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National Commercial Real Estate News

Thomas Barwick/Stone/Getty ImagesNREI WIRE  12 Must Reads for the CRE Industry Today (Sept. 18, 2020)   While U.S. stores and factories are getting back to normal occupancy, offices are lagging, reports the Wall Street Journal. Election-induced volatility may give the dollar a reprieve from its months-long decline, according to Reuters. These are among today’s must reads from around the commercial real estate industry. NREI Staff  America’s Offices Sit Half-Empty Six Months Into the Covid-19

More Closed Businesses, New Jobless Claims Persist

More Closed Businesses, New Jobless Claims Persist, Home Office Dwellers Boost Herman MillerWhat You Need to Know to Start Your Day Restaurants are trying to do what they can to stay in business, but Yelp data shows they are among the top of permanently closed business. (Getty Images) By Richard Lawson CoStar News  Increased Business Closings Nearly 98,000 businesses on the online review website Yelp have permanently closed because of the coronavirus pandemic, the company reports. In all, 163,735

Fed Signals It Will Not Raise Rates for Three More Years

Fed Signals It Will Not Raise Rates for Three More YearsVows to Keep Rates Low for Longer Under Its New Flexible Inflation Targeting Regime Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a virtual news conference on Wednesday. (Daniel Acker/Bloomberg via Getty Images) By Galina Alexeenko CoStar AnalyticsSeptember 16, 2020 | 5:26 P.M. At the conclusion of the regularly scheduled meeting of its Open Market Committee, the Federal Reserve confirmed its decision to keep the target

Apartment Owners Are Getting Slower and Lower Rent Payments

Apartment Owners Are Getting Slower and Lower Rent PaymentsData Executive Characterizes Deterioration as ‘Slog’ Rather Than Collapse Rent collection is softening in Miami, according to the National Multifamily Housing Council. (iStock) By John Doherty CoStar News  Apartment rent collections during the coronavirus pandemic are unfolding as a deterioration rather than a collapse that some industry executives expect to keep worsening in coming months. The National Multifamily Housing Council said

Mall of America Is Facing a Complicated Debt Situation. But It Might Be Too Big to Fail

Owen Franken/Corbis/Getty ImagesRETAIL  Mall of America Is Facing a Complicated Debt Situation. But It Might Be Too Big to Fail.   The mall’s owners entered into an agreement with lenders to avoid foreclosure. Now what? Liz Wolf    While the mega-mall has gradually been reopening since June, foot traffic is down and the owners are grappling to collect rent from retailers, restaurants and entertainment venues at the property. Entertainment concepts at the Mall of America include the indoor

Jos. A Bank Stores Bear Brunt of Rejected Leases

Jos. A Bank Stores Bear Brunt of Rejected Leases in Tailored Brands Property FalloutChallenges of Merger of Men's Wearhouse and Jos. A. Bank Still Seen, Analysts Say A Jos. A. Bank at 2300 Sir Barton way in Lexington, Kentucky, where the retailer's parent company is asking the court to reject its lease as part of the Chapter 11 bankruptcy protection process. (CoStar) By Marissa Luck CoStar News  The majority of stores that Tailored Brands plans to close as part of the Chapter 11 bankruptcy process

Top Commercial Real Estate News for Today

Nes/iStock/Getty ImagesNREI WIRE  11 Must Reads for the CRE Industry TodayThe Wall Street Journal goes inside a New Mexico nursing home where residents and the providers who care for them struggle with the effects of the virus. House Democrats will forgo recess to close a deal with Republicans on a new coronavirus aid bill, reports Reuters. These are among today’s must reads from around the commercial real estate industry. NREI Staff Inside a Nursing Home Devoted to Treating Those With Covid-19 “In a New

Walmart's Drone Delivery Test Challenges Amazon

Walmart's Drone Delivery Test Challenges Amazon in Race for Quicker ServiceAmazon Got Approval for a Similar Program Last Month One of Walmart’s partners, an Israeli drone company called Flytrex, tested delivery drones in North Dakota and in Iceland. (Walmart) By Clare Kennedy and Jennifer Waters CoStar News  The battle of the delivery drones has officially begun: Amazon took a shot last month and now Walmart is firing back in kind. Walmart, the world's largest brick-and-mortar retailer, announced

Gauging the Threat of Evictions

Gauging the Threat of Evictions “When you get to the end of your rope, tie a knot and hang on.”-Franklin Delano RooseveltA couple weeks back, we noted the loss of the valuable Household Pulse Survey, authorized by Congress for the Census Bureau to measure, in detail, household conditions during the pandemic. The survey was funded through the Coronavirus Aid, Relief, and Economic Security Act, and that funding lapsed at the end of July. We are happy to report that, after a six-week hiatus, the survey is

Gov. Pritzker Announces $245 Million in Grants for Businesses and Communities Impacted by COVID-19 and Civil Unrest

Gov. Pritzker Announces $245 Million in Grants for Businesses and Communities Impacted by COVID-19 and Civil Unrest$220 Million Available for Business Owners through Second Round of the Business Interruption Grants; $25 Million Available for Communities through the Rebuild Distressed Communities Program. CHICAGO — Governor JB Pritzker joined the Illinois Department of Commerce and Economic Opportunity (DCEO) today in the Bronzeville community to announce the latest in a series of grants made available for

Interesting Commercial Real Estate Articles

NREI WIRENine Must Reads for the CRE Industry Today   The prospect of a coronavirus relief package deal is getting worse by the day, reports Politico. San Francisco will allow indoor hair and nail salons, gyms and hotels to open on Monday, according to the San Francisco Chronicle. These are among today’s must reads from around the commercial real estate industry. NREI Staff    150 Big Businesses Warn Mayor of ‘Widespread Anxiety’ Over N.Y.C.’s Future “Leaders of companies like Goldman Sachs and

Commerce-Illinois

    Governor Pritzker and DCEO Announce New $16.6 Million Investment to Connect Illinoisans to 1,300 Positions Related to COVID-19 Response        This week, Governor Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced a new $16.6 million investment to expand job opportunities for Illinoisans who have become unemployed as a result of or during the COVID-19 pandemic. Through two new grants received from the U.S. Department of Labor, the State of Illinois

Commercial Lending on the Rise

Commercial Lending Is on the Rise. So Are Delinquencies.Troubled Loan Totals Climb Fastest on Investor-Backed Properties By Rohit Diwadkar and Mark Heschmeyer CoStar NewsSeptember 10, 2020 | 1:54 P.M. The value of loans backing commercial real estate has never been higher. But since the the pandemic reached U.S. shores early this year, the ability of companies to pay back that debt has become more difficult. Many have been starved for revenue as efforts to contain the coronavirus force businesses to

News Releases: 9/11/2020

Spencer Platt/Getty ImagesNREI WIRE15 Must Reads for the CRE Industry Today (Sept. 11, 2020)   Century 21 filed for Chapter 11 bankruptcy and plans to close all of its stores, reports Business Insider. Employees who work at multiple nursing home facilities are thought to be behind some of the continuing COVID-19 spread, according to The New York Times. These are among today’s must reads from around the commercial real estate industry. NREI Staff   NYC Fitness Studio Owners Sue de Blasio for Continuing

Gov. Pritzker Announces $16 Million Investment to Connect Out of Work Illinoisans with 1,300 COVID-19 Response Jobs

Gov. Pritzker Announces $16 Million Investment to Connect Out of Work Illinoisans with 1,300 COVID-19 Response Jobs Funding from the U.S. Department of Labor will Boost Training and Hiring for Roles Created by Ongoing Crisis; Residents Impacted by COVID-19 will be prioritized ROCKFORD – Governor Pritzker announced a new $16.6 million investment to expand job opportunities for Illinoisans who have lost their jobs during the COVID-19 pandemic. Through two new grants received from the U.S. Department of

Office Tenants Paying Rent

Office Tenants Are Staying Away But Paying Rent During PandemicDespite Some Noteworthy Deals, Companies Are Shedding Space, CoStar’s Michael Roessle Says By Linda Moss CoStar NewsSeptember 9, 2020 While most U.S. office tenants haven’t returned to their buildings yet because of the pandemic, they are increasingly paying their rents, according to CoStar’s latest analysis. Even though states and cities across the country have permitted office properties to reopen amid the COVID-19 outbreak, “employees

Multifamily Developers Offer Concessions to Fill New Buildings

Al Bello/Getty ImagesMULTIFAMILY  Multifamily Developers Offer Generous Concessions to Fill New Buildings   Up to two months of free rent along with other concessions are now becoming prevalent as builders attempt to lease up new projects. Bendix Anderson   “In the urban core, some of the concessions are scary,” says Ryan Davis, chief operating officer for Witten Advisors, an apartment research firm based in Dallas. “Not just three months of free rent, but free parking too.”A robust pipeline of new

Cautious Recovery

The Cautious Recovery “Hofstadter's Law: It always takes longer than you expect, even when you take into account Hofstadter's Law.”-Douglas Hofstadter, from "Gödel, Escher, Bach: An Eternal Golden Braid"Jobs Friday is the data junkie’s favorite day of the month, with enough fuel for weeks of commentary. Estimates for nonfarm payrolls for August were right in line with expectations with a gain of 1.4 million jobs.In keeping with Hofstadter’s Law, it’s looking like this recovery is going to take longer than

Amazon, Big-Box Chains, 3PLs Among the Most Rapidly Expanding Industrial Tenants

JOHANNES EISELE/AFP/Getty ImagesINDUSTRIALAmazon, Big-Box Chains, 3PLs Among the Most Rapidly Expanding Industrial Tenants   With e-commerce sales booming, these companies are leasing up new distribution and fulfillment facilities. Patricia Kirk  According to data from the U.S. Census Bureau, e-commerce sales accounted for 16.1 percent of total retail sales in the second quarter of 2020. On a non-adjusted basis, the estimated second quarter total for U.S. e-commerce sales was $200.7 billion, an

1.4 Million Jobs Were Added in August, Yet a Large Gap Remains

1.4 Million Jobs Were Added in August, Yet a Large Gap RemainsLast Friday, the Bureau of Labor Statistics (BLS) reported that the economy added 1.4 million jobs in August. Those jobs drove the unemployment rate down to 8.4% from 10.2% in July. The labor force grew by almost 1 million workers and wages rose. That is great news, of course. But the broader context of the labor market’s recovery is needed to fully understand where the labor market is right now.  Mind the gap: In March and April, the

Apartment Renters Head to Suburbs

Apartment Renters Head to SuburbsDemand for Larger, Cheaper Units During Pandemic Turns Market Upside Down By John Doherty CoStar News  The U.S. apartment market has been flipped upside down during the COVID-19 pandemic, with developers completing smaller, more expensive units in cities while renters march toward older, bigger and cheaper digs in the suburbs. In a new video, John Affleck, CoStar vice president of market analytics, said demand for larger apartments in the suburbs is outweighing demand

United Airlines

About 22.5% of United Airlines’ Latest Furloughs to Be in Chicago and HoustonOther Efforts to Cut Costs and Raise Debt Have Not Been Enough, Company Memo Says United Airlines is the largest tenant at Willis Tower in downtown Chicago, leasing about 814,000 square feet. (CoStar) By Jennifer Waters and Marissa Luck CoStar News  United Airlines said it plans to furlough thousands of employees if the federal government doesn't provide more funds to offset low demand as a result of the coronavirus, a move

10 Interesting Article's Today

10 Must Reads for CRE Investors Today (Sept. 8, 2020)   IKEA’s shopping center business, Ingka Centres, has purchased its first U.S. property, a mall in San Francisco. And they are looking to buy more, according to a report from Reuters. Meanwhile, stories from The Atlantic and The New York Times explore different ways working from home has created setbacks for some workers. These are among today’s must reads from around the commercial real estate industry. NREI Staff | Sep 08, 2020   IKEA's

Factory Orders Rise, Brooks Brothers Sold

Factory Orders Rise, REIT Seeks Investor for Hotels, Brooks Brothers Officially SoldWhat You Need to Know to Start Your Day Factory orders climbed for a third consecutive month. (Getty Images) By Richard Lawson CoStar NewsFactory Orders Gain Again Factory orders increased for the third month in July, and other economic indicators signal August could continue the trend. The Commerce Department reported Wednesday that orders in July rose 6.4% to $466.1 billion for the year, which was the same

Trade Opportunities 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

14 Retailers That Are Still Expanding

RETAILHere Are 14 Retailers That Are Still Expanding in a Pandemic Liz Wolf | Sep 02, 2020  START SLIDESHOW ›COVID-19’s toll on the retail sector has been drastic. But some retail chains have been uniquely well-positioned for a recession in which many people are spending a lot of time at home. While some retailers are closing thousands of physical stores and cancelling expansion plans due to sharp increases in online shopping and widespread shutdowns to curb the spread of the coronavirus, other brands are

Amazon Unveils First Delivery-Only Brick-and-Mortar Location

Amazon's Whole Foods Unveils First Delivery-Only Brick-and-Mortar LocationNew Grocery Store in New York City to Only Fulfill Online Orders Grocer Whole Foods, an Amazon subsidiary, is testing an online-based, delivery-only model in New York's Brooklyn borough. (Whole Foods) By Clare Kennedy CoStar News  E-commerce retailer Amazon has debuted a brick-and-mortar store that serves as the first online, delivery-only outpost for its Whole Foods market chain, a new effort in the company's multi-prong

Renters Struggle

Andrew Lichtenstein/Corbis/Getty ImagesMULTIFAMILYAs Another Month’s Bill Comes Due, Renters at Small Apartment Buildings Struggle   Tenants in buildings with four or fewer units are more likely to be experiencing financial hardships preventing them from paying rent.   Bendix Anderson  The vast majority of residents kept paying rent this summer at larger apartment communities–despite the economic crisis caused by the spread of the novel coronavirus. But smaller apartment properties typically do not

J.C. Penney Nears End of Bankruptcy Options

J.C. Penney Nears End of Bankruptcy Options Without a DealBids for J.C. Penney's Retail Business Reach a Stalemate, Chain's Attorney Says J.C. Penney has been shopping its retail operating company to three bidders, but those negotiations have stalled. (Getty Images) By Candace Carlisle CoStar News   Department store retailer J.C. Penney said it has reached a stalemate in its bankruptcy process weeks after a deal was expected to close soon for its retail operating business. Discussions have stalled

Commercial Real Estate Articles for Today

Seahorse Vector/iStock/Getty ImagesNREI WIRE 13 Must Reads for the CRE Industry Today (Sept. 1, 2020)   A quarter of all U.S. hotel properties now face the risk of foreclosure, according to Mortgage Professional America. Indoor dining will resume and movie theaters will reopen on Friday in limited capacity in New Jersey, reports the Associated Press. These are among today’s must reads from around the commercial real estate industry. NREI Staff | Aug 31, 2020   Parking Garages Idle as Car Owners Pull

Men's Warehouse & Jos A. Bank

Owner of Men's Wearhouse, Jos A. Bank Is Latest National Retailer to Reject High-Profile LeasesBankruptcy Judge Is Approving Move As Tailored Brands Plans to Close 500 Stores Jos A. Bank's owner is walking away from leases that include a 10,000-square-foot location in Trinity Tower near the World Trade Center in New York City. (CoStar) By Marissa Luck CoStar News   A bankruptcy court judge is giving menswear seller Tailored Brands permission to walk away from 100 retail leases including

15 Interesting News Articles

Jon Lovette/Stone/Getty ImagesNREI WIRE  15 Must Reads for the CRE Industry Today (Aug. 29, 2020)   Luxury hotels struggle as corporate and group travel has been decimated, reports the Wall Street Journal. A number of Sears and Kmart spaces are available for rent immediately, according to the Los Angeles Times. These are among today’s must reads from around the commercial real estate industry.   NREI Staff | Aug 28, 2020   Hotels Count on Road Trippers to Drive Visits “Budget hotels are holding up

Pritzker Administration Launches $150 Million in Emergency Mortgage Assistance

Applications Now Available to Help 10,000 Homeowners at: ema.ihda.orgCHICAGO – Governor JB Pritzker and the Illinois Housing Development Authority (IHDA) announced the opening of the state’s new Emergency Mortgage Assistance (EMA) program to assist homeowners who have seen their income decline due to the COVID-19 pandemic. Through the EMA program, IHDA will allocate grants up to $15,000 to help income-eligible homeowners who have struggled to make their mortgage payments as a result of the pandemic.

STATE OF ILLINOIS UPDATES SAFETY GUIDELINES FOR RESTAURANTS AND BAR ESTABLISHMENTS TO PROTECT PATRONS AND WORKERS FROM COVID-19

STATE OF ILLINOIS UPDATES SAFETY GUIDELINES FOR RESTAURANTS AND BAR ESTABLISHMENTS TO PROTECT PATRONS AND WORKERS FROM COVID-19To further prevent spread, face coverings use will be required during interactions with wait staff and food service workersTuesday, August 25, 2020 - Commerce and Economic Opportunity, Department ofCHICAGO—The State of Illinois today announced revised guidelines for restaurants and bar establishments statewide to operate safely and help prevent the spread of COVID-19.  Based on a

Elgin Announces 2021 Municipal Election Information

Elgin Announces 2021 Municipal Election Information             Elgin City Council to Have Four Councilmember Seats for a Four Year Term Open in the 2021 ElectionElgin, IL - Petitions for candidacy for the 2021 Elgin municipal election are available in the City Clerk’s Office in City Hall, Room 202, located at 150 Dexter Court in Elgin. The Elgin City Council will have the position of four Councilmember seats for a four year term open in the 2021 election. Prospective candidates can begin

Gov. Pritzker Announces Eight Principles for a Clean and Renewable Illinois Economy

Gov. Pritzker Announces Eight Principles for a Clean and Renewable Illinois Economy Administration to Restart Working Groups Focused on Prioritizing Consumers and the Climate CHICAGO – Governor JB Pritzker today announced eight principles that will serve as a foundation to begin transitioning Illinois to a clean energy economy. Building upon the progress Illinois has made as a leader in fighting climate change, the Governor is committed to supporting Illinois’ communities as the state moves toward a

Real Estate Loans

Pandemic Disruption Cuts Commercial Real Estate Borrowing in HalfFannie Mae, Freddie Mac Propped Up Multifamily in Second Quarter, Mortgage Bankers Association Says As coronavirus travel restrictions emptied hotels, lending for that industry dropped 91%. (Getty Images) By Mark Heschmeyer CoStar News   In a measure of how much COVID-19 has affected commercial real estate, mortgage loan origination fell 48% in the second quarter from a year earlier, according to a new report from the Mortgage Bankers

WeWork Lease Cancellations

WeWork’s Lease Cancellations Now Spread to ChicagoCoworking Provider, Rivals Look to Exit Agreements Across the Country as Office Needs Shift WeWork pulled out of a lease for the 97,000 square feet it was expected to move into in September at 1155 W. Fulton St. in Chicago. (CoStar) By Jennifer Waters CoStar News   WeWork is backing out of Chicago leases for the first time, reflecting moves the once-high-flying coworking firm has been taking across the country as it works to get a better foothold on

Benefits of Brick-and-Mortar

Target, Walmart Earnings Show Benefits of Brick-and-Mortar Strategy on Web SalesStores Can Be Key to Making E-commerce Profitable, Executives Say Target had a bang up quarter that's partly tied to its use of real estate. (Getty Images) By Clare Kennedy CoStar News   One simple truth is emerging from the earnings reports of retail giants Walmart and Target: E-commerce, though essential to a retailer's survival, can be more effective with brick-and-mortar stores to support it. Both Minneapolis-based

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