News

US Apartment Rent Collection

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

Operating Drive-In Theaters

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

Hotel Outlook

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

10 Must Reads

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

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

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

Today's Real Estate Articles

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

Loss of International Students

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

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

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

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

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

Nine Must Reads

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

Insurers PreparingTo Pay

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

News Release: 7/13/2020

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

When Health Policy Becomes Economy Policy

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

Discounters Snap Up Retail Leases

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

Bed Bath & Beyond

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

Nursing Home Wages

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

14 Must Reads for Today

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

US Rent Collections Soften

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

Illinois Trade Events-Upcoming

Illinois Trade Events and Opportunities  Commercial Service Illinois continues to provide our clients and partners with counseling and information during these challenging times. Know that we are here for you whether you have questions about the status of an event, need to cancel a service, or are checking on the status of an export market.  To learn more about our virtual services, visit Trade.gov/virtual-services.  Connect with us on social media @USCommercialSvc for our latest updates

Amazon Push Into Grocery Stores

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

The Office is Not Dead-Just Evolving

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

Retail News

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

10 Must Reads for July 7, 2020

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

Apartment Industry Lobby

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

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

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

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

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

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

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.

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

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

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

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