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Tuesday, April 20, 2021Wisconsin Reworks Foxconn Tax Breaks, Office Use Rises, GameStop CEO To Leave
Wisconsin Reworks Foxconn Tax Breaks, Office Use Rises, GameStop CEO To LeaveWhat You Need to Know to Start Your Day A groundbreaking ceremony was held in 2018 for Foxconn at the Wisconsin Valley Science and Technology Park in Mount Pleasant, Wisconsin. From left, an unidentified official, Wisconsin Gov. Scott Walker, then-President Donald Trump, Foxconn Chairman Terry Gou, and then-Speaker of the House Paul Ryan. (Getty Images) By Richard Lawson CoStar News Wisconsin Reworks Foxconn Tax
Tuesday, April 20, 2021Restore Illinois Plan, 2021 SBA Economic Relief Overview, Upcoming Webinars
Northeast Region Weekly UpdateApril 19, 2021 I hope this message finds you safe and well. This week there has been a couple of updates to guidance issues under the Restore Illinois Plan. IDPH updated the Places of Worship Guidance. That guidance can be found here. The All Sports Guidance has also been updated and can be found here. Please remember to wear your mask and keep your distance. We’re All In Illinois! Just a reminder, the PPP has been extended to May 31, 2021. DCEO Team RED has set
Tuesday, April 20, 2021How the Latest Retail Sales Figures Just Might Be a Microcosm of the Recovery
INSIGHTS ON DATA POINTS AND ECONOMIC POLICY How the Latest Retail Sales Figures Just Might Be a Microcosm of the Recovery “The future is a hundred thousand threads, but the past is a fabric that can never be rewoven.”—Orson Scott Card, science fiction authorThere have been few clearer signs that things are getting back to normal than March’s retail sales report released last week. In fact, not only have retail sales easily cleared pre-pandemic levels, but they are now up a staggering 17% from that point.As
Tuesday, April 20, 2021Sanfilippo Helps Prepare Summit Students for the Workforce
COVID restrictions prevented Summit School’s students from interning onsite at John B. Sanfilippo & Son, Inc. (JBSS) this school year. It did not, however, prevent the company from continuing its partnership to help prepare students for the world of employment. LaSalle Crosby, an HR Generalist in JBSS’ corporate office, teamed up with Summit School to provide a virtual, four-week intensive employment preparation seminar series for Summit's seniors. Crosby, who is also a part-time adjunct professor at
Monday, April 19, 2021What Households Are Doing With Their Stimulus Payment
What Households Are Doing With Their Stimulus PaymentPeople Appear To Be Spending Less and Saving More By Christine Cooper and Rohit Diwadkar CoStar Analytics Payments authorized under the federal coronavirus relief act in March of last year, a second aid bill in December and stimulus legislation in February sent billions of dollars to households to prop up incomes that had been devastated by job losses. How were these funds spent? Using data from the Survey of Consumer Expectation, researchers at the
Monday, April 19, 2021Lee & Associates Negotiates 45,112 SF Industrial Lease in Elgin, Illinois
Lee & Associates Negotiates 45,112 SF Industrial Lease in Elgin, IllinoisPosted on April 16, 2021 by Kristin Hiller in Illinois, Industrial, Leasing Activity, Lee & Associates, Midwest Hardinge Inc. has leased space from Scannell Properties at 1755 Britannia Drive. ELGIN, ILL. — Lee & Associates has negotiated a 45,112-square-foot industrial lease at 1755 Britannia Drive in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates represented the owner, Scannell Properties. Steve Bass of NAI Hiffman
Friday, April 16, 2021Across the Nation, Apartment Landlords Begin To ‘Inch Out of This Pandemic’
Across the Nation, Apartment Landlords Begin To ‘Inch Out of This Pandemic’Increasing Rent, Occupancy Rates Spark Hope of Multifamily Recovery An apartment building in New York City. (CoStar) By Cara Smith-Tenta CoStar News Some multifamily landlords are becoming more optimistic about a steady recovery from the pandemic as rising rent and occupancy rates in their buildings reflect some of the strongest rental rate growth and rent collection rates nationally in more than a year. Sean Burton, CEO of
Friday, April 16, 2021How to Plan a Seamless Transition Back Into the Office
Prostock-Studio/iStock/Getty Images PlusPRACTICE MANAGEMENT>BUSINESS PLANNING How to Plan a Seamless Transition Back Into the OfficeDiscuss and strategize with your team today to create a smoother tomorrow. Julie Genjac Starting EarlyWith the COVID-19 vaccine distribution underway, financial professionals may soon have the option to safely return to in-person work. Unlike the immediate shift to remote work in the early stages of the pandemic, financial professionals now have the benefit of carefully
Thursday, April 15, 2021How Home Ownership Changed Across the US
How Homeownership Changed Across the USRates Surge After Hitting a Low in 2016 By Rohit Diwadkar CoStar News The homeownership rate has long been a key measure of economic well-being for the country and is monitored closely by policymakers, community planners and homebuilders. After hitting a low in 2016, with 63.4% of households living in owner-occupied housing units, rates have now climbed to more than 66%. The chart below shows homeownership trends across the U.S.; notice the recent jump in the
Thursday, April 15, 2021Retail Market May Be Overbuilt to the Tune of 1 Billion Square Feet
Retail Market May Be Overbuilt to the Tune of 1 Billion Square FeetTo Reach Previous Productivity, Sector Would Need To Subtract More Space Than Was Added in Past Decade While the U.S. has more retail space than warranted by current demand, certain areas and retail properties are still expected to outperform, especially if a strong surge in consumer spending driven by pent-up demand and an abundance of savings gives retail sales a boost. (Getty Images) By Kevin Cody CoStar Advisory Services The
Wednesday, April 14, 2021Illinois Office of Trade and Investment News
Illinois Office of Trade & Investment (OTI) Dear Illinois Exporters, The Office of Trade & Investment (OTI) continues to offer services to Illinois businesses 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. Please see attached list of
Wednesday, April 14, 2021National Real Estate Articles of Interest
Steve Proehl/The Image Bank/Getty ImagesREAL ESTATE>CRE WIRE 13 Must Reads for the CRE Industry Today (Apr. 14, 2021) Foreign institutions are partnering with U.S. companies to buy single-family rentals, reports the Wall Street Journal. The Associated Press looks at the legal and scientific principles for why the CDC is behind the current eviction ban. These are among today’s must reads from around the commercial real estate industry. WMRE Staff That Suburban Home Buyer Could Be a Foreign
Tuesday, April 13, 2021Illinois Commerce Updates
Governor Pritzker Joins Blackhawks and Rockford Officials to Announce $23M BMO Harris Center Capital Renovation The BMO Harris Center - Rockford's largest sports arena and entertainment venue is set for a $23 million, multiyear renovation to the 40-year-old facility. Last week, Governor JB Pritzker joined the Chicago Blackhawks and the city to announce the project and a $13 million Rebuild Illinois capital grant from the state, as well as contributions from local and private sector
Tuesday, April 13, 2021Recovery in the Big Markets Is Catching Up With the Small
Recovery in the Big Markets Is Catching Up With the Small “I didn’t want normal until I didn’t have it anymore.”—Maggie Stiefvater, authorThe U.S. has maintained a 2.5 million vaccine dose per day average for the past two weeks, and the benefits have become immediately apparent. Every state has vaccinated at least 25% of its population, with many states likely to pass 50% in the next few weeks.As the virus goes, so goes the economy, and the Census Bureau's Household Pulse Survey shows just how immediate
Monday, April 12, 2021Latest Rent Payment Data Shows Evidence of ‘Recovering’ Economy, Apartment Group Says
Latest Rent Payment Data Shows Evidence of ‘Recovering’ Economy, Apartment Group SaysThere's ‘Light at the End of the Tunnel,’ Says the National Multifamily Housing Council's President Throughout much of the coronavirus pandemic, around three-fourths of apartment dwellers have made payments toward their rent at the beginning of each month. (Getty Images) By Cara Smith-Tenta CoStar News The latest apartment rent payment data from the Washington, D.C.-based National Multifamily Housing Council offers
Monday, April 12, 2021Restore Illinois Plan
Northeast Region Weekly UpdateApril 10, 2021 I hope this message finds you safe and well. Starting on Monday, April 12th, the State is opening up to universal eligibility for the COVID-19 vaccine for individuals 16 and older. All 101 counties and Suburban Cook County have met the timeline set forth for this goal. Information about vaccine locations and appointments can be found on the coronavirus.illinois.gov website. Residents who don’t have access to or need assistance navigating online services
Friday, April 09, 2021Chick-Fil-A Tops a Survey of Teens, Automakers Extend Plant Shutdowns, Brookfield Gets Healthy Build
Chick-Fil-A Tops a Survey of Teens, Automakers Extend Plant Shutdowns, Brookfield Gets Healthy Building RatingWhat You Need to Know to Start Your Day Chick-fil-A restaurants such as this one that opened in Sandy Springs, Oklahoma, last June was the most popular among teens in a recent survey. (CoStar) By Richard Lawson CoStar News Chick-fil-A Tops Survey of Teens Chick-fil-A is the most popular restaurant among teenagers, according to a survey from Piper Sanders, a major investment bank. In the
Friday, April 09, 2021SBA Economic Relief Overview
DCEO Paycheck Protection Program (PPP) Webinars Please join the Illinois Department of Commerce and Economic Opportunity's Office of Regional Economic Development for a series of webinars to learn more about the US Small Business Administration's Economic Relief Overview of the American Rescue Plan Act. Presentations will offer an update to the Federal Paycheck Protection
Friday, April 09, 2021US Commercial Service Trade Events in Illinois
Illinois Trade Events and Opportunities Below is a list of upcoming international trade events, which our office is organizing or co-sponsoring/supporting. We hope that you will be able to join us for at least one of them. Connect with us on social media @USCommercialSvc for our latest updates and resources. If you have any questions or would like to share helpful resources, please connect with us. We look forward to working with you soon! Due Diligence
Thursday, April 08, 2021US Recovery Marches Slowly Toward Pre-Pandemic Levels
US Recovery Marches Slowly Toward Pre-Pandemic LevelsThirty-Nine States Show Improvement By Christine Cooper and Rohit Diwadkar CoStar Analytics Oxford Economics, an economic forecasting and analysis firm, compiles a number of high-frequency indicators to provide a weekly update on how far the economy is from recovering to pre-pandemic levels. The indicators include credit card spending, restaurant bookings, job postings, new COVID-19 cases and gasoline demand, among others. These are indexed to their
Thursday, April 08, 2021JPMorgan CEO: Remote Work Will ‘Significantly’ Cut Company’s Need for Real Estate
JPMorgan CEO: Remote Work Will ‘Significantly’ Cut Company’s Need for Real EstateNew York Banking Giant Still Plans To Finish Park Avenue Headquarters, Consolidate Up to 14,000 Employees JPMorgan Chase CEO Jamie Dimon said about 10% of his company’s employees will possibly be working from home full time. (Getty Images) By Andria Cheng CoStar News In his closely watched annual shareholder letter, financial giant JPMorgan Chase Chairman and CEO Jamie Dimon said the coronavirus-driven remote working
Wednesday, April 07, 2021Cold Storage Facilities Will Remain “Hot” for 2021 and Beyond
AleksandarGeorgiev/iStock/Getty ImagesREAL ESTATE>INVESTMENT STRATEGIES Cold Storage Facilities Will Remain “Hot” for 2021 and BeyondFactors to consider when planning new cold storage construction. Scott Skala and Jyot Parmar Considering that warehouses and cold storage facilities can be run more efficiently and cheaply than supermarkets, many retailers are eager to embrace the converging trends. However, cold storage facilities are costly to build (and take longer to construct, compared to a dry
Wednesday, April 07, 2021Curaleaf To Expand Reach in Illinois With 10th Retail Store
Curaleaf To Expand Reach in Illinois With 10th Retail StoreCannabis Grower Rebrands Nine Locations Purchased Last Summer for $830 Million Curaleaf Holdings is expanding to a 10th store in Illinois and rebranding the nine it purchased last summer. (Curaleaf) By Jennifer Waters CoStar News Cannabis grower Curaleaf Holdings is set to open a 10th retail store in Illinois this month while it rebrands the nine locations it purchased last summer. Wakefield, Massachusetts-based Curaleaf, a publicly held
Tuesday, April 06, 2021The Recovery Scores Some Easy Wins
The Recovery Scores Some Easy Wins “An anniversary is where you look back at having either fulfilled Cinderella or Lord of the Flies.”– Fernando A. Torres, authorOne year into recession, we should take a step back and take stock of where we stand, and Friday’s jobs report provides a place to start. March showed the largest monthly gain in payrolls since last August, with 916,000 net jobs created (as well as 156,000 additional jobs added to the January and February reports upon revision). The Diffusion
Tuesday, April 06, 2021Biden Unveils Infrastructure Plan, US Hotel Occupancy Holds Steady, Private Payrolls Rise Again
Biden Unveils Infrastructure Plan, US Hotel Occupancy Holds Steady, Private Payrolls Rise AgainWhat You Need to Know to Start Your Day President Biden's infrastructure plans includes money for road construction on an overpass of Interstate 69 in Indiana. By Richard Lawson CoStar News Biden Unveils Full Infrastructure Plan President Biden proposed a $2 trillion infrastructure plan Wednesday that includes more roads, bridges, public transit and ports as well as a half a million charging stations for
Tuesday, April 06, 2021Study finds big drops in apartment rents in Minnesota, Illinois
Study finds big drops in apartment rents in Minnesota, IllinoisDAN RAFTERShare on FacebookShare on TwitterShare on LinkedInShare via email The multifamily market has been especially resilient during the last 12-plus months. But even this sector has been hit in some ways by the COVID-19 pandemic. Just look at a recent study by QuoteWizard showing that the average cost of a one-bedroom apartment has dropped in 15 states since the start of the pandemic. Two of those states are in the Midwest, Minnesota and
Monday, April 05, 2021Up to $28B in Distressed Retail Could Hit the Market in the Next 24 Months
Alexi Rosenfeld/Getty ImagesINVESTMENT STRATEGIES>DISTRESSED Up to $28B in Distressed Retail Could Hit the Market in the Next 24 MonthsSo far, lenders have been open to loan workouts, but that won’t last forever, market sources warn. Patricia Kirk CoStar expects the average vacancy rate for malls across the country to climb by around 3.1 percentage points between the fourth quarter of 2019 and the fourth quarter of 2021, Cody notes. At the same time, the vacancy rate for neighborhood shopping centers
Monday, April 05, 2021Diplomacy in industrial development during the pandemic
Diplomacy in industrial development during the pandemicAJ LATRACEShare on FacebookShare on TwitterShare on LinkedInShare via emailIMAGE VIA PIXABAY Development and construction are challenging businesses even without the added complexities and uncertainties posed by the threat of COVID and its economic fallout, but with so many changes resulting from the virus — such as social distancing measures — it’s caused those in the commercial real estate world to have to adapt. The days of meeting with city
Monday, April 05, 2021Commerce Updates
Ingersoll Machine Tools Launches Major Expansion of Rockford Campus to Make Way for Development of Worlds-Largest Magellan Telescope This week, the DCEO team joined Ingersoll Machine Tools, Inc. in Rockford to break ground on a major expansion of their Illinois campus that will support construction of the new Giant Magellan Telescope Mount (GMTM). These new investments will not only give way to state-of-the-art technology, it will also create 75 new jobs while adding an
Monday, April 05, 2021Logistics Trade and Compliance News from BDG International
About Us Logistics Trade and Compliance News April 2021BDG International Inc. always keeps you updated with the latest trade and compliance news.READ MORE Trending News Important Ramifications for ‘First Sale’ Use and Customs Duty Liability The first Sale has been a very common way out for the people to reduce the customs duty liability on the goods which are being imported to the United States. U.S. Court of International Trade, therefore, issued... READ
Tuesday, March 30, 2021DCEO Northeast Region Weekly Update
Northeast Region Weekly UpdateMarch 30, 2021 This week, the SBA has released more information on their programs including announcing that the Shuttered Venue Operator Grant program will begin accepting applications on April 8, 2021. With the passage and signing of the American Rescue Plan, additional programs and funding will be forthcoming to assist with the economic impact of this pandemic. Please be patient while we and other agencies work through the implementation of this plan. We will provide
Friday, March 26, 2021Biden Begins Infrastructure Pitch, Office Use Holds Steady, Olive Garden Sales Extend Slide
Biden Begins Infrastructure Pitch, Office Use Holds Steady, Olive Garden Sales Extend SlideWhat You Need to Know to Start Your Day President Biden's first press conference included the beginning of his pitch for a multitrillion-dollar infrastructure proposal. (White House) By Richard Lawson CoStar News Biden Begins Infrastructure Pitch Investing in improving the country’s infrastructure could mean not only more jobs for Americans but also better economic development opportunities for cities and
Friday, March 26, 202120% of Corporate Executives Say They Plan to Reduce Office Space
Thomas Barwick/Stone/Getty ImagesPROPERTY TYPES>OFFICE 20% of Corporate Executives Say They Plan to Reduce Office SpaceAnother 72 percent of executives surveyed by the American Institute of CPAs said they didn’t plan to downsize. Bloomberg Businesses planning to shrink their commercial real estate footprint by 10% to 24% over the next 12 months saw the most significant change among those surveyed, according to the report released Thursday.(Bloomberg)—More than one-in-five company executives expect a
Thursday, March 25, 2021US Retail Sales Hit Speed Bump in February, Should Recover in March
US Retail Sales Hit Speed Bump in February, Should Recover in MarchFebruary Retail Sales Fell in Every Category From the Month Before By Rohit Diwadkar and Christine Cooper CoStar News The U.S. experienced a pullback in retail sales in February after that huge spike in January sales fueled by $600 fiscal relief payments. But the retreat in February was far greater than anyone expected. Retail sales fell by 3% over January, according to the Census Bureau. That was after the January numbers had been
Thursday, March 25, 2021Here’s How the Pandemic Is Changing ‘Act of God’ Clauses in Real Estate Contracts
Here’s How the Pandemic Is Changing ‘Act of God’ Clauses in Real Estate ContractsSome Judges Side With Landlords, Refuse To Excuse Tenants From Paying Rent The coronavirus outbreak caused the shut down of retail businesses and restaurants, prompting owners and landlords to try to change their lease terms to include losses from a pandemic. (Getty) By Randyl Drummer CoStar News Attorney Zach Allen had never in his 20 years of practicing real estate law seen the possibility of a pandemic or epidemic
Wednesday, March 24, 2021Caesars Sues Property Insurance Carriers for More Than $2 Billion in Pandemic Losses
Caesars Sues Property Insurance Carriers for More Than $2 Billion in Pandemic LossesGaming Giant Could Face Uphill Fight as Judges Side With Insurers in Early Cases Caesars Entertainment Inc., which owns Caesars Palace in Las Vegas, sued 36 of its insurers. (CoStar) By Randyl Drummer CoStar News A $2 billion lawsuit by gaming industry giant Caesars Entertainment Inc. is the latest action by hospitality and gaming companies against insurance providers that have refused to cover losses from months of
Wednesday, March 24, 2021COVID-19 Relief Throws a Lifeline to Renters and Small Landlords
OLIVIER DOULIERY/AFP/Getty ImagesPROPERTY TYPES>MULTIFAMILY COVID-19 Relief Throws a Lifeline to Renters and Small LandlordsBetween direct payments and renter aid, the American Rescue Plan Act is providing a needed boost to struggling apartment dwellers and landlords. Bendix Anderson Congress threw these renters and their landlords a lifeline with the $1.9 trillion American Rescue Plan Act, signed by President Biden earlier this month—and that is in addition to help already included in the last
Tuesday, March 23, 2021Commerce Weekly Update
Northeast Region Weekly UpdateMarch 22, 2021 Last week, Governor Pritzker and Illinois Department of Public Health (IDPH) Director Dr. Ngozi Ezike announced a metrics-based, vaccination-informed framework for Illinois to advance to Phase 5 of the state's Restore Illinois Plan, our new normal. In recognition of an increasing national vaccine supply and the state now averaging 100,000 vaccine administrations per day, Governor Pritzker also announced that all Illinois residents age 16+ will be eligible for
Tuesday, March 23, 2021What to Make of This New Fork in the Road to Recovery
What to Make of This New Fork in the Road to Recovery “Straight roads do not make skillful drivers.”— Paulo Coelho, novelistThe disproportionate economic impact of the pandemic on different industries has been the story for the economy over the past year, and one we’ve discussed many times, whether for impact under the hood in labor markets or under the hood for inflation.But it’s not only under the hood that we’re seeing these massive shifts, as two important data points released last week continue to
Tuesday, March 23, 2021Pandemic Shakes Up Company Dining Spaces
Pandemic Shakes Up Company Dining SpacesAs Workers Return, Office Eateries Focus on Moving Faster and More Hands-Free Ahead of workers' return to offices, property managers are already moving dining areas outdoors and spacing out the tables, while a bigger transformation awaits indoor diners. (Cultura) By Lou Hirsh CoStar News Plastic cafeteria trays and sneeze-guarded salad bars are fast approaching extinction in corporate dining spaces. Thanks to the pandemic, the future of dining at the office
Monday, March 22, 2021The Lost Year: How COVID-19 Has Altered the Hotel Industry
The Lost Year: How COVID-19 Has Altered the Hotel IndustryHoteliers Grapple With Human Consequences As Millions Remain Unemployed Workers wearing protective masks stand behind plastic barriers at the front desk of a hotel in Fort Lauderdale, Florida, on June 25, 2020. (Bloomberg/Getty Images) By Sean McCracken Hotel News Now At the outset of the COVID-19 pandemic, few hoteliers really understood the width and breadth of the crisis. In an industry that has proved cyclical in the past, many were
Monday, March 22, 2021Internal Revenue Service Webinar for Co-Vid Tax Relief for Employers and the Economic Impact Payment
Subject: Internal Revenue Service Webinar for Co-Vid Tax Relief for Employers and the Economic Impact Payments and Recovery Rebate Credit. Dear Illinois Partners: The Internal Revenue Service and the Illinois Department of Commerce and Economic Opportunity will present a webinar discussing Co-Vid Tax Relief for Employers and the Economic Impact Payments and Recovery Rebate Credit. This webinar is intended to provide information to business owners and tax preparers alike. There will be
Tuesday, February 16, 2021Illinois Set to Enact New Law Limiting Criminal Convictions in Employment Decisions
Illinois has long limited employers from considering the criminal history of an applicant or employee in making employment decisions. The Illinois Human Rights Act prohibits employers from considering an employee’s arrest history, for example. In recent years, Illinois’ “Ban the Box” law disallows employers from asking about criminal convictions prior to a job offer or before a candidate is selected for an interview and, therefore, assumed to be otherwise qualified for the position in question. Now,
Monday, January 18, 2021Telemedicine Appointments Can Be Used To Establish Serious Health Conditions Under the FMLA
Recent guidance from the U.S. Department of Labor (DOL) reiterates that the DOL will allow telemedicine visits—generally speaking, health care appointments held via video conference—to qualify as in-person visits to a health care provider under certain circumstances. As our readers know, the FMLA provides certain employees up to 12 workweeks of leave for, among other things, a “serious health condition.” An employee can show the existence of a serious health condition by several methods that include
Wednesday, May 06, 2020CHASE 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
