The real estate market held strong during the year 2019 so far despite the projections of recession, tariff war, and value concerns. The commercial real estate experts seem optimistic for the year 2020. Steven Weinstock, the regional manager of the Chicago Oak Brook office of Marcus and Millichap, said, “Some economists feel a recession will come eventually, and that’s being factored into the equation in deals across the country.”
The Chicago constructors are at full speed in terms of developing mixed-use projects. Somerset Development is working on the reimagination of the traditional suburban office campus on a 250-acre site. Related Midwest is working on a project, The 78, in the South Loop. The Midwest experts have released the commercial real estate trends for the year 2020.
The six trends include Recession-Proofing 101, Show Me the ESG, Passive Office Amenities, Highest and Best Use, House Meets Warehouse, Cash me Out, Baby! The recession threats are at ease at the moment due to the highest stock market climb. David Bradley, the regional manager of Marcus & Millichap’s Downtown office, said, “Buyers and Borrowers are saying this is a good working environment.”
The real estate will be impacted by the environmental, social, and governance (ESG) policies in 2020. John Mlade, a senior project manager at Wight & Company, said, “Measurement is so critical in the ESG framework.” The amenities will have the strongest impact on real estate in 2020. Bob Wislow, a Fulton East developer, said, “Office design is becoming increasingly impacted.”
The home automation will also play a key role in the commercial real estate in 2020. David Friedland, the executive director of Cushman & Wakefield, said, “Automation is dramatically changing the face of the industrial workforce.” The preference of the investors is to work in a low-interest-rate environment. It will be a pretty good year for commercial real estate, according to the experts.
Chicago Mayor Brandon Johnson has introduced a new tax proposal targeting major social media companies as part of his effort…
The Chicago Teachers Union and Chicago Public Schools have reached a $1.5 billion, four-year contract that will shape classrooms across…
Europe and North America are confronting an unusually early and intense surge of bird flu, with outbreaks spreading across wild…
Chicago Fire FC and the Versiti Blood Center of Illinois are partnering to host the Fire Up Blood Drive, a…
Former Illinois Representative Jeanne Ives said Chicago is effectively bankrupt and that investors are signaling growing concern over the city’s…
A growing number of farm animal sanctuaries across the country are promoting an alternative Thanksgiving tradition that invites families to…
This website uses cookies.