State of Office: Part Two
April 26, 2012
The broker panel at Bisnow's Chicago State of Office at Trump Chicago on Tuesday had a lot on its mind: office leasing, naturally, but also economic development in the city and the mayor's role in it; the city vs. the suburbs; and even the prospect of CBD office development. Surprisingly, most of the panel thought that Chicago is very likely to see a big new tower by '16 or '17, despite the relatively middling occupancy and leasing picture Downtown. ...
... As an office market, Chicago has staying power that isn't entirely explained by economics, Studley EVP Joe Learner told the audience. Illinois is a high-tax state, for one thing, and the region's infrastructure is a bit frayed. Still, Chicago has a location, transportation network, educational and cultural institutions—and a fine urban vibe—and its office assets can compete with anything on either of the coasts. The city also happens to have a tireless promoter in Mayor Rahm Emanuel; one of whose main focuses in office has been to bring jobs into the city. The rest of the panel agreed with that assessment of the mayor, noting with surprise that he's even reaching out to the CRE industry to achieve his job-growth aims. ...
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