

Are you our next Illinois Maker?Illinois is a land of pioneers. It was the artisans, inventors, farmers, and makers who first built the communities of Illinois—and it's those same folks who continue to shape the culture and make a tangible, positive impact on the local economy. Whether it's a master hat maker whose hats draw shoppers from across the globe or a small distillery whose craft spirits keep whiskey fans happy while sustaining local farmers, local artisans are key to the past, present, and future

J.C. Penney Liquidation

J.C. Penney Lawyer Says Liquidation 'Not in the Cards' as Three Bidders Vie for BrandDeal Could Close by Fall for Department Store Chain's Retail Operations J.C. Penney is in the process of consolidating its store footprint in the United States and Puerto Rico. (iStock) By Candace Carlisle CoStar NewsJuly 29, 2020 | 6:49 P.M. Department store chain J.C. Penney's retail business is expected to keep operating under its brand name after a sale as early as this fall as three bidders vie for the

U.S. Homeownership Rate Soars

Siqui Sanchez Photo/The Image Bank/Getty ImagesALTERNATIVE PROPERTIES>SINGLE-FAMILY RENTALS  U.S. Homeownership Rate Soars to Highest Level Since 2008In the second quarter, the U.S. homeownership rate jumped to 67.9 percent, according to the Census Bureau.   Bloomberg | Jul 29, 2020   The rate was 67.9% in the second quarter, according to a Census Bureau report Tuesday. It was the fourth straight increase, climbing from 65.3% in the previous three months. The homeownership rate for buyers under age 35

Illinois Lands Multiple Top Ten Rankings for ?Economic Development

    Illinois Lands Multiple Top Ten Rankings for Economic Development     The State of Illinois was ranked in the top ten for several economic growth categories, according to Business Facilities’ (BF) 2020 state rankings released Wednesday. The annual report by BF looks at key economic development indicators for the 50 states, and ranks states’ performance based on level of investment, jobs created, and upward mobility in key

Local SERVPRO Franchise Recognized for Outstanding Performance at Company's First ''Virtual'' Convention

Local SERVPRO Franchise Recognized for Outstanding Performance at Company's First "Virtual" Convention   Health concerns dictated online approach to SERVPRO's 51st annual gathering and delivered highest registration numbers in event history Elgin, IL (Grassroots Newswire) July 29, 2020 - During SERVPRO's 51st Annual Convention – the company's first "virtual" convention – top company representatives recognized the extraordinary performance of SERVPRO of Elgin/Northwest Kane County with the MILLIONAIRE'S

Pritzker administration announces $250 Million in infrastructure grants to Illinois counties, municipalities and townships

Pritzker administration announces $250 Million in infrastructure grants to Illinois counties, municipalities and townships Grants funded by Gov. Pritzker’s bipartisan Rebuild Illinois capital plan SPRINGFIELD – Gov. JB Pritzker and the Illinois Department of Transportation today announced the second of six $250 million grants to counties, municipalities and townships to address local transportation needs. Made possible thanks to the bipartisan Rebuild Illinois capital plan, the first infrastructure

Bank Branches More Expendable

Coronavirus Makes Bank Branches More ExpendableRapid Adoption of Digital Services, Higher Expenses Drive Increase in Closings PNC Bank has closed or applied for 196 branch closings with bank regulators this year. (Getty Images) By Mark Heschmeyer CoStar NewsJuly 28, 2020 | 8:09 P.M. Banks are ramping up their branch and office consolidation plans as executives say the coronavirus outbreak is driving more customers to digital and mobile banking. The escalation in branch closings is already beginning

Consumer Confidence Drops

Consumer Confidence Drops, Air Travel Recovery Slows, Gold Prices Rise to RecordOur Daily Update on Pandemic News Rising coronavirus cases shook consumer confidence in July, according to a closely watched index. (Getty Images) By Richard Lawson CoStar NewsJuly 28, 2020 | 11:12 A.M. Consumer Confidence Drops Consumer confidence slipped in July after a big jump in June when cities and states were reopening retail shops and restaurants. The Conference Board’s closely watched index fell 5.7 points to

15 Must Reads for Today

AdamParent/iStock/Getty ImagesNREI WIRE  15 Must Reads for the CRE Industry Today (July 29, 2020)   The Federal Reserve extended its lending facilities through the end of the year, reports Reuters. Sycamore Partners has offered a $1.75 billion bid for J.C. Penney in a plan to combine it with Belk, according to the New York Post. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 28, 2020  Fed Announces Extension in Lending Facilities Until End of

News Release: 7/29/2020

Gov. Pritzker Announces Safety Guidelines for Recreational Sports Amid Ongoing COVID-19 Pandemic Guidance for All Youth and Adult Recreational Sports Takes Effect August 15th CHICAGO – Governor JB Pritzker announced today guidance for youth and adult recreational sports, including, but not limited to, school-based sports, travel clubs, private leagues and clubs, recreational leagues and centers, and park district sports programs. Collegiate sports and professional leagues are not impacted by these

Illinois Lands Multiple Top 10 Rankings

    Illinois Lands Multiple Top Ten Rankings for Economic Development     The State of Illinois was ranked in the top ten for several economic growth categories, according to Business Facilities’ (BF) 2020 state rankings released Wednesday. The annual report by BF looks at key economic development indicators for the 50 states, and ranks states’ performance based on level of investment, jobs created, and upward mobility in key

Google Letting Staff Work From Home

Google Letting Staff Work From Home Until Summer 2021 May Spark Retail FalloutSilicon Valley Search Engine Provider Extends Policy as Pandemic Wears On Google is extending its work-from-home policy for many employees until at least June 2021. (iStock) By Katie Burke CoStar NewsJuly 27, 2020 | 5:55 P.M. Google, a major San Francisco Bay Area technology company, is extending its work-from-home policy for more than 200,000 employees globally in a move that could delay a recovery for restaurants and

Pro Tips from Medical Office Buildings

LightFieldStudios/iStock/Getty ImagesALTERNATIVE PROPERTIES>MEDICAL OFFICE  Pro Tips from Medical Office Buildings to Avoid COVID-19   Medical office owners and investors have a huge motive to prove that their buildings can operate safely.   Bendix Anderson | Jul 27, 2020   Do you own or operate commercial real estate? Do you worry how to keep your properties safe during the crisis caused by the novel coronavirus? You can learn a lot from medical office buildings.  Long before doctors diagnosed

Illinois Department of Commerce

    Illinois Office of Trade & Investment (OTI)    ​The Office of Trade & Investment (OTI) continues to offer Illinois businesses virtual services to support export promotion and international sales growth. OTI’s team of Chicago-based international trade specialists and our six foreign trade offices in: Belgium, Canada, China, Israel, Japan, and Mexico are ready to support businesses across the state looking to expand in international markets.  For more information on the Illinois Department

Two Speculative Indutrial Buildings Completed in Elgin

Meridian Completes Two Spec Industrial Buildings in Elgin, IllinoisPosted on July 24, 2020 by Kristin Hiller in Development, Illinois, Industrial, Midwest ELGIN, ILL. — Meridian Design Build has completed construction of two speculative industrial buildings for developer Scannell Properties in Elgin. A 325,020-square-foot building at 2451 Bath Road features a clear height of 36 feet, four drive-in doors, 367 auto parking spaces and 56 trailer stalls. The second property, an 80,400-square-foot facility at

Clothing Store Giant Files for Bankruptcy

Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores   MAHWAH, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the

Veterans Business Program

Join Joe McKeown and Manny Lopez from the Office of Regional Economic Development and Matt Simpson from the Office of Minority Economic Empowerment who will host a webinar with Special Guest Irma Lopez from the Department of Central Management Services (CMS). Irma will present on how veteran-owned businesses can gain access to State of Illinois contracting opportunities and participation in the competitive procurement process. Attendees will need to register in advance.   Veteran Series: Veterans

Monday's Articles of Interest

11 Must Reads for the CRE Industry Today (July 27, 2020)Senate Republicans have yet to put forward their proposal for further coronavirus relief as extended unemployment benefits and eviction moratoriums come to an end. A pair of columns from Forbes examines what bills are being discussed and what the impacts could be if no measures are passed. A piece from the Wall Street Journal looks at how some companies have begun to see the limitations of the work-from-home model. These are among today’s must reads

Can Covid Spread With Air Conditioning?

Can Covid Spread With Air Conditioning? HVAC Makers Plan Upgrades   Many of the methods to reduce pathogens have been around for years, such as UV light and bipolar ionization   Bloomberg | Jul 27, 2020 With research showing the coronavirus may spread through shared air, property managers are rushing to upgrade heating, ventilation and air conditioning systems before reopening buildings. That’s leading to costly upgrades for equipment that armies of professionals used to take for

Get Ready for the Fed to Go Again

Get Ready for the Fed to Go Again "Our difficulties of the moment must always be dealt with somehow, but our permanent difficulties are difficulties of every moment."- T.S. EliotIt is challenging to keep up with where the fiscal authorities stand with respect to the renewal of emergency unemployment benefits, the extra $600 a week that you’ve heard us talk so much about.As of this writing, the estimates range from $0 to $300 a week, depending on which analyst you ask, based on various congressional snippets

Apartment Rent Payments Slide

Apartment Rent Payments Extend Their Slide as Industry Pleads for HelpAdvocacy Group NMHC Lobbies Congress for Rent Relief, Landlord Aid The National Multifamily Housing Council has reported an ongoing decline in rent collection during the coronavirus pandemic. (Getty Images)   By John Doherty CoStar NewsBehind the scenes in the nation’s capital, the apartment industry is waging a battle to stave off what could be an unprecedented disaster. With the $600 weekly federal unemployment benefits running

Commercial Real Estate News

LOUOATES/iStock/Getty ImagesNREI WIRE  10 Must Reads for the CRE Industry Today (July 23, 2020)   U.S. home sales rose by more than 20 percent last month, reports the Associated Press. The pandemic has made the self-storage sector vulnerable to a downturn, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 22, 2020  NMHC Rent Payment Tracker Finds 91.3 Percent of Apartment Households Paid Rent as of July 20 “The

Illinois Trade Events that are Upcoming

Illinois Trade Events and Opportunities  Commercial Service Illinois continues to provide our clients and partners with counseling and information during these challenging times. 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.  Connect with us on social media @USCommercialSvc for our latest updates

School District U-46 and Comcast Extend Partnership to Provide Internet Service at Home to Eligible Students and Families

School District U-46 and Comcast Extend Partnership to Provide Internet Service at Home to Eligible Students and Families Families encouraged to enroll to support academic success School District U-46 and Comcast today announced an extended partnership to provide eligible low-income families with Internet service at home. The agreement, an extension of an arrangement that began in the spring, is designed to help students enrolled in the state’s second largest district succeed by staying connected

Aldi's Launch 70-Store Expansion

Aldi's Launch of 70-Store Expansion Pushes an Atypical Real Estate StrategyGerman Grocery Brand Aims to Become Nation's Third Largest Chain An Aldi storefront in Chicago's Logan Square neighborhood. (Courtesy Aldi) By Cara Smith-Tenta CoStar NewsDiscount grocer Aldi's launch of a significant nationwide expansion, including plans for a Gulf Coast regional office and distribution center, marks its latest push to position itself among the few biggest U.S. grocery store chains partly by using a different

Men's Warehouse

Men’s Wearhouse Parent's Closing of 500 Stores May Deepen Sales StruggleTailored Brands Makes Job Cuts, Replaces Chief Financial Officer With Turnaround Expert Men's Wearhouse parent Tailored Brands plans to close 500 stores and lay off 20% of its workforce. (Wikimedia Commons) By Jennifer Waters CoStar News  The move by the parent of Men’s Wearhouse and Jos. A. Bank menswear to slash its footprint and workforce only weeks after missing a bond payment and a little more than a month after warning it

Fraud Penetrating All State Unemployment Systems, IDES Taking Steps to Detect, Mitigate, and Pursue Fraudsters

Fraud Penetrating All State Unemployment Systems, IDES Taking Steps to Detect, Mitigate, and Pursue FraudstersFederal Guidelines Make Pandemic Unemployment Assistance Program Susceptible to FraudSPRINGFIELD – IDES has uncovered and is investigating a widespread fraud scheme that is being conducted nationwide, impacting each state’s federal Pandemic Unemployment Assistance (PUA) programs, implemented as a result of the COVID-19 pandemic.  PUA provides 100% federally funded unemployment benefits for hundreds

Lending Could Fall Almost 60% This Year

Lending Could Fall Almost 60% This Year, MBA ForecastsMultifamily Expected to Hold Up Better Than Other Property Types The multifamily sector had the brightest outlook in an otherwise weak lending forecast from the Mortgage Bankers Association. (Getty Images) By Mark Heschmeyer CoStar News  Bankers expect commercial real estate loan originations to drop 59% in 2020 because of the economic fallout from the coronavirus pandemic. Lenders are forecast to complete $248 billion of loans backed by

Eldorado Completes Caesars Deal

Denise Truscello/Getty ImagesALTERNATIVE PROPERTIES>HOTEL  Eldorado Completes Caesars Deal, Becoming New Casino PowerhouseThe company first announced its $17 billion acquisitions more than a year ago.   Bloomberg | Jul 20, 2020 The merger, first announced in June of last year, capped a flurry of dealmaking for the once-small casino company. But the transaction faced obstacles, including several states where the new company’s market share exceeded the wishes of regulators, and the coronavirus, which

US Hotel Sales Plummet

US Hotel Sales Plummet in the Pandemic as Finances WeakenMay Had the Biggest Decline in Dollar Volume Fewer hotels have sold during the coronavirus pandemic, hurt by reduced travel to stop the spread of the virus. (Getty Images) By Richard Lawson and Sean McCracken CoStar NewsReduced travel as a result of initial efforts to slow the spread of the coronavirus cast a pall over buyers and sellers making deals for U.S. hotels, with fewer sales and prices at a discount.   The number of U.S. hotel

Apartment Industry Braces Itself

Apartment Industry Braces Itself as Eviction Bans ExpireAs Many As 20 Million US Renters Could Be in Arrears, Advocacy Group Warns Apartment property owners are concerned about reduced rent payments. (Getty Images) By John Doherty CoStar News In Denver, lawyer Zach Neumann thinks the flood will start in the coming days. Colorado allowed its ban on apartment evictions to expire June 13 but gave tenants 30 days to pay back rent, move out or challenge a landlord’s notice to vacate — and it's now more

U.S. Airlines Face Uphill Battle

U.S. Airlines Face the End of Business Travel as They Knew ItHalf the respondents in a survey of Fortune 500 CEOs said trips at their companies would never return to what they were before Covid-19.   Bloomberg | Jul 20, 2020 “It is likely that business travel will never return to pre-Covid levels,” said Adam Pilarski, senior vice president at Avitas, an aviation consultant. “It is one of those unfortunate cases where the industry will be permanently impaired and what we lost now is gone, never to come

Now Enrolling Preschoolers

Summit Early Learning Center is now enrolling preschoolers for the 2020-2021 school year. This program is grant funded and FREE to all families. Please help us spread the word and reach our most at-risk children in our community. Research proves that children who learn early and are prepared for kindergarten realize the benefits throughout their entire lives. Help us educate our next generation of learners. Learn more and receive an application packet at summitinc.org/elc-apply.   Summit Early

Momentum Behind V-Shaped Recovery Fading Fast

Momentum Behind V-Shaped Recovery Fading Fast “Strange how paranoia can link up with reality now and then.”- "A Scanner Darkly" by Philip K. Dick“Beat the virus, save the economy” has been a common theme for this column the last few weeks. With that, it’s only fair we start out our weekly commentary with a virus update. Here is our preferred way of showing COVID-19 trends: positive test rate by when a state began reopening, defined as meeting a minimum threshold of restaurant traffic.   The

E-Commerce to Buy Pier 1

Bankruptcy Judge Gives Nod to E-Commerce Venture to Buy Pier 1 Imports' BrandDeal Includes Pier 1's Intellectual Property and Online Business Pier 1 Imports is in the process of closing all of its stores. (Getty Images) By Candace Carlisle CoStar NewsJuly 16, 2020 | 5:50 P.M. An e-commerce venture with the highest bid for Pier 1 Imports' intellectual property and online business was given approval by a U.S. bankruptcy judge to move ahead with the deal, giving the retailer's brand a shot of a future

Booming E-commerce Sales

Andy Ryan/Stone/Getty ImagesINDUSTRIAL  Booming E-commerce Sales Drive Demand for Industrial FacilitiesIndustrial facilities are seeing rising rents and potential bidding wars as online sales drive demand for space to store merchandise.   Patricia Kirk | Jul 16, 2020 While this new logistics approach is still in its infancy, Greg Healy, senior vice president, supply chain solutions & workforce analytics, with real estate services firm Colliers International, says “It’s impact on industrial real estate

Elgin Covid Response Fund Announces First Round of Grants

For immediate release, July 17, 2020Elgin Covid Response Fund Announces First Round of Grants             Funding will be utilized to provide direct assistance to individuals and families facing urgent, financial needs as a result of the pandemic.  Elgin, IL— Elgin Covid Response Fund (ECRF) Steering Committee announces the first round of COVID-19 grants totaling $89,250. Non-profit organizations will receive ECRF grants to provide direct

US Apartment Rent Collection

US Apartment Rent Collection Slips Further as End to Aid LoomsNMHC Survey of Millions of Units Shows Declining Ability for Tenants to Pay A national apartment rent tracker slid in July as fewer tenants paid up. (CoStar) By John Doherty CoStar NewsJuly 15, 2020 | 6:46 P.M. U.S. apartment dwellers are showing further signs of trouble when it comes to paying rent, signaling an increasing risk of nonpayments as a federal aid program helping renters edges closer to expiring. About 87.6% of tenants made

Operating Drive-In Theaters

David McNew/Getty ImagesRETAIL  What Goes Into Operating Drive-In Theaters in Retail Parking LotsAs more drive-in movie theaters pop up in parking lots of malls and big-box retailers, we look at how these partnerships work.   Liz Wolf | Jul 15, 2020 Now new pop-up drive-ins are taking advantage of the void by opening up in underused parking lots at shopping centers and regional malls. They’re giving entertainment-starved moviegoers the opportunity to get out of the house, catch a movie or virtual

Ecker Center for Mental Health and Renz Addiction Counseling Center Complete Merger

Ecker, Renz complete merger The Ecker Center for Mental Health and Renz Addiction Counseling Center have finalized a complete merger as of July 1, becoming one organization, Ecker Center for Behavioral Health. The organization unites two complementary agencies, each with similar cultures and excellent reputations for providing behavioral health care services to local communities for decades. The Renz office at 2 American Way in Elgin will continue to provide its current services. Additional substance use

SERVPRO of DeKalb County Changes Ownership

SERVPROÒ of DeKalb County Changes OwnershipLocal Franchise of top restoration and cleaning Brand under new management Sycamore, IL 07/14/2020– Servpro Industries, Inc. is proud to announce the new owners of SERVPRO of DeKalb County, George and Margaret Jackowiec took ownership of SERVPRO of DeKalb County on 6/29/2020. George and Margaret Jackowiec have also been the franchise owners of SERVPRO of Elgin/Northwest Kane County since 2003. They live in the Fox Valley area with their two children and their dog

Statewide Unemployment Rate Continues to Decline, Payrolls Increase in June

Statewide Unemployment Rate Continues to Decline, Payrolls Increase in JuneSPRINGFIELD – The Illinois Department of Employment Security (IDES) announced today that the unemployment rate fell -0.7 percentage point to 14.6 percent, while nonfarm payrolls added +142,800 jobs in June, a record monthly increase, based on preliminary data provided by the U.S. Bureau of Labor Statistics (BLS) and released by IDES. The May monthly change in payrolls was revised downward from the preliminary report, from +62,200 to

Harting Automotive wins Volkswagen Group Award 2020

HARTING Automotive wins Volkswagen Group Award 2020on 07/15/2020 at 20:38HARTING Automotive wins Volkswagen Group Award 2020HARTING Automotive has won the Volkswagen Group Award 2020 in the “E-Mobility” category. The award by Volkswagen Group recognizes the exceptional achievements and innovative prowess with which HARTING Automotive contributes to the success of Volkswagen AG, as stated in the certificate of thanks.The award praised the company’s proactive, rapid and targeted actions in the volatile

Hotel Outlook

South_agency/iStock/Getty ImagesALTERNATIVE PROPERTIES>HOTEL  Outlook for Hotels Worsens, AgainThe new spikes in COVID-19 cases in many U.S. markets has derailed a nascent recovery in the hospitality sector.   Bendix Anderson | Jul 14, 2020   The recovery seemed to come just in time. The percentage of hotel properties that had fallen behind in their mortgage payments had already sharply increased.Just a few weeks ago, the hotel business seemed to be on the mend. More people were checking into hotel

10 Must Reads

Tasos Katopodis/Stringer/Getty ImagesNREI WIRE  10 Must Reads for the CRE Industry Today (July 15, 2020)Federal Reserve officials appear to brace for a prolonged recession, according to Forbes. Biotech properties are attracting a lot of investor interest in a pandemic, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 14, 2020  Top Federal Reserve Officials Are Starting to Brace for a Prolonged Recession “Policymakers

Gov. Pritzker Announces $108.5 Million COVID Funding for PreK-12, Higher Education with Equity Focus

Gov. Pritzker Announces $108.5 Million COVID Funding for PreK-12, Higher Education with Equity Focus ISBE Also Announces Additional ESSER Grants to Help K-12 Schools Respond to COVID-19 and Prepare for Upcoming School Year Governor JB Pritzker has announced that he will dedicate $108.5 million in federal Governor’s Emergency Education Relief (GEER) Funds to preK-12 public education and institutions of higher education to meet the unique challenges of COVID-19. This funding will help bridge the digital

Today's Real Estate Articles

Christopher Annis/iStock/Getty ImagesNREI WIRE  13 Must Reads for the CRE Industry Today (July 14, 2020)More small business owners are permanently shutting their doors, reports The New York Times. AMC reached an agreement with bondholders to reduce its debt amid the pandemic, according to Reuters. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 13, 2020  ‘I Can’t Keep Doing This:’ Small Business Owners Are Giving Up “More owners are permanently

Loss of International Students

Loss of International Students Poses Risk for Universities and Local EconomiesNon-US Students Attending Online-Only Schools Could Lose Visas This Fall The Ohio State University in Columbus, Ohio. (CoStar) By Elizabeth Ptacek CoStar AnalyticsJuly 9, 2020 | 03:23 P.M. International student enrollment is critical to the financial health of universities and an important contributor to their local economies, as most international students pay full freight and represent millions of dollars annually in

SBA Provided $20 Billion to Small Businesses and Non-Profits Through the Economic Injury Disaster Loan Advance Program

SBA Provided $20 Billion to Small Businesses and Non-Profits Through the Economic Injury Disaster Loan Advance Program WASHINGTON— Today, the U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding.  In order to assist the greatest number of small businesses, the EIDL Advance provided $1,000 per employee up to

Illinois Workers’ Compensation Commission Announces Launch of New E-filing and Case Management System

Illinois Workers’ Compensation Commission Announces Launch of New E-filing and Case Management System New system will process settlement contracts electronically beginning July 22nd The Illinois Workers’ Compensation Commission (IWCC) is rolling out a new, cloud-based electronic filing and case management system. The system, called CompFile, will allow for paperless filing and processing of court documents for workers’ compensation cases in Illinois. Upon his appointment to lead the IWCC in March 2019,

Nine Must Reads

Suwaree Tangbovornpichet/iStock/Getty ImagesNREI WIRE  Nine Must Reads for the CRE Industry Today (July 11, 2020)Pension funds are finding it hard to value their real estate holdings amid the pandemic disruption, reports the Wall Street Journal. Up to 28 million Americans might soon be facing evictions, according to CNBC. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 10, 2020  For Pensions, Valuing Real Estate Is Hard. COVID-19 Brings New

Insurers PreparingTo Pay

Micha Weber/ShutterstockREAL ESTATE SERVICES>PROPERTY MANAGEMENT  Insurers “Are Already Preparing to Pay Some Fraction” of Pandemic-Related Claims, Lawyers SaySo far, insurers have been balking at paying business interruption plans for pandemic shutdowns, but that is likely to change.   Sebastian Obando | Jul 13, 2020   Almost every type of businesses has been negatively affected by the coronavirus pandemic, but insurance companies have largely refused to pay business interruption claims. Unable to

News Release: 7/13/2020

Donated Girl Scout Cookies Raise Awareness of Human Trafficking on Illinois Highways  Northern Illinois – During the COVID-19 pandemic, Girl Scouts of Northern Illinois (GSNI) has committed to donating Girl Scout Cookies to essential workers. The organization has consistently thanked workers for their service while treating them to a box of delicious cookies. Recently, local truck drivers received a customized cookie donation due to their ability to report and prevent human trafficking.  Knowing the

When Health Policy Becomes Economy Policy

When Health Policy Becomes Economy Policy “Don’t ever take a fence down until you know why it was put up.”- G.K. ChestertonThe food and beverage industry has been a perfect leading indicator during the lockdown recession. If you think of social-distancing mandates as a faucet, turning activity on and off, restaurants are directly underneath the spigot. They are the first to feel the lockdown and the first to enjoy the reopening.And so we owe a debt of gratitude to the reservation service OpenTable for

Szpekowski to receive C-Suite Award

Szpekowski to receive C-Suite Award    Pat Szpekowski, APR, president, PR Strategies & Communications, Inc. in Elgin, is among nineteen local executives who will be honored in the C-Suite Awards hosted by the Daily Herald Business Ledger and sponsored by Republic Bank of Chicago.    The awards will be presented at a virtual reception webcast held on Thursday, July 23, at 4 p.m. Guests can register for free at DHBusinessLedger.com. Each of the honorees will be profiled in the August 17 issues of the

Discounters Snap Up Retail Leases

Discounters Snap Up Retail LeasesActivity Improves Since April But Remains at Less Than Half Pre-Pandemic Level By Jennifer Waters CoStar NewsJuly 9, 2020 | 4:20 P.M. As retail leasing begins to crawl out of the hole it fell into during the coronavirus pandemic, a clearer sense is emerging of where consumers are shopping. After pausing for weeks, retail activity began to stir. More than 2,600 leases were signed in June, giving the second quarter a total of 6,700, most of which have move-in dates next

Bed Bath & Beyond

James Leynse/Corbis/Getty ImagesRETAILBed Bath & Beyond to Close 20% of Stores in Next Two Years   The chain plans to close 200 stores over the next two years in an effort to cut costs.   Bloomberg | Jul 09, 2020   (Bloomberg)—Bed Bath & Beyond Inc. plans to shrink its store base, closing 200 stores over the next two years in a bid to cut costs and weather one of retail’s most challenging periods yet. The home goods retailer, which operates more than 950 of its namesake stores in the U.S. and

Nursing Home Wages

subman/iStock/Getty ImagesALTERNATIVE PROPERTIES>SENIORS HOUSING  Nursing Homes Operators Must Prepare for Rising Staff Wages   Labor costs in the sector are increasing as operators confront labor shortages and higher risk to staff.   Sebastian Obando | Jul 09, 2020   In an already struggling nursing home sector, higher wage rates for workers are expected to become another rising expense. “In general, certainly for skilled nursing, there has been the ‘hero pay’ increase in pay and bonuses to

Elgin Responds to Damaging Storm

  For immediate release, July 10, 2020Elgin Responds to Damaging Storm             July 9 Storm Results in Downed Trees, Branches and Power LinesElgin, IL- Yesterday, Elgin experienced storms with heavy rain and wind gusts, resulting in power outages, downed power lines, branches and trees throughout the area. Storms came from the south west and had the most impact in neighborhoods surrounding the downtown

14 Must Reads for Today

Joe Raedle/Getty ImagesNREI WIRE  14 Must Reads for the CRE Industry Today (July 9, 2020)Over 77 percent of U.S. apartment households made full or partial rent payments by July 6, according to NMHC. Brooks Brothers has filed for bankruptcy protection, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 08, 2020  NMHC Rent Payment Tracker Finds 77.4 Percent of Apartment Households Paid Rent as of July 6 “The National

US Rent Collections Soften

As US Rent Collections Soften, Concerns Grow for Apartment OwnersAlmost 25% of Tenants Didn't Pay Up in July, NMHC Survey Says Demonstrators march in the street during the Cancel Rent and Mortgages rally on June 30, 2020 in Minneapolis, Minnesota. (Getty Images) By John Doherty CoStar NewsJuly 8, 2020 | 3:49 P.M. Apartment landlords, as well as their tenants, are now feeling the heat as the coronavirus pandemic drags on. Industry executives say worries for landlords are mounting. Demand for

Illinois Trade Events-Upcoming

Illinois Trade Events and Opportunities  Commercial Service Illinois continues to provide our clients and partners with counseling and information during these challenging times. 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.  Connect with us on social media @USCommercialSvc for our latest updates

Amazon Push Into Grocery Stores

Amazon Makes Three-Pronged Push Into Grocery StoresRetailer Is Poised to Create National Chains Online retailer Amazon is expanding its cashierless Go stores. (iStock) By Clare Kennedy CoStar NewsJuly 7, 2020 | 7:35 P.M. Amazon is accelerating efforts to break into a retail sector considered an oasis of stability in an industry upended by the sort of e-commerce pioneered by the Seattle giant: grocery stores. And the retailer is now relying on bricks as well as clicks. The company said it is close

The Office is Not Dead-Just Evolving

ED JONES/AFP/Getty ImagesOFFICEThe Office Is Not Dead—Just Evolving—and Definitely Here to Stay   Though there are many forces at play, an office environment will remain relevant and important in the long term.   Tal Peri | Jul 07, 2020 The current unprecedented pandemic has impacted many facets of the real estate landscape, and the office sector will be no exception. The severity and direction of these implications will vary based on the time horizon (short-, medium-, or long-term), location

Gov. Pritzker Signs Hospital Assessment Legislation Bringing $250 Million in Additional Federal Funding for Health Care to Illinois

Gov. Pritzker Signs Hospital Assessment Legislation Bringing $250 Million in Additional Federal Funding for Health Care to Illinois Gov also Signs Health Care Affordability Act Increasing Access to Quality Affordable Health Care Springfield – Building on efforts to expand quality and affordable health care for all Illinoisans and ensure hospitals are equipped during the ongoing COVID-19 pandemic, Governor JB Pritzker signed  SB 2541, renewing the Hospital Assessment Program, and SB 1864, the Health Care

Retail News

July 8, 2020 • The Retail Industry Leaders Association — which represents Target, The Home Depot and other retail chains — wrote to the National Governors Association this week asking governors to require face masks in public or while shopping. Fewer than half of U.S. states require masks in public, according to the association. It said inconsistent mask rules around the country have created conflict between customers and workers who are enforcing store rules. “Retailers are alarmed with the instances of

10 Must Reads for July 7, 2020

Christopher Furlong/Getty ImagesNREI WIRE  10 Must Reads for the CRE Industry Today (July 7, 2020)Commercial property sales in New York City took a deep dive in the second quarter, reports the Wall Street Journal. As department stores disappear, regional malls could follow, according to the New York Times. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 06, 2020  Coronavirus Triggers Steep Drop in New York City Commercial Property Sales “The volume

Apartment Industry Lobby

NICHOLAS KAMM/AFP/Getty ImagesMULTIFAMILY  Apartment Industry Advocates Lobby for New Stimulus Legislation as Senate Goes on Recess“We are tremendously concerned what happens if those systems are not renewed,” says one insider about expanded unemployment benefits.   Bendix Anderson | Jul 06, 2020   The clock is ticking in Washington D.C. In a few weeks, a federal emergency program will stop distributing extra funds to people who lost jobs in the crisis caused by the novel coronavirus. That could cause

ComEd Announces Comprehensive COVID-19 Package to Assist Customers and Communities in Need

ComEd Announces Comprehensive COVID-19 Package to Assist Customers and Communities in Need   Package features more flexible payment options, financial assistance for past due balances; extends suspension of service disconnections and waiver of late fee charges   CHICAGO (June 18, 2020) – To help families and communities recover from the economic challenges created by the COVID-19 pandemic, ComEd, the staff of the Illinois Commerce Commission (ICC) and a broad group of stakeholders worked to develop a

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

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