NAI Hiffman Releases 3Q10 Market Reports

December 27, 2010

 
NAI Hiffman is pleased to present its third quarter 2010 industrial and office market reports detailing recent trends, significant transactions and the outlook for the Chicago Metropolitan office and industrial real estate markets.

Click on the images to download the reports.
 
If you have any questions about the market or have any commercial real estate needs, please call us at 630 932 1234.

 

 

Posted by NAI Hiffman | Filed Under Industrial, Market Reports, Office 

107,087-Square-Foot Office Building Sells in Illinois

December 13, 2010

AURORA, ILL. — Houston-based Boxer Property has acquired Fox Valley Executive Center in Aurora. Located at 75 Executive Dr., the 107,087-sqauare-foot property sold for an undisclosed price. Tom Gallagher of TPG Financial represented the buyer; Art Burrows of NAI Hiffman represented the seller, Miami-based LNR Property, in the transaction.

Source: REBusinessOnline.com

Posted by NAI Hiffman | Filed Under General Business, Office, Sale 

Dan Leahy and Irvin Malik introduce GROHE to New York NAI affiliate for their new global center

December 8, 2010

Henry Goodfriend and Philip Silverstein of NAI Global New York City arranged a 15,219 SF 10-Year Lease on Behalf of GROHE America, Inc. on Fifth Avenue in Manhattan. Dan Leahy and Irvin Malik of NAI Hiffman forged a relationship with GROHE in the Chicago market, where GROHE has customer service, technical support, warehousing and distribution facilities. Leahy and Malik introduced GROHE to the New York office, and GROHE decided that New York is a key city in which it should open a global center.

Posted by NAI Hiffman | Filed Under Dan Leahy, Industrial, NAI Global, Office 

Large users target I-88 corridor

December 8, 2010

The East-West Corridor has experienced increased leasing activity as 2010 comes to a close, and with a high vacancy rate, commercial brokers believe that the market is poised to land several large users that are looking to take space in 2012.

The corridor recorded an office vacancy rate of 23.7 percent in the third quarter, slightly up from the previous quarter.

The biggest deal in the corridor, if not the entire Chicago market, was the much publicized move by Navistar to relocate its headquarters to a 1.2 million-square-foot former Lucent facility in Lisle. The corridor experienced some other positive office transactions, notably Graycor’s 36,000-square-foot lease at 2 Mid America Plaza in Oakbrook Terrace, Treehouse Foods 48,000-square-foot lease at 2021 Spring Road in Oak Brook, Dental Network of America’s 58,317-square-foot lease at 701 E. 22nd Street in Lombard, and Redbox’s 20,000-square-foot expansion of its current lease at the Oakbrook Terrace Tower.

Yet these are the highlights. The majority of activity in the corridor has been consolidations, which has led to continued negative absorption.

“A lot of the moves have been consolidations,” says Andrea Van Gelder of Jones Lang LaSalle. “It might be a while before we see true positive absorption.”

That absorption may come next year, as a slew of big firms are set to either renew current leases, or, sign new leases for 2012. A few of these firms are now outside of the East-West Corridor, but it is well known that they are all looking for potential options in the market.

“Firms are out looking around,” says Van Gelder. “They still have the luxury of time.”

Some of the bigger firms looking for class A space are Wilton Industries, RR Donnelley, Harris Bank, and JP Morgan Chase, says NAI Hiffman’s Dan O’Neill. Read more

Posted by NAI Hiffman | Filed Under Industrial, Market Information, Office