Market Equilibrium a result of “Uncertainty and the Squeeze”

July 22, 2009

by Larry Much and Kelly Disser
as seen online: REJournals.com

Microsoft Word - The Uncertainty and the Squeeze ed jcs (2) 0429 As we all know and have heard on a daily basis for the past 12 to 18 months, our local and global economies have slowed, lending institutions have been pushed to the brink, and as a result, real estate markets have drastically changed.

But what does that really mean?
For full article and survey, click here

Posted by NAI Hiffman | Filed Under General Business, Industrial, Media Coverage

Asset management business a boon in uncertain times

July 21, 2009

No one would argue that 2009 hasn’t been a tough year for the commercial real estate industry. But many companies are discovering that the property or asset management arm of their firms remain a reliable, and important, source of fee revenue. Dave Petersen, chief executive officer of the Asset Management Group at Oakbrook Terrace, Ill.-based NAI Hiffman, recently spoke with Midwest Real Estate News about the growing importance of property management. Read More of the Interview with Dave Petersen Here

Posted by NAI Hiffman | Filed Under General Business

NAI Hiffman named among “Best of the Best” by Midwest Real Estate News

July 21, 2009

NAI Hiffman is recognized as a leader in Property Management and Brokerage

NAI Hiffman, a leading full-service commercial real estate company in the Chicago area, was recently named among the ‘Best of the Best’ by Midwest Real Estate News. Providing a full-scope of commercial real estate products and services, NAI Hiffman has been recognized as a leader in two categories.

NAI Hiffman Asset Management Group, ranked No. 13 among property management firms in the Midwest. The division currently manages a 41+ million square foot portfolio of over 255 office, retail and industrial properties throughout metropolitan Chicago and Northwest Indiana.

NAI Hiffman, the largest privately-owned commercial real estate brokerage firm in the Chicago area, ranks No.17 on the Top Brokers list having closed almost 300 leases totaling nearly $370 million in 2008.

Publishing for over 20 years, Midwest Real Estate News is the regional leader in commercial real estate news coverage. The Best of the Best supplement profiles the top performers in all areas of Midwestern real estate.

Posted by NAI Hiffman | Filed Under Asset Management, Awards and Honors, General Business, Media Coverage

Feature | Market Report: That which does not kill us, makes us stronger

July 20, 2009

By Chad Firsel and Mike Tenteris

firsel-chad

tenteris-mike While the overall Chicago industrial real estate market numbers do not look as dismal as they did for the first quarter, we are still stuck in the woods. Net absorption was not as profoundly negative for the second quarter, but year-to-date net absorption has eclipsed negative 10 million square feet, the highest in years. Vacancies are still increasing across the board: The overall Chicago industrial market vacancy rate at the end of the second quarter stood at 11.6 percent. Industrial investments sales have fallen by roughly 88 percent in Chicago, and around 80 percent nationally.

Most institutions have significantly cut the amount of capital allocated toward industrial real estate, and some fear they should exit the market entirely. The commercial real estate market is in the midst of a correction that is painful, to be sure, but a necessary step to move in the right direction. The end result of this correction will likely be a more realistic, balanced and stronger market for investment sales, but it will take time. Credit is the lubricant for the U.S. economic engine, and must be made available to credit-worthy businesses immediately if we are to see any improvement by year-end. read the entire article here

Posted by NAI Hiffman | Filed Under Industrial, Media Coverage

Elgin O’Hare-West Bypass to Reshape O’Hare Industrial Market

July 1, 2009

By Adam Marshall
NAI Hiffman

Since the 1960’s the Elgin O’Hare Expressway has been a work in progress. From early design work in the 1970’s to construction of a portion of the existing expressway in the early 1990’s, it has been a focal point to ease traffic congestion in the region. With the current O’Hare Modernization Program well underway to expand capacity and infrastructure at O’Hare Airport, there is a clear focus today on how all of the transportation systems in this area tie together to run more efficiently, which will greatly impact the industrial markets surrounding O’Hare.

tosizeNAI IDOT_map_combo

The Illinois Department of Transportation (IDOT), under a $140 million grant from the Federal Highway Administration (FHWA), is currently developing a comprehensive transportation plan that includes connecting to the City’s proposed O’Hare western terminal, an extension of the Elgin O’Hare Expressway to O’Hare and a western bypass of O’Hare connecting I-90 and I-294. IDOT has determined that with or without O’Hare airport expansion, the current system is over congested and is working together with residents, businesses and civic leaders in the 27 community study area which is loosely bound geographically by I-90 on the north, the western terminus of the existing Elgin O’Hare expressway at Route 20 on the west, I-290 on the south and I-294 on the east. The project, known as the Elgin O’Hare – West Bypass, is specifically designed to accomplish four major objectives: improve local and regional travel, improve travel efficiency, improve access to the west side of O’Hare, and improve modal connections and opportunities. IDOT’s transportation plan is comprehensive and includes roadway and mass transit components, as well as bike/pedestrian considerations.