NAI Hiffman represents Old Second National Bank in sale of 7,271 SF office building

NAI Hiffman represented Old Second National Bank in the sale of Ogden Professional Center to Q1 Technologies, Inc. The 7,271-square-foot building is located at 750 Shoreline Drive in Aurora, Illinois, within Meadows Lake Business Park near 75th Street and Ogden Avenue. The property offered move-in ready space, ample parking, monument signage, and quality brick construction. Q1 Technologies will occupy a portion of the building.

Adam Johnson, vice president, and Jim Adler, executive vice president, with NAI Hiffman’s office services group, represented Old Second National Bank in the transaction. Brian Lauck of Suburban Real Estate Services, Inc. represented Q1 Technologies. 

Source: RE Journals

Second Quarter 2014 Market Reviews

Industrial Market Absorbs 5.7 Million SF in Q2, Most Since 2008

Chicago's industrial market experienced increased leasing and sales activity during the second quarter, as net absorption totaled 5,688,263 SF between April and June, the highest quarterly tally since the market recovery began in mid-2010.

 The overall vacancy rate improved by 18 basis points during the quarter, decreasing to 8.09%, a rate that suggests a healthy, active market and encourages confidence in the market for landlords, investors, and developers. This has been demonstrated by rental rate increases, elevated investment sale activity, and a significant uptick in development as more than 11.4 million SF is currently under construction and more than 4 million SF of new product was delivered during the first half of the year.

 Download the complete industrial review

Demand for Suburban Office Outpaces Downtown Once Again

Suburban Office Market Vacancy Rate: 19.07%

The suburban office market has now absorbed more vacant space than the downtown office market for seven of the past nine quarters. Net absorption totaled 760,833 SF between April and June in the suburban office market, the greatest quarterly tally in two years. As a result, the vacancy rate improved by 60 basis points during the second quarter to 19.07%, a rate 122 basis points below what was recorded a year ago, and nearly 4.6% below the 23.66% peak rate recorded in 2010.
 
Downtown Office Market Vacancy Rate: 12.25% 
 
Net absorption was only slightly positive during the second quarter in the downtown office market, despite the overall vacancy rate improving by 24 basis points to 12.25% by the end of June. A total of 7,604 SF was absorbed, as significant leasing activity was offset by new vacancies, the demolition of the 124,125 SF building located at 200-212 N Michigan Ave, and the planned conversion of the 238,921 SF office building at 360 N Michigan Ave into a boutique hotel.
 
Download the complete office review 

For further information regarding the content of these market reviews, please contact:
Craig Hurvitz | Director of Research
630 693 0645
churvitz@hiffman.com

If you are interested in attending a custom market overview presentation, please contact:
John R Picchiotti | Chief Operating Officer, Brokerage
630 691 0608
jpicchiotti@hiffman.com

Mentioned in GlobeSt

NAI Hiffman represents 1931 Norman Drive in renewal with Briggs Healthcare

Google Earth©

Google Earth©

NAI Hiffman represented ownership in its long-term lease renewal with Briggs Healthcare for 147,936 square feet of industrial space at 1931 Norman Drive in Waukegan, Illinois. Briggs has occupied the building for 10 years, utilizing the warehouse for distribution of its medical products. The class A property, located at 1931 Norman Drive, has 36’ clear ceiling height, 7 exterior docks, and is managed by NAI Hiffman.
 
Mark Moran and Steve Connolly, executive vice presidents with NAI Hiffman’s industrial services group, represented ownership in the transaction. Jack Rosenberg and Fred Regnery, with Colliers International, represented Briggs Healthcare

Source: Daily Herald Business Ledger
Mentioned in RE Journals
Mentioned in Bisnow

Market in Motion: North Suburban Office Market

NAI Hiffman presents its latest Market in Motion video, providing a unique perspective of the commercial real estate market by putting you in the passenger seat with one of our local experts.

Join Michael Flynn, NAI Hiffman executive vice president, as he discusses office real estate market conditions in Chicago's North suburban submarket. Flynn provides particular insight into well-capitalized ownership and their impact on the market's recovery, especially within the region's "micro-markets".

For further information regarding the North Suburban office market, please contact:
Michael Flynn | Executive Vice President, Office Services | 630 691 0600

For further information regarding NAI Hiffman's brokerage services, please contact:
John Picchiotti | Chief Operating Officer, Brokerage | 630 691 0608

Connolly & Moran lease 365 Crossing Road, Bolingbrook to 100%

Google Earth©

Google Earth©

NAI Hiffman recently represented ownership of 365 Crossing Road in Bolingbrook in its lease expansion with RockTenn for 97,077 square feet of industrial space.

RockTenn, a leading manufacturer of corrugated and consumer packaging, originally occupied 162,667 square feet in the building; with the new expansion, RockTenn is now occupying the entire 259,744-square-foot building. The building has 30’ clear ceiling height, 22 exterior docks, is in a prime I-55 corridor location, and is managed by NAI Hiffman.

Steve Connolly and Mark Moran, executive vice presidents with NAI Hiffman’s industrial services group, represented Sun Life Assurance Company of Canada in the transaction. Douglas Biggs, Jack Rosenberg, and Fred Regnery of Colliers represented RockTenn. 

Source: RE Journals
Mentioned in Bisnow
Mentioned in The Daily Herald Business Ledger