News

U.S. Commercial Service 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

2020 Sets New Record As Retailers Announce Plans to Close More Than 11,100 Stores

2020 Sets New Record As Retailers Announce Plans to Close More Than 11,100 StoresSome Markets Appear Better Positioned to Weather Fallout From Contracting Retailers Than Others By Kevin Cody and Robin Trantham CoStar Advisory Services  With the traditional holiday shopping season upon us, retailers across the country are holding out hope for a surge in shoppers. Notably, October retail sales came in nearly 5% above pre-pandemic levels and 5.7% above sales levels in October of 2019. And while the

The PB NewsBlog

The PB NewsBlog: Dec. 3, 2020Welcome to the weekly roll-up of the Porte Brown NewsBlog. Want to skip this summary? Go directly to NewsBlog now >>   Questions?     ExitSmarts™ Webinar #4: Maximize & Protect Business Value – Business Value Drivers    Join Porte Brown on Thurs., Dec. 17th for our fourth ExitSmarts webinar, "Maximize & Protect Business Value - Business Value Drivers." This webinar is a continuation of the ExitSmarts: Exit Planning for Main

Rollout of Pop-Up COVID-19 Testing Centers

Rollout of Pop-Up COVID-19 Testing Centers Accelerates Across USFirms Strike More Deals With Malls, Shopping Areas for Parking Lot Locations Mobile Health Solutions’ testing centers are made from former shipping containers. They are designed to occupy two to three spaces in a parking lot. (R.J. Brunelli & Co.) By Linda Moss CoStar News  A new type of retail tenant, COVID-19 rapid testing sites, is increasingly setting up shop in mall parking lots across the nation as the virus surges

The Hotel Sector Prepares for a Long Winter

ALTERNATIVE PROPERTIES>HOTEL  The Hotel Sector Prepares for a Long Winter   With distribution of working vaccines on the horizon, a recovery for the sector should take shape throughout 2021. Bendix Anderson | Dec 02, 2020   As doctors diagnose tens of thousands of new COVID-19 cases every day and hospitalizations in the U.S. hit new highs, local governments are setting new restrictions on travel and business. That means more empty hotel rooms for operators that were still only just starting to

10 Popular Building Types Adapted into Apartments

10 Popular Building Types Adapted into Apartments   A report from RentCafé looks at which types of properties developers have most often repurposed as apartments. Around 2,000 old buildings in the U.S. have been converted into apartments over the past 70 years, with 778 of those conversions taking place in the last decade, according to a new report from RENTCafé. That figure represents an all-time high for multifamily conversions. Discover Now

Office-Using Jobs Are Returning

Though Offices Still Sit Largely Empty, Office-Using Jobs Are ReturningTourism Cities, Predictably, Are Well Behind Other Major Markets Austin, Texas, has stood out with office-using employment nearly 5% above its pre-coronavirus peak, by far the top mark in the country. (Getty Images) By David Kahn and Sam Tenenbaum CoStar Analytics  Some of the strongest sectors for employment growth nationally in October were the office-using professional and business services, financial activities and

Pritzker Administration Launches Two New Homebuyer Assistance Programs

Student Loan Repayment and Down Payment Programs Help Overcome Barriers to Homeownership CHICAGO – Today, Governor JB Pritzker announced the creation of two new programs designed to help bring additional assistance to working class families and underrepresented communities of color across the State of Illinois. Offered by the Illinois Housing Development Authority (IHDA), the SmartBuy and Opening Doors programs were designed to aid communities of color, which have historically endured many barriers in

Commercial Construction Industry Braces for Turbulent Year

Commercial Construction Industry Braces for Turbulent Year As Pandemic SurgesPent-Up Demand Could Bring Another Construction Boom in 2022 Construction and redesign of large-scale projects such as hotels, airports and convention centers could lead the way for billions of dollars of new construction starting in 2022. (Getty Images) By Randyl Drummer CoStar News  Some contractors are betting that if they can hang on through the pain of the pandemic for the next year, they could be in store for the kind

Six Commercal Real Estate Articles for Today

monkeybusinessimages/iStock/Getty ImagesNREI WIRE  Six Must Reads for the CRE Industry Today   Retailers are increasingly experimenting with using stores as fulfillment centers, reports The New York Times. The outlook for CMBS issuance volume brightens, according to Commercial Property Executive. These are among today’s must reads from around the commercial real estate industry. NREI Staff  As Holidays Move Online, So Does the Holiday Shopping Season “Early last month, two Macy’s stores, in Delaware

Best Buy Boosted By Online Sales, Consumer Confidence Drops, Deal for Justice Closes

Best Buy Boosted By Online Sales, Consumer Confidence Drops, Deal for Justice ClosesWhat You Need to Know to Start Your Day Best Buy had another strong quarter for earnings. (CoStar) By Richard Lawson CoStar News Best Buy Boosted By Online Online sales gave electronics retailer Best Buy another big quarterly boost. Domestic-only revenue came in at $3.82 billion during the quarter that ended Oct. 31, 173.7% higher than the same period last year. That represented about 35% of $10.85 billion in

Americans Are Saving More

 Americans Are Saving More. That — and a Vaccine — Could Fuel a Recovery. “Patience is bitter, but its fruit is sweet.”-Jean-Jacques Rousseau, philosopherLast week, we discussed the complicated short-term versus medium-term scenario the U.S. economy is facing. With optimistic vaccine news, likely accelerating the timeline compared to prior expectations, the key now is simply getting to that point. The bull case for growth over the next 12 months is easy: The vaccines seem on track to deliver and be widely

Eight Must Reads for the CRE Industry Today (Nov. 24, 2020)

Victor J. Blue/Stringer/Getty ImagesNREI WIRE  Eight Must Reads for the CRE Industry Today (Nov. 24, 2020)   Regal Entertainment Group will be able to avoid a bankruptcy filing for now, reports the Wall Street Journal. The Real Deal looks at malls that could go back to their CMBS lenders. These are among today’s must reads from around the commercial real estate industry. NREI Staff  Holiday Shoppers Flock to Malls Amid Coronavirus Surge “Americans visited malls this weekend saying they wanted to do

First Woman May Lead Treasury

First Woman May Lead Treasury, Online Retail Could Reach a First, European Hotels Hit by Pandemic SurgeWhat You Need to Know to Start Your Day Janet Yellen speaking to the press after a Federal Reserve Bank meeting in September 2017. (Federal Reserve Bank) By Richard Lawson CoStar NewsFirst Woman May Lead Treasury   President-elect Joe Biden reportedly will nominate Janet Yellen, former Federal Reserve Bank chair, as Treasury secretary. If confirmed, Yellen would be the first woman to lead the

The Children’s Place to Close 80 Stores in January

The Children’s Place to Close 80 Stores in JanuaryMove Marks Next Stage of Accelerated Plan to Reduce Brick-and-Mortar Footprint The Children's Place said its digital initiatives and store closings position it well for the pandemic. (Getty Images) By Linda Moss CoStar News  The Children's Place, the nation's biggest pure-play kids apparel retailer, plans to complete the remainder of its fiscal 2020 store closures in January, shutting about 80 brick-and-mortar sites after the holiday

Williams-Sonoma Parent Company Plans Lease Renegotiations, Store Closures

Williams-Sonoma Parent Company Plans Lease Renegotiations, Store ClosuresHome Furnishings Retailer Prepares for Future With 'Fewer, Better, More Profitable Stores' The San Francisco-based parent company for William-Sonoma reported an almost 50% spike in online sales in the third quarter. (CoStar) By Katie Burke CoStar News  The parent company behind brands including Williams-Sonoma and Pottery Barn may have built its reputation on in-store cooking demonstrations and Martha Stewart-worthy displays.

Macy’s Changes Two Stores to Fulfillment Centers

Macy’s Changes Two Stores to Fulfillment Centers as Online Sales JumpMall Staple Attributes Quarterly Loss to Reduced Foot Traffic at Major Downtown Flagships Macy’s reported a third-quarter sales decline of 23% compared to a year earlier. (Getty Images) By Jennifer Waters CoStar News  Macy’s, one of the most ubiquitous anchors in U.S. shopping centers and malls, posted a third straight quarterly loss as the pandemic keeps shoppers out of its downtown flagship department stores. As part of a

Federal Agency Requires Fannie, Freddie to Steer More Loans to Affordable Housing

Federal Agency Requires Fannie, Freddie to Steer More Loans to Affordable HousingCaps for 2021 Reduce Mortgage Companies’ Combined Lending Capacity to $140 Billion The Federal Housing Finance Agency issued new lending caps for Fannie Mae and Freddie Mac. (iStock) By Mark Heschmeyer CoStar News  The Federal Housing Finance Agency, in its role as overseer of Fannie Mae and Freddie Mac, has cut the total amount of multifamily lending the two can complete next year. At the same time, the FHFA is

Illinois Department of Commerce Opportunities

    State of Illinois Kicks Off Digital Equity Program With $750K Investment in Grants    This week Governor Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced a new $750K investment in Digital Equity and Inclusion grants across three programs to address gaps in digital access, adoption, and affordability of high- speed internet access throughout Illinois. The grants will bridge the digital divide and help communities identify and address existing

HomeGoods Owner Shifts Strategy

HomeGoods Owner Shifts Strategy, Launching E-Commerce Platform as Buying Habits ChangeTJX Plans to Add HomeGoods.com As More Lockdowns Loom TJX Cos. plans to launch an e-commerce platform for its HomeGoods division next year. (Getty Images) By Marissa Luck CoStar News  TJX Cos. is reversing itself after months of resisting an e-commerce expansion, now saying it plans to launch an online platform for its furniture and household division HomeGoods next year as the pandemic shifts the willingness of

Growing Number of Landlords Are Offering Restaurants Percentage-Only Rent

Alexi Rosenfeld/Getty Images Entertainment/Getty Images  RETAIL  Growing Number of Landlords Are Offering Restaurants Percentage-Only Rent   That might still not be enough to save many smaller operators. John Egan   The survey found that 87 percent of New York City’s restaurants, bars and nightlife venues couldn’t pay their full rent in August. The culprit, of course, is pandemic restrictions imposed on these businesses.A recent survey by the NYC Hospitality Alliance helps illustrate the dire

Kane County Business Grant Program ''Round Two'' Now Accepting Applications

Kane County Business Grant Program "Round Two" Now Accepting Applications  Kane County is now accepting grant applications from local businesses in need of financial assistance due to the COVID-19 pandemic. Today they launched “Round Two” of the county’s Business Grant Program.  The Kane County Board appropriated $5 million for this initiative from its Coronavirus Relief Fund. Eligible businesses may apply for up to $25,000 to cover certain expenses from 3/1/2020 to 12/30/2020. (Businesses

12 Real Estate Articles for Today

BackyardProduction/iStock/Getty ImagesNREI WIRE  12 Must Reads for the CRE Industry Today (Nov. 18, 2020)   The PPP funds were not enough to save hundreds of companies from going out of business, reports the Wall Street Journal. Central banks might be looking at yield curve control, according to Reuters. These are among today’s must reads from around the commercial real estate industry. NREI Staff    Negative Rate Risk, QE Overload May Push Central Banks Towards Yield Caps “Central banks are delving

Amazon Online Pharmacy Stakes Claim on Walgreens, CVS Brick-and-Mortar Turf

Amazon Online Pharmacy Stakes Claim on Walgreens, CVS Brick-and-Mortar TurfE-Commerce Giant Looks to Take Market Share from Drugstore Chains, Big-Box Retailers Amazon Pharmacy, which will dispense medications through home delivery, officially rolled out Tuesday. (Amazon) By Clare Kennedy and Jennifer Waters CoStar News  E-retailer Amazon has already shaken up the retail trade for books, consumer goods and groceries. Now, it is stepping up its aggressive push into a new frontier: the $4 trillion

PNC to Buy BBVA USA

PNC to Buy BBVA USA for $11.6 Billion in Move Toward Sun Belt Banking ExpansionMerger Creates Fifth-Largest US Financial Institution, With Branches Coast to Coast PNC Financial Services Group, based in Pittsburgh, plans to expand across the Sun Belt by acquiring BBVA USA Bancshares. (Getty Images) By Mark Heschmeyer CoStar News  PNC Financial Services Group agreed to buy Spanish financial company BBVA's U.S. business for $11.6 billion, making Pittsburgh-based PNC the fifth-largest U.S. bank by

Dealing With the Pandemic’s Fire Before the Phoenix Rises

Dealing With the Pandemic’s Fire Before the Phoenix Rises "And some phoenix may rise from these ashes, but the fire comes first."-Ben Abraham, singer and songwriterThis may have been one of the most challenging columns to write in the short history of CoStar Economy. And we’re not sure they’re going to get much easier over the next few months.One can always find reasons to be optimistic or pessimistic in any economic outlook at almost any stage of expansion or recession. But we find ourselves in a very rare

CEOs Prepare to Adapt to Business Travel Changes

CEOs Prepare to Adapt to Business Travel ChangesFace-to-Face Meetings Likely to Decline (Photo illustration Getty Images) By Danielle Hess Hotel News Now  Corporate meetings and other forms of business travel will return at some point, but hotel CEOs are prepared for changes in that sector. During the “CEOs’ think tank” session of the 42nd Annual New York University International Hospitality Industry Investment Conference webinar series, Jim Alderman, CEO for the Americas at Radisson Hotel Group,

Tier 3 Resurgence Mitigations Take Effect Friday

Tier 3 Resurgence Mitigations  Public Health Officials Announce Tier Three Resurgence Mitigations to Take Effect Statewide on Friday Following Sharp Increase in COVID-19 Cases  With a new wave of COVID-19 surging across the state of Illinois, the Midwest and the nation, Governor JB Pritzker and the Illinois Department of Public Health (IDPH) today announced additional COVID-19 resurgence mitigations will take effect in every region across the state in an attempt to slow the spread of the virus. Tier

State and Local Referendums Approved, Office Use Drops as Cases Increase, New Jobless Claims Drop

State and Local Referendums Approved, Office Use Drops as Cases Increase, New Jobless Claims DropWhat You Need to Know to Start Your Day In many states across the country, voters also faced state and local measures to raise taxes or approve transit plans. (Phil Roeder/Flickr) By Richard Lawson CoStar News State and Local Referendums Approved   While the country focused on the presidential election results, voters across the country decided on state and local initiative that could have implications

Bidding Wars Underway for Last Mile Industrial Assets

INDUSTRIAL  Bidding Wars Underway for Last Mile Industrial Assets   All types of real estate investors are chasing the most stable commercial property type. Patrick Hardy “A range of institutional investors and REITs have continued to be active (in the industrial sector) since the pandemic began, with most top buyers closing deals in multiple months,” says Indianapolis-based Jason Tolliver, managing director of investor services at real estate services firm Cushman & Wakefield.Boosted by the

Kane County's Long-Range Transportation Plan Welcoming Comments

PUBLIC COMMENT DEADLINE NOV. 18 FOR KDOT 2050 LONG-RANGE TRANSPORTATION PLANkanecountyconnects / November 12, 2020 / Comments Offon Public Comment Deadline Nov. 18 For KDOT 2050 Long-Range Transportation Plan / Communities, Consumers, Education, Events, Government, Public Safety, Public Service, Quality of Life, Transportation Kane County has completed a draft of the 2050 Long Range Transportation Plan and is soliciting comments from the public. Go to the 2050 Plan page

American Companies Are Stockpiling Cash Before Covid Winter Hits

Spencer Platt/Getty ImagesFINANCE & INVESTMENT>INVESTMENTAmerican Companies Are Stockpiling Cash Before Covid Winter HitsThere will likely be more companies tapping credit markets amid record low borrowing costs. Bloomberg  With the coronavirus surging anew across the nation, two prominent companies in the stricken travel industry -- American Airlines Group Inc. and Carnival Corp. -- outlined plans Tuesday to sell stock. Meantime, in the junk bond market, corporations with weak credit ratings are hurrying

Office Demand in Downtown Chicago Is Greatly Outperforming the Suburbs

Office Demand in Downtown Chicago Is Greatly Outperforming the SuburbsBut Similar to Recent Multifamily Trends, Public Health Crisis Could Nudge Tenants Outside the City By Denes Juhasz Market Analysts  Chicago office space largely sat idle in the third quarter as more than 75% of Chicago’s office-using employees remained working from home. But though the coronavirus pandemic has shifted many trends, one thing it hasn’t affected is the bifurcation of demand between the central business district and the

Newest ComEd Program Provides Bill Assistance to Struggling Small Businesses During Pandemic

Newest ComEd Program Provides Bill Assistance to Struggling Small Businesses During PandemicSmall-Business Assistance Programs offers one-time grants and flexible payment options CHICAGO (Nov. 11, 2020) – With many restaurants, bars, retailers and other small businesses across northern Illinois struggling to stay open during the COVID-19 pandemic, ComEd today announced a new bill-assistance program to help eligible small businesses facing financial difficulties. “Small and family-owned businesses are the

Ulta Shops to Be Placed in Target Stores

Ulta Shops to Be Placed in Target Stores, a Brick-and-Mortar Turn for an Increasingly Digital IndustryLong-Term Partnership to Begin With 100 Locations Adjacent to Existing Beauty Sections in Early 2021 Ulta Beauty plans to open shops in 100 Target stores at the beginning of 2021. (Ulta Beauty) By Jennifer Waters CoStar News  Ulta Beauty is expanding its consumer reach by opening a shop-within-a-shop in Target stores, a more permanent take on pop-up merchandising that retailers have adopted in

Government Watchdog Calls for Improved Oversight of Opportunity Zones

Government Watchdog Calls for Improved Oversight of Opportunity ZonesSupporters Seek Better Tracking of New Businesses, Jobs in Economically Distressed Areas The Internal Revenue Service currently administers and collects limited data on opportunity zone investments. (iStock) By Mark Heschmeyer CoStar News  Whether the Trump administration’s opportunity zones program is working is anybody’s guess because there has been little to no oversight in collecting data to analyze results, according to a new

Largest US Mall Owner Loses $270 Million by Granting Rent Abatements in Pandemic

Simon Misses Earnings Expectations but Says Worst Could Be OverLargest US Mall Owner Loses $270 Million by Granting Rent Abatements in Pandemic Simon Property Group owns 204 shopping centers and malls across the United States, including Del Amo Fashion Center in Torrance, California. (CoStar) By Jennifer Waters CoStar News  Simon Property Group, among the country's largest and most prosperous real estate investment trusts, found it was not immune to the pandemic's financial fallout as the retail

US Office Demand Plummets

US Office Demand PlummetsLosses Surpass Those During the Great Recession As Tenants Shed Space at a Record Clip Uncertainty over the pandemic's course, resulting economic stress and the success of working from home have many office occupiers in space-reduction mode. (Getty Images) By Michael Roessle CoStar Analytics  Office demand in the U.S. has fallen to its lowest level in nearly 20 years as tenants shed space at a rate never seen before and the accumulated losses have now eclipsed the total from

Nine Economic Development Articles

Igor Kutyaev/iStock/Getty ImagesNREI WIRE  Nine Must Reads for the CRE Industry Today (Nov. 10, 2020)   Real estate company stocks were among those that benefitted from the market rally on Monday, reports the Wall Street Journal. The U.S. Chamber of Commerce is holding out hope for a Biden-led infrastructure bill, according to the Associated Press. These are among today’s must reads from around the commercial real estate industry. NREI Staff | Nov 09, 2020   Real Estate Stocks Soar on Hopes Vaccine

Illinois Department of Commerce Happenings

    DCEO Joins Community Organizations to Boost Minority-Owned Business Applications for BIG Grants        Today the Illinois Department of Commerce and Economic Opportunity (DCEO), joined community partners The Resurrection Project, the Illinois Business Immigration Coalition (IBIC), The Chicago Urban League, the Greater Auburn-Gresham Development Corpand recent Business Interruption Grant (BIG) awardee Brew Brew Coffee & Tea in Avondale to urge minority-owned small businesses to apply.

Walmart’s Experiments With Combining Stores, Warehouses Could Change Industry

Walmart’s Experiments With Combining Stores, Warehouses Could Change IndustryChain to Use Locations for Real-Time Property Use Testing Walmart is repurposing four stores as experimental locations for training employees on how to better meet the growing demands of digital shopping. (Walmart) By Jennifer Waters CoStar News  As online shopping surges in the pandemic, Walmart is launching test stores to try new ways technology and physical enhancements might speed customer service. First up is the

Additional COVID-19 Resurgence Mitigations to Take Effect on Wednesday

Additional COVID-19 Resurgence Mitigations to Take Effect on Nov 11Three Regions Advance to Tier 2 Mitigations as Rolling Positivity Rates Continues to Steadily Increase  Gov. Pritzker and the Illinois Department of Public Health (IDPH) are announcing additional COVID-19 mitigation efforts that will be implemented in Region 5 (Southern Illinois), Region 7 (Will and Kankakee counties), and Region 8 (Kane and DuPage counties), beginning at 12:01 a.m. on Wednesday, November 11, 2020. These regions are

Fed Stays in Holding Pattern with Rates and Asset Purchases Unchanged

Copyright Chip Somodevilla, Getty ImagesFINANCE & INVESTMENT>INVESTMENTFed Stays in Holding Pattern with Rates and Asset Purchases Unchanged   The Fed kept the federal funds target rate at zero to 0.25 percent range, where it has been since March. Bloomberg   “Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year,” the Federal Open Market Committee said in a statement Thursday following a two-day meeting, largely repeating language

The Right Way to Handle Tenant Relief Requests

   Marcus Lindstrom/iStock/Getty ImagesREAL ESTATE SERVICES>PROPERTY MANAGEMENTThe Right Way to Handle Tenant Relief RequestsThis is how commercial landlords can maintain revenues in the face of appeals for rent relief, bankruptcies and other COVID-19 pressures. Mark Leverette   Government has thus far not been much help in this regard. Other than the convoluted Paycheck Protection Program, or PPP, there has been little action on the federal level to help landlords or tenants. State and local support

Randall Over 90 Update Sept 15

     Randall Over 90 UpdateThe Kane County Division of Transportation (KDOT) has been coordinating with the Illinois Department of Transportation (IDOT) and the Federal Highway Administration (FHWA) during the Randall Over 90 study.  One new development from this coordination: All parties agree that the project can benefit from a transition from a feasibility study to a Planning and Environmental Linkage (PEL) strategy.    FHWA developed the PEL

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,