ODCRE August Newsletter: Good News in the CRE Market for Chicagoland

August Edition: Who is ready for some good news?

• Illinois is now accepting applications for the $250 million Back to Business grant. Businesses that have suffered economic hardship due to COVID-19 can now apply for a grant ranging from $5,000 to $150,000. The application process and more information can be found here.

• While our firm focuses strictly on commercial real estate, we found this Crain's article outlining the uptick in Chicago condo sales activity very positive. According to Crain's, "In the first seven months of 2021, 654 condos and townhouses sold in the Loop...that's an increase of 51% over the number of attached homes-condos and townhouses-sold in the same period in 2019." The Near North, West, and South sides to the Loop also saw an increase in activity over the same time period.

Our firm has also seen an increase in real estate activity. We continue to complete new leases and renewals throughout the Chicagoland area.

We hope this email finds you in good health. As always, please contact us regarding your commercial real estate needs.

Kevin O'Donnell

Chicagoland Commercial Real Estate News

Multi-Family Owners Experience Record-Breaking Demand Across the Nation, Increase Rent

"After weakening early in the pandemic as the economy faltered and young people rode out lockdowns with family, the rental market is now seeing record demand. The number of occupied U.S. rental-apartment units jumped by about half a million in the second quarter, the biggest annual increase in data going back to 1993...Occupancy last month hit a new high of 96.9%," according to Crain's.

Chicago "Hot Spot" for Industrial Growth

"The Chicago metro area has just witnessed a 20-year record low vacancy rate in the industrial segment. The Q2 2021 overall vacancy stood at just 6.4%, or nearly half of the record high of 12.3% back in 2009," according to RE Journals. As economics would have it, vacancy decreases, and prices go up. In fact, Chicago is seeing per square foot prices average $20 more than five years ago.

Featured NEW Properties

Poplar Creek Office & Medical Plaza, Hoffman Estates

Suites from 1,000 SF to 110,491 SF
400+ surface parking spaces plus underground headed parking
On-site carwash and fitness center with men's and women's locker rooms
FedEx and UPS drop boxes on-site, plus twice-daily US Mail Pick-Up
On-Site property management with secure key card access for after-hours
Lunchroom with vending machines
Convenient access to O'Hare Airport and downtown Chicago via I-90
Located across the street from AMITA Health St. Alexius Medical Center

Learn more

Urgent Care Facility at 2000 McDonald, South Elgin

16,202 SF fully built out medical office ideal for urgent care, surgery center, physical therapy, or large medical practice
Entire first floor with private staff entry, with over 20 exam rooms/private offices
Imaging room with x-ray tech booth power and infrastructure for CT scan
Infrastructure in place for complete urgent care triage, CT scan, X-ray, mammography
Large break room with kitchenette, plus a dedicated locker room
Monument signage just off Randall Road
Close to Northwestern Delnor Hospital and Advocate Sherman Hospital

Learn more

630.444.0444 • www.odcre.com