Jack Reardon, a veteran broker who specializes in representing office landlords in the northwest suburbs, has joined NAI Hiffman as a senior vice-president. Mr. Reardon, 47, spent more than a decade with CB Richard Ellis Inc. before jumping to Cushman & Wakefield Inc. in February. He was recruited to Cushman by Aaron Block, who was ousted as head of the Chicago region this spring after less than a year on the job. At Oakbrook Terrace-based NAI Hiffman, Mr. Reardon will focus on the north and northwest suburbs and the O’Hare market as part of a team led by NAI Hiffman Managing Director Michael Flynn. A local spokeswoman for Cushman declines to comment.
Link to the original article in Crain’s Chicago Business
NAI HIFFMAN, Oakbrook Terrace: Joe Bronson, 37, pictured, to vice-president in the industrial services group, from vice-president at Darwin Realty & Development Corp. Also, Jon Skaggs, 30, to art director, from graphic designer, and Jonelle Ocwieja, 29, and Chris Zivalich, 34, to property manager, from assistant property manager.
Property management may have been considered the least glamorous portion of commercial real estate in years past, but as traditional brokerage remains slow, property managers have risen to star status in firms nationwide.
Keeping up with the industry’s hottest trends, The Real Estate Conferences Group has netted some big names for its September 23 Property Management Conferencein Des Plaines.
Leading off the conference, The State of the Market Panel will include David Petersen, CEO NAI Hiffman Asset Management Group; Sam Delisi, senior managing director at CB Richard Ellis; Christopher Schneider, SVP of operations and CIO of First Industrial Realty Trust, Inc.; and Patrick Philbin, general manager at Hines.
Other panels will include topics such as Technology, Security, and Energy and Environment.
Please join us in Des Plaines for what is sure to be an informative and insightful day.
The new agreement provides flexibility for the tenant’s future expansion of the 700,200-square-foot distribution center, and a lease extension with more favorable economic terms reflective of today’s market conditions. This modern, high-cube industrial building, developed in 2000 as a build-to-suit, is owned by Griffin Capital.
The transaction team of Michael Flynn, Art Burrows, senior vice president and Tim Buss, have now completed nearly 2,000,000-square-feet of office and industrial space transactions with World Kitchen since 2003.
Suburban Office Market Summary
Quarter in review
The overall vacancy rate among the suburban office submarkets continued its climb for the 7th consecutive quarter, reaching 23.5 percent at the end of June, up slightly from 23.4 percent last quarter and up more than a full percentage point from the 22.4 percent recorded a year ago.
Suburban office vacancy rates are currently the highest they have been in well over a decade. Demand, as measured by net absorption, remains weak throughout the market. Cumulative net absorption for the first half of the year totaled negative 394,423 square-feet, despite increased leasing activity. While this is an ongoing negative trend, it is an improvement from last year, when net absorption for the first half of the year totaled negative 1.3 million square-feet.
Although vacancy rates continue to rise and demand remains limited, there have been positive signs in the market. The investment sales market, nonexistent during 2009, has picked up during the first half of the year. Similarly, increasingly confident large companies have started hiring again and are actively looking for additional space. These companies are taking their time, however, as options are plentiful, rental rates are low and leasing incentives remain attractive for tenants. Read more