News

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

Hotel Occupancy Grows

Hotel Occupancy Grows as Rising Coronavirus Cases Threaten RecoveryDemand Broadens Beyond Economy Level Hotels to Include Midscale Properties Miami closed beaches for the Fourth of July weekend, hoping to prevent the coronavirus from spreading further. (Getty Images) By Richard Lawson CoStar NewsJuly 2, 2020 | 6:23 P.M. Hotel occupancy across the country rose again but a surge in coronavirus cases have raised concerns that the hospitality industry’s recovery will be stalled as cities slow reopening

July 6, 2020 Articles

   NREI WIRE  Eight Must Reads for the CRE Industry Today (July 6, 2020)Delinquencies mount, but so far the distressed investment opportunities have yet to materialize for the mountain of cash that is awaiting them, Bisnow reports. Angelo Gordon & Co. has raised more than $1.5 billion for a new European investment vehicle, according to Commercial Property Executive. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jul 06, 2020  Distressed Assets Simmer

DCEO Northeast Region Weekly Update July 6, 2020

DCEO Northeast Region Weekly UpdateJuly 6, 2020  I hope this update finds you safe and well.  As of last Friday, the region has moved to Phase 4 of the Restore Illinois Plan.  Governor Pritzker issues a new Executive Order for moving into Phase 4.  The Community Revitalization Order may be found here.  DCEO has posted new guidance for Phase 4 along with business toolkits containing signage, training checklists, and other resources to help businesses operate safely in Phase 4.  Phase 4 has permitted some

Fox Valley Orthopedics To Host Blood Drive

Blood is one of the most precious gifts one individual can give another. Every two seconds someone needs blood in the United States, whether it be for an accident victim, cancer patient, surgery patient or those affected by natural disasters.  There is currently an urgent need for donors.  To ensure the Fox Valley has an adequate blood supply, community residents are invited to participate in Versiti Blood Center of Illinois’ Mobile Blood Drive on July 15, 10 am-3 pm, outside of Fox Valley Orthopedics North

SBA and Treasury Announce Release of Paycheck Protection Program Loan Data

NEWS RELEASEPRESS OFFICE   Release Date: [July 6, 2020]   Release Number: MA20-54     Contact: [Press_Office@sba.gov, (202) 205-7036] www.sba.gov/newsFollow us on Twitter, Facebook, Blogs & Instagram    SBA and Treasury Announce Release of  Paycheck Protection Program Loan Data   WASHINGTON—The U.S. Small Business Administration, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program

Nonprofit American Cancer Society Closing Offices

American Cancer Society Starts 'Closing the Majority' of 250 US OfficesAtlanta-Based Nonprofit Fundraising Hit Hard by Crisis Caused by Coronavirus Pandemic The American Cancer Society plans to reduce its budget by 30% and lay off about 1,000 workers because of a drop in fundraising caused by the coronavirus. (CoStar) By Tony Wilbert CoStar NewsJuly 1, 2020 | 4:08 P.M. The American Cancer Society is cutting its workforce and planning major changes to its real estate footprint as it deals with lower

New Small Business Development Centers

        In Photo: DCEO Acting Director, Michael Negron, South Shore Chamber of Commerce Executive Director, Tonya Trice, State Senator Robert Peters, 13th District, Chef Tsadakeeyah Emmanuel, owner of Majani Restaurant, and community members.    $11.5 million Investment to Support and Expand the State’s Network of Small Business Development Centers     The Illinois Department of Commerce and Economic Opportunity (DCEO) along with the South Shore Chamber of Commerce today celebrated the

Szpekowski receives honors for communications

Szpekowski receives honors for communications Pat Szpekowski, APR, president of PR Strategies & Communications, Inc./PmS advertising, inc. in Elgin, has received recognition from the National Federation of Press Women (NFPW) and the Illinois Woman’s Press Association (IWPA), an affiliate of NFPW in their recent 2020  communications contests. Szpekowski received four awards from the Illinois Woman’s Press Association, including first place in the electronic newsletter category for writing the “Connections”

POSTPONED EVENT: Judson University’s World Leaders Forum event featuring retired Gen. David Petraeus pushed to April 2021

POSTPONED EVENT:Judson University’s World Leaders Forum event featuring retired Gen. David Petraeus pushed to April 2021  ELGIN, Ill. (July 2, 2020) – Due to continued concerns regarding the COVID-19 pandemic and in response to health and safety guidelines, Judson University announced today that its ninth World Leaders Forum featuring foreign policy expert and retired Gen. David Petraeus will be postponed to April 7, 2021 in Schaumburg. The event was initially scheduled for Oct. 20, 2020.   “We believe

Retail Shopping Center Rents

Shopping Center Rents Could Tumble as Retailers ExitKey Occupancy Data Hits 11-Year Low, Indicating More Retail Vacancies May Be Ahead Open-air shopping centers anchored by grocery stores such as Whole Foods Market at Veterans Memorial Plaza in Commack, New York, are expected to maintain rent levels. (Kimco Realty) By Jennifer Waters CoStar NewsJune 30, 2020 | 6:54 P.M. There's been a lot of talk in the retail industry in the past decade about the balance between store occupancy and vacancy rates

News Releases for Today

Halfpoint/iStock/Getty ImagesNREI WIRE  10 Must Reads for the CRE Industry Today (July 1, 2020)A study from Goldman Sachs showed that a national mandate requiring use of masks could help avoid a 5 percent hit to GDP, reported Business Insider. The pace of move-ins has slowed at seniors housing properties, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 30, 2020  National mask mandate could save US from a 5% GDP

SERVPRO® Alerts Local Grill Masters: Grilling Fires Peak in July

Fire and water clean-up professionals offer local area homeowners tips for safe outdoor cooking Elgin IL (Grassroots Newswire) July 1, 2020 - The summer grilling season is here, and outdoor cooking and socially-distanced picnic gatherings are a welcome change for families eager to get out and enjoy the warm weather. As families and friends prepare their next outdoor feast, professionals from SERVPRO, local fire and disaster remediation specialists, urge Elgin-area property owners to keep some sobering

Elgin to Open City Playgrounds, Urges Discretion

For immediate release, July 1, 2020Elgin to Open City Playgrounds, Urges Discretion  Public Should Take Safety Precautions if Using City Playground Equipment Elgin, IL - The City of Elgin Parks and Recreation Department announces that City-owned playgrounds will open on Monday, July 6. Signage installation is underway to encourage good hygiene and other safety measures. "It's prudent that parents, guardians and childcare providers practice good sanitation and explain the safety precautions to

AMC Theatres Pushes Back Reopenings to July 30

AMC Theatres Pushes Back Reopenings to July 30Chains Revise Plans Based on Delays for Major Movie Studio Releases The summer movie season could prove pivotal to the future of AMC Theatres and retail properties that house cinemas. (CoStar) By Lou Hirsh CoStar NewsJune 29, 2020 | 4:57 P.M. Struggling AMC Theatres, the nation's largest movie theater chain and a key traffic generator at retail centers, has pushed back the opening of its U.S. cinemas by two weeks to July 30 after studios, including Walt

June 30, 2020 Articles

industryview/iStock/Getty ImagesNREI WIRE  12 Must Reads for the CRE Industry Today (June 30, 2020)Warehouses should be a relative safe haven, reports the Wall Street Journal. Office space users are trying to figure out when, how - even whether - to come back, according to Reuters. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 29, 2020  Texas Tried Reopening Offices Early. It Was Hard Even Before the Coronavirus Surge “Companies brought back

Cook County Waiving Late Fees on Property Tax Bills

Cook County Waiving Late Fees on Property Tax Bills until October 1With the second installment of Cook County property taxes being mailed this week, residents and property owners are reminded that the county board has waived late penalties on payments scheduled to be due on Aug. 3. Under a measure approved by the board in May, the county will not impose the 1.5% per month late fee on bills paid until after Oct. 1, effectively giving property owners an additional two months to make payments. "Homeowners and

Hotel Industry Recovery Time

US Hotel Industry's Full Recovery Projected to Be Three Years Away as Losses Still Cut DeepLeisure Travelers Help Drive the Slow Rise in Demand for Rooms Hotels may be seeing demand improve but profitability remains difficult. (Getty Images) By Richard Lawson CoStar NewsJune 26, 2020 | 2:03 P.M. While U.S. hotel occupancy makes its slow recovery, profitability remains far out of reach and a full rebound may be nearly three years away. Hotel demand in the United States has been returning with the

Consumer Spending Rebounds

Consumer Spending Rebounds in May After Initial Steps to Reopen the EconomyAfter Hopeful Signs Emerged for a Short-Lived Recession, Surge in Infections Could Delay Further Recovery People with face masks for protection shop for items at a marketplace. (Getty Images) By Galina Alexeenko CoStar AnalyticsJune 26, 2020 | 2:12 P.M. Economic data released Friday showed a better-than-expected increase in consumer spending in May, as more states opted to lift mandatory closings and the economy began to

Search Engine Optimization

pixinoo/ShutterstockFINANCE & INVESTMENT>INVESTMENT  Search Engine Optimization: Learning to Speak Google   Understanding how SEO works is important for commercial real estate pros looking to cultivate networks online.   Adam Gower, Ph.D. | Jun 29, 2020    Think about the last time you needed the internet to find something. Perhaps you were trying to find a restaurant that offers free delivery during the COVID-19 crisis. You decide that you want to some Thai food, or something along those lines.

News Release: SURGE IT is now SURGE SOLUTIONS

  Surge IT Support has a new name! To better serve our customers we have created a parent company called SURGE SOLUTIONS to house all of our products and services.SURGE SOLUTIONS provides customized Information Technology platforms that are perfect for small to medium sized business across a broad number of sectors, providing managed connectivity, including; retail, financial services, healthcare, construction, and engineering. These platforms provide comprehensive and cost effective solutions for IT

Commercial Real Estate Sales Fall

Commercial Real Estate Sales Fall 24% to $39.1 BillionInvestors Pull Back Amid Uncertainty During Pandemic Property sales have slowed as investors proceed with caution during the coronavirus pandemic. (Getty Images) By Mark Heschmeyer CoStar NewsJune 25, 2020 | 5:59 P.M. Commercial real estate pricing dropped during a dramatic slowdown in transaction volume during the coronavirus pandemic, according to the latest monthly CoStar Commercial Repeat Sale Indices. The repeat sales of $39.1 billion for

Apartment Construction Costs Ease

Steve Proehl/The Image Bank/Getty ImagesMULTIFAMILY  Construction Costs Expected to Ease for Apartment DevelopersMany of the pressures driving increases in materials and labor prices for multifamily construction have lessened as a result of COVID-19.   Bendix Anderson | Jun 25, 2020   Heading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put a

Disaster loans available for Illinois businesses and residents affected by civil unrest

Disaster loans available for Illinois businesses and residents affected by civil unrest Illinois businesses and residents in Cook County and the adjacent counties of DuPage, Kane, Lake, McHenry, and Will in Illinois and Lake in Indiana who were affected by civil unrest on May 26 through June 8, 2020 can apply for low-interest disaster loans from the U.S. Small Business Administration. Business owners, homeowners, and renters should contact the SBA Customer Service Representatives at (571) 422-6016 and

Pritzker Administration Affirms Illinois Nondiscrimination Protections in Response to Recent Trump Administration ACA Rule Change

 Today, the State of Illinois released guidance that affirms Illinois nondiscrimination protections on the basis of sexual orientation and gender identity. “From day one, my administration has sought to protect LGBTQ+ individuals, including by expanding HIV preventative care and treatment, funding gender-affirming surgeries, fostering affirming and inclusive classrooms in which LGBTQ+ students are able to thrive, and ensuring LGBTQ+ students see themselves reflected in the curriculum,” said Governor JB

Minimum Wage Increases on July 1 Illinois Department of Labor Reminds Workers to Watch Their Wages

Minimum Wage Increases on July 1 Illinois Department of Labor Reminds Workers to Watch Their Wages SPRINGFIELD – Illinois’ minimum wage will make its second increase this year to $10 per hour beginning July 1. The Illinois Department of Labor urges minimum wage earners to make sure their checks reflect the increase following July 1. Governor JB Pritzker signed legislation passed by the General Assembly providing a path to a $15 minimum wage by 2025. Minimum wage earners received the first increase of $1

15 News Articles for Today

MarsYu/iStock/Getty ImagesNREI WIRE  15 Must Reads for the CRE Industry Today (June 25, 2020)Real estate ETFs are going through a slump, reports MarketWatch. KKR has raised $10 billion for its third Asia buyout fund, reports Bloomberg. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 24, 2020  Real Estate ETFs Slump as Coronavirus Case Counts Rise “The sector, battered by concerns about missed rent and mortgage payments in the wake of coronavirus

Black Real Estate Executives Seek Lasting Change in Diversity

Hiraman/iStock/Getty ImagesFINANCE & INVESTMENT>INVESTMENT  Black Real Estate Executives Seek Lasting Change in DiversitySpeaking at a Zoom diversity panel hosted by NYU’s Schack Institute, participants called for lasting changes in hiring and capital allocation.   Bloomberg | Jun 24, 2020   (Bloomberg)—Black real estate executives, sharing their experiences of systemic racism, said Tuesday they’re seeking lasting change from the current spotlight on inequality in the U.S. “I hope deeply it’s a

Upcoming trade Events in Illinois

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 and

Elgin Mayor Ends State of Emergency Powers Related to Pandemic

Elgin Mayor Ends State of Emergency Powers Related to Pandemic   Elgin, IL - Mayor Kaptain terminates the emergency powers that were in place to assist the City during the peak of the COVID-19 pandemic, effective June 26 at 8:00 a.m.  On March 13, Mayor Kaptain declared a state of emergency consistent with the powers conferred on him under the Elgin Municipal Code. The proclamation of a state of emergency allows the City to assemble resources and personnel necessary to expedite emergency planning

J.C. Penney Next Round of Closings

J.C. Penney Unveils Next Round of Permanent US Store Closings in Court FilingThe Second Wave Includes Stores Across the Country J.C. Penney plans to shut its store at South Shore Mall in Long Island, New York, as part of another round of retail store closings, if approved by a bankruptcy judge. (CoStar) By Candace Carlisle CoStar NewsJune 23, 2020 | 2:58 P.M. Department store chain J.C. Penney plans to close an additional 14 stores, with about half in Michigan, as part of its restructuring during

Kohl's

Justin Sullivan/Getty ImagesRETAILKohl’s CEO Says Store Is Changing Faster Than Ever ExpectedCEO Michelle Gass said the pandemic has forced the company to speed up its migration to e-commerce and rethink store operations.   Bloomberg | Jun 23, 2020   (Bloomberg)—Nearly all of Kohl’s Corp. locations have reopened after the coronavirus pandemic forced shutdowns in mid-March -- but they don’t look like they did before. Chief Executive Officer Michelle Gass described the pandemic as the “great accelerator”

Interesting Real Estate News

drnadig/iStock/Getty ImagesNREI WIRE  11 Must Reads for the CRE Industry Today (June 24, 2020)Over 100 Congress members have asked the Federal Reserve and the Trump administration to help businesses struggling with commercial real estate debt, reports the Wall Street Journal. Slightly more than 92 percent of apartment households made either a full or partial rent payment in June month-to-date, according to NMHC. These are among today’s must reads from around the commercial real estate industry.   NREI

GNC Files for Bankruptcy

GNC Files for Chapter 11 Bankruptcy, Plans to Close Up to 1,200 StoresPosted on June 24, 2020 by Kristin Hiller in Northeast, Pennsylvania, Retail, Top Stories With the Chapter 11 filing, GNC expects to close an additional 800 to 1,200 stores. The health and wellness retailer had approximately 7,300 stores worldwide as of March 31.   PITTSBURGH — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. Over the past year, the company has executed a strategy

11 for Tuesday

Roy Rochlin/Getty ImagesNREI WIRE 11 Must Reads for the CRE Industry Today (June 23, 2020)Blackstone's Stephen Schwarzman predicts a V-shaped recovery this summer, reports Bloomberg. Many companies kept office workers at home as New York City entered phase 2 of reopening, according to The New York Times. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 22, 2020  Blackstone CEO Stephen Schwarzman Forecasts 'Big V' Economic Recovery This Summer “The

Can Independent Bookstores Survive?

Charles Lopez/iStock/Getty ImagesRETAILCan Independent Bookstores Survive Covid-19?: Timothy L. O'Brien   The pandemic has crushed independent booksellers so ferociously, their futures are as precarious as they’ve ever been.   Bloomberg | Jun 22, 2020   (Bloomberg Opinion)—Margot Sage-El had been in business for two weeks at a new location near a train depot in a suburb of New York when the World Trade Center towers collapsed after the Sept. 11 terrorist attacks. “On the day of 9/11, people were

DCEO's BIG Grant Applications Open Today with Submission Friday

DCEO's Business interruption Grant (BIG) Program Applications Open TODAY with Submission this FridayThe Department of Commerce and Economic Opportunity (DCEO) is launching the first round of Business Interruption Grants (BIG) by providing $60 million to businesses experiencing losses or business interruption as a result of COVID-19 related closures. The BIG Program is available for up to 3,500 businesses that experienced a limited ability to operate due to COVID-19 related closures. DCEO will begin

Some Types of Office Tenants Returning Faster Than Others

nito100/iStock/Getty ImagesOFFICESome Types of Office Tenants are Returning Faster Than OthersSome industries face constraints in how much of their work can be done from home.   Patricia Kirk | Jun 22, 2020   An abrupt shift to remote working caused by the pandemic demonstrated that the bulk of office workers can work productively from home (at least during the initial three-month experiment). This has prompted some corporate leaders to postpone the return to the office until next year or re-evaluate

Eight Reads for June 22, 2020

Eight Must Reads for the CRE Industry Today (June 22, 2020)   More than $20 billion in CMBS loans has been transferred to special servicing, according to data from Fitch. Malls and stores are reopening without a federal system in place to check whether establishments have been involved in COVID outbreaks, reports Yahoo News. Mitchell Rudin has been appointed chairman and CEO of Savills North America. These are among today’s must reads from around the commercial real estate industry.   NREI

Gov. Pritzker Releases Guidelines to Safely Reopen Additional Businesses and Industries as State Advances to Next Phase of Restore Illinois

Gov. Pritzker Releases Guidelines to Safely Reopen Additional Businesses and Industries as State Advances to Next Phase of Restore Illinois 400,000 Illinois residents set to return to work as state moves into Phase 4 on June 26; New guidelines will allow key leisure, recreation and business sectors to safely reopen CHICAGO – Governor JB Pritzker today released plans to safely continue reopening businesses and industries as Illinois moves into Phase 4 of the Restore Illinois plan. Working with public

Buckle Up: The Recovery Could Be Bumpy

Buckle Up: This Recovery Could Be Bumpy "Until the public is confident that the disease is contained, a full recovery is unlikely."- Federal Reserve Chairman Jerome PowellFederal Reserve Chairman Jerome Powell got a lot of blame for throwing a wet blanket on the rally in the stock market a few weeks ago with the Fed’s downbeat assessment of the economy and it’s recovery. He may end up being right after all.During his testimony before the Senate Banking Committee last week he gave us a rough framework of the

Gyms, Theaters and Restaurants

FREDERIC J. BROWN/AFP/Getty ImagesRETAILGyms, Theaters, Restaurants Among Retail Tenants Most in Need of Rent ReliefWhile rent relief requests are widespread among retail tenants, restaurants, gyms, theaters and apparel sellers seem to need it the most.   Sebastian Obando | Jun 18, 2020   Gyms, soft goods retailers, movie theaters and food and beverage businesses are among the hardest hit retailers asking for rent relief from landlords. “Nearly every tenant category that was forced to close due to

Today-11 Must Reads

Justin Sullivan/Getty ImagesNREI WIRE  11 Must Reads for the CRE Industry Today (June 19, 2020)Apartment rents in San Francisco are tumbling as the tech sector sheds jobs, according to the Wall Street Journal. Global Finance looks at how Brookfield is dealing with rent-stretched retail tenants. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 18, 2020  Why Rents Haven’t Dropped in New York City “Many renters anticipated that rents might go down

Some Apartment Renters Teetering

Some Apartment Renters May Be Teetering, Owners Group SaysLatest Rent Payment Numbers Are Strong, but Smaller Properties May Be in Trouble An apartment industry group is beginning to suspect tenants may have trouble paying rent at smaller U.S. properties. (Getty Images) By John Doherty CoStar NewsJune 18, 2020 | 3:17 P.M. An apartment owners lobbying group is concerned there’s a large swath of renters quietly missing their monthly payments or teetering on the edge of default. The unease comes as

Floor & Decor Algonquin is Back Open!

Floor & Decor in Algonquin is back open! To celebrate our reopening, I am offering you a free $25 gift card just for stopping in to tour our new store and meet your PRO Services team.   This offer is only good for the Algonquin Location and only good through the end of June.  Please stop by Monday through Friday 7am to 6pm or Saturday 10am to 4pm.    Store Hours and Access: We are allowing limited number of customers into our Stores. Please call us for details:          Mon-Fri

IDES Securing Unemployment Benefit Payment Funds for Coming Months

IDES Securing Unemployment Benefit Payment Funds for Coming Months Trust Fund Usually Replenished by Employer Taxes During Recoveries, Administration Pursuing Additional Federal Options to Cover Unemployment Expenses Across Nation SPRINGFIELD – The Illinois Department of Employment Security (IDES) today announced it will begin to borrow funds from the federal government to continue to meet unemployment benefit payment obligations to claimants who have lost work as the COVID-19 pandemic continues. 

Beauty Retailers

Diana Haronis/Getty ImagesRETAILBeauty Retailers Face New Challenges Post-COVID   The major beauty chains used to drive customers into stores with promises of free product testing and salon services. How will they adapt to a new world?   Liz Wolf | Jun 17, 2020   Like many retailers deemed non-essential, beauty chains were forced to temporarily close their stores and move sales online due to the COVID-19 pandemic. Now, as the $49.2 cosmetic/beauty sector reopens stores, cosmetic retail giants Ulta

13 for Thursday

baona/iStock/Getty ImagesNREI WIRE13 Must Reads for the CRE Industry Today (June 18, 2020)CalPERS investment committee would like to increase the fund’s target for opportunistic strategies, reports Pensions & Investments. Greater Greater Washington looks at how commercial real estate can address the underrepresentation of black professionals in the industry. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 17, 2020   CalPERS Investment Committee Backs

Gov. Pritzker Announces $900 Million Package

FOR IMMEDIATE RELEASE Wednesday, June 17, 2020 CONTACTGovernorsOffice@illinois.gov  Gov. Pritzker Announces $900 Million Package of Equity-Driven Community and Business Grant Programs Support for Working Families and Small Businesses’ Disproportionately Impacted by COVID-19 and Civil Unrest Chicago — Today, Governor JB Pritzker joined members of the Black, Latino and Asian Caucuses of the state legislature and small business owners to announce a package of state grant programs to support communities

Bank Loan Delinquencies

Bank Loan Delinquencies Ballooned During First Weeks of PandemicTroubled Commercial Real Estate Loans Jump 33% in First Quarter, FDIC Reports Federal Deposit Insurance Corp. Chairman Jelena McWilliams addressed the coronavirus pandemic's impact on the U.S. banking industry this week. (Getty Images) By Mark Heschmeyer CoStar NewsJune 18, 2020 | 9:49 A.M. U.S. banks posted a nearly 33% increase in delinquent commercial real estate loans in the first quarter from the end of 2019, according to data

Telecom Giant AT&T to Permanently Close 250 Stores, Slash Thousands of Jobs

Telecom Giant AT&T to Permanently Close 250 Stores, Slash Thousands of JobsAT&T Tells Union it Plans to Lay Off 4,700 Workers AT&T, which is based in Dallas, had 247,800 employees at the end of last year. (Wikimedia Commons) By Candace Carlisle CoStar NewsJune 16, 2020 | 4:31 P.M. Telecommunications giant AT&T told the Communications Workers of America it plans to permanently close more than 250 stores and cut 3,400 technician and clerical jobs throughout the United States in the coming weeks. The

Chicago Area Office Leasing

Chicago Office Leasing Dips Below Great Recession Lows in MayOffice Tenants Shy Away From New Space Amid Coronavirus Fears By Denes Juhasz Market AnalystsJune 16, 2020 | 9:16 A.M. The effects of the coronavirus recession are being felt across the Chicago office market, as leasing volume tumbled in April and May during the state’s shelter-in-place order. Buoyed by one of the strongest February’s for office leasing ever, with nearly 2 million square feet inked, Chicago’s first quarter office leasing

Eldorado Properties

Ethan Miller/Getty ImagesALTERNATIVE PROPERTIES>HOTELEldorado Plans Sale of Stock, Vegas Land with Caesars Deal NearThe casino and gaming company plans to offer up to 20.7 million stock shares and sell some Las Vegas real estate to shore up its finances.   Bloomberg | Jun 16, 2020   (Bloomberg)—Eldorado Resorts Inc. said it plans to issue new shares, sell some Las Vegas real estate and take other steps to strengthen its finances ahead of a $17 billion merger of Caesars Entertainment Corp. The casino

Interesting Articles for Tuesday

AdamParent/iStock/Getty ImagesNREI WIRE10 Must Reads for the CRE Industry Today (June 16, 2020)   The Federal Reserve opened its Main Street Lending program for bank registration, reports Business Insider. 24 Hour Fitness is the latest retail tenant to file for bankruptcy, according to the Associated Press. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 15, 2020  The Fed’s Main Street Lending Program Is Now Open and Encouraging Banks to Start

Restaurants Could Adapt to Coronavirus Era as Food Halls, Parisian Parlors

Restaurants Could Adapt to Coronavirus Era as Food Halls, Parisian ParlorsLarge Common Spaces Give Patrons Sense of Safety Amid Outbreak Food halls, such as the Inner Rail in Omaha, Nebraska, have large common areas that permit patrons to maintain safe distances but still get a sense of being in a social environment. (Eimer Design) By Linda Moss CoStar NewsJune 15, 2020 | 4:33 P.M. Architect Ed Eimer is a food hall advocate who maintains that the model could be an important recovery vehicle for the

Gov. Pritzker Signs Legislation to Expand Vote by Mail, Promote Safe Participation in the 2020 Election

Gov. Pritzker Signs Legislation to Expand Vote by Mail, Promote Safe Participation in the 2020 ElectionNew Laws Encourage Early Voting, Makes Election Day a State Holiday Springfield, Ill. – To ensure safe and active participation in the 2020 general election during the ongoing COVID-19 pandemic, Governor JB Pritzker signed SB 1863 and HB 2238 into law today to provide vote by mail (VBM) applications to all recent voters in Illinois. The legislation also expands early voting hours at permanent polling

SBA’s Economic Injury Disaster Loans and Advance Program Reopened

SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 PandemicRelease Date: Monday, June 15, 2020Release Number: 20-48Contact: Press_Office@sba.gov, (202) 205-7036 WASHINGTON – To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to

Devastated US Restaurants Look to Landlords for Rescue

Devastated US Restaurants Look to Landlords for RescueFood and Beverage Industry Seeks New Rent Structures, Partnerships to Survive COVID-19 Twisted Citrus, an independent restaurant in North Canton, Ohio, is using clear plastic shower curtains as barriers to try to safeguard patrons from COVID-19. (Twisted Citrus) By Linda Moss CoStar NewsJune 12, 2020 | 4:17 P.M. Some U.S. restaurants are going to great lengths to try to protect patrons during the pandemic. In Ohio, tables are partitioned by clear

Eight Must Reads for the CRE Industry Today

 NREI WIREEight Must Reads for the CRE Industry Today (June 15, 2020)There are signs of increasing stability in the CMBS market, reports Seeking Alpha. A lawsuit in the state of Washington accuses two commercial real estate investors of running a Ponzi scheme, according to the Seattle Times. Bisnow writes on how the first black “Bachelor” in the show’s 18-year history is a broker from CBRE. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 15,

Illinois Department of Commerce Update

Northeast Region Weekly UpdateJune 15, 2020  I hope this update finds you safe and well.  The region is continuing to operate under Phase 3 of the Restore Illinois Plan.  This week, the FAQ document, guidelines, and toolkits for Phase 3 are all on our website.  We’ve added the information in multiple languages as well.  Additionally, the Governor’s new Executive Order (Executive Order 2020-38) is also on there.  The website can be found here: https://www2.illinois.gov/dceo/Pages/RestoreILP3.aspx .  If you

Reminder: Income Tax Filing and Payment Deadline Is July 15, Just 1 Month Away

Illinois e-News Release For Immediate Release June 15, 2020 Media Contact:   Sam Salustro   Phone:                312-550-1582 E-mail:                Sam.Salustro@Illinois.gov   Reminder: Income Tax Filing and Payment Deadline Is July 15, Just 1 Month Away Deadline Previously Extended Three Months Due To COVID-19; Many Have Already Filed Today, the Illinois Department of Revenue (IDOR) is reminding taxpayers that state individual income tax returns and payments are due July 15, the same date set

Major Expansion of Low-Income Home Energy Assistance Program (LIHEAP) and Community Services Block Grant (CSBG) programs

 Help Illinois Families InitiativeGovernor Pritzker joined the Illinois Department of Commerce and Economic Opportunity (DCEO) today to announce a major expansion in funding for the state's Low-Income Home Energy Assistance Program (LIHEAP) and Community Services Block Grant (CSBG) programs. The $275 million total funding includes an additional $90 million allocated via the CARES Act, allowing the state to increase eligibility for these programs to 1 million income-qualified Illinoisans. These programs will

Elgin Allows Temporary Sales and Delivery of ''To Go'' Mixed Drinks/Cocktails

 Elgin Allows Temporary Sales and Delivery of "To Go" Mixed Drinks/Cocktails             Mayor Kaptain Signs Proclamation and Order to Allow Temporary "To Go" Cocktails for Certain Liquor LicensesElgin, IL - The City of Elgin announces the temporary allowance of "to go" mixed drinks and cocktails for those liquor licenses permitted for onsite sales and consumption of alcohol. On Wednesday, June 10, Mayor Kaptain signed a proclamation and order which temporarily allows bars and

Office Brokers Don't Expect a Return to Normal Anytime Soon

John Moore/Getty ImagesOFFICEOffice Brokers Don’t Expect a Return to Normal Any Time SoonWhile brokers don’t believe the office is going away, they expect the challenges presented by the pandemic to last into next year.   Patricia Kirk | Jun 11, 2020   The office sector remains in a tough spot. The pace of workers’ return to offices varies tremendously across the country at the COVID-19 pandemic remains far from contained in multiple states. There are big questions as to what the density of office

Articles of Interest for Friday

Andrii Yalanskyi/iStock/Getty ImagesNREI WIRE10 Must Reads for the CRE Industry Today (June 12, 2020)The D Magazine looks at commercial real estate valuations in a post-COVID world. Nursing homes received unusable protective gear from FEMA, reports the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 11, 2020  Real Estate Valuation in the Wake of COVID-19 “When the commercial real estate market is in turmoil, valuations are

Interesting Commercial News for Today

Geri Lavrov/Getty ImagesNREI WIREEight Must Reads for the CRE Industry Today (June 11, 2020)Restaurant companies with locations in multiple states struggle to navigate rules to reopen, reports the Wall Street Journal. A third of America’s malls are shutting down permanently by 2021, according to CNBC. These are today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 10, 2020  Restaurants Parse Extensive and Conflicting Guidance as They Reopen “Big restaurant companies with

Starbucks to Close, Reformat Stores

Starbucks to Close, Reformat Hundreds of StoresCoffee Chain Seeks to Scale Back Expansion Plans Starbucks said it will speed plans to "transform" its roughly 10,000 corporate owned locations because of the coronavirus pandemic, which made North American consumers preference for convenience even more pronounced. (Starbucks) By Clare Kennedy CoStar NewsJune 10, 2020 | 5:43 P.M. Coffee chain Starbucks is planning to close at least 600 stores across North America in the next two months to catch up with

Loan Relief During Covid

Loan Relief During Pandemic Likely Masking Extent of DistressCapital Markets Enter Unchartered Territory as Billions in Forbearance Deals Approach Their End Dates A Federal Reserve survey of bankers said debt distress may not show up until the third quarter. (iStock) By Mark Heschmeyer CoStar NewsJune 11, 2020 | 09:27 AM As the coronavirus pandemic and mitigation efforts rolled out across the country in March, many lenders let borrowers postpone billions of dollars in loan payments, often at the

Retail Outlook

Retail’s Future Looks Gloomier: 25,000 Closings Could Be ComingAbout 4,000 Planned So Far This Year as Companies File for Bankruptcy or Shut Forever Retailers including GNC are closing stores across the United States. (Getty Images) By Jennifer Waters CoStar NewsJune 9, 2020 | 8:21 P.M. An estimated 25,000 retail stores across the United States are expected to go dark this year, breaking last year’s record by a long shot. That stunning figure is poised to put additional pressure on already

Top Stories for the CRE Industry

stellalevi/iStock/Getty ImagesNREI WIRE12 Must Reads for the CRE Industry Today (June 10, 2020)The U.S. could see up to 25,000 store closures in 2020, estimates a new report from Coresight Research. The New York Times looks at who should be paying for virus-testing nursing home employees. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 09, 2020  U.S. Store Closures 2020 Outlook: COVID-19 Update—Prolonged Impact Set to Drive Up Closures “In the wake

Illinois Trade Opportunities

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.   Connect with us on social media @USCommercialSvc for our latest

Gov. Pritzker Signs Fiscal Year 2021 Operating Budget

Gov. Pritzker Signs Fiscal Year 2021 Operating BudgetJoins Governors Across the Nation in Urging Congress to Pass Funding for State and Local GovernmentsSpringfield – In an effort to address the massive economic disruptions caused by the COVID-19 global pandemic, Governor JB Pritzker signed into law a $42.9 billion Fiscal Year (FY) 2021 General Funds operating budget (SB 264, HB357) that maintains funding for critical programs, such as education, health care, and human services while advocating for a

Gov. Pritzker Announces $270 Million Grant Program for Childcare Providers

Gov. Pritzker Announces $270 Million Grant Program for Childcare Providers First in the Nation Program to Help Restore Child Care in Illinois Through COVID-19 PandemicMoline – Joined by childcare providers, local officials, and parents during visits to Skip a Long Child Development Services in Moline and Rock River Valley YMCA Children’s Learning Center in Rockford, Governor JB Pritzker announced a $270 million Child Care Restoration grant program, provided for in the FY21 budget passed by the General

Commercial Rent Collections

Mall REITs Say Only 20% of Tenants Paid May Rent in PandemicCollection Rate Also Dips at Strip Centers, the Most Resilient of the Property Type Malls and shopping centers across the country are beginning to reopen, but tenant troubles could still linger. (iStock) By Mark Heschmeyer CoStar NewsJune 8, 2020 | 5:50 P.M. Rent collection rates among retail landlords have deteriorated further during the coronavirus pandemic. Shopping mall owners posted the worst numbers by far among major publicly traded

Interesting Articles for Today

David McNew/Getty ImagesNREI WIRESeven Must Reads for the CRE Industry Today (June 9, 2020)Airports reduce renovation projects in case demand for travel decreases, reports the Wall Street Journal. Office buildings prepare for the finance industry to return to work, according to the New York Times. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Jun 08, 2020   Coronavirus Downdraft Has Airports Scaling Back Renovation Plans “As the coronavirus pandemic

News from Mueller

Personal InfoSaved ArticlesUnsubscribeFeedbackYour PrivacyDisclaimer of Liability© 2020, Powered by Thomson Reuters Checkpoint         About Us    Services    Industries    International    Media & Events   Here is your Mueller Newsletter for June 9, 2020.  Timely OpportunitiesTax Tips for Individuals Who Haven't Filed a Return for 2019The COVID-19 crisis first hit in the United States not too long before this year's Tax Day. To alleviate stress on individual taxpayers, the IRS delayed several key

Illinois Office of Trade & Investment

Dear Friends of the Illinois Office of Trade & Investment,   This month we are launching our e-Export Webinar Series in partnership with ibt.onl.   Online international  development tools have never been so important for businesses to meet the new challenges posed by COVID-19 and this webinar series aims to raise awareness of effective online business development tools and the financial resources available to Illinois businesses to procure those tools. We welcome you to register today!   Website

New guidance on the Paycheck Protection Program Released

New guidance on Paycheck Protection Program released1. More than $130 billion in PPP funding is still available, with more flexibility on how it can be used. PPP funds are still available for small businesses, independent contractors, nonprofits and tribal businesses whose operations were impacted by the Coronavirus outbreak. Now, the Paycheck Protection Program Flexibility Act extends the time to spend loan proceeds from eight weeks to 24 weeks and expands the percentage of funds that can be used for

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

City 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 online at www.cffrv.gives/elgin-apply,

Commercial Real Estate

Commercial Real Estate Leaders Vow to Take More Active Role in Battling Racism, Advancing Social JusticeREIT Executives Hold Virtual Conference During National Catastrophes of Pandemic, Widespread Civil Unrest Demonstrators march in downtown Los Angeles on May 31 to protest the death of George Floyd. (Randyl Drummer/CoStar) By Randyl Drummer CoStar NewsJune 6, 2020 | 7:51 A.M. Leaders of some of the nation's largest real estate companies are calling for using the industry's voice, influence and

A Message From South Elgin's Police Chief

Find out when travel will be opening from Starship Travel

June 2020        Find out when travel will be opening!    Amidst Corona virus, it has been difficult to keep track of all the changes, restrictions, openings and closings that are occurring worldwide.In this newsletter we hope to simplify all the opening dates that have been rapidly been announced. We recommend travel for the fall! By then, most places will be open and the new health protocols will be streamlined. Read on to find out when your favorite destination will open.    Visit our

May's Jobs Report

When Being Wrong Can Feel So Good “When you are too close to the center of a mystery there is no way to pull back and see the shape of it entire.”- Jeff VanderMeer, author of "Annihilation, Book 1 of the Southern Reach Trilogy" This hasn’t been a typical recession in any shape or form. It has been a mystery all along, every step of the way. As analysts, we can’t really look to past recessions as a guide. We are figuring it out as we go. And just when we were feeling like we had a good grip on the shape

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

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