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East-West Corridor Upswing

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NAI Hiffman EVP Jim Adler is leasing up Class-B properties across the East-West Corridor, so we thought he'd be perfect for Bisnow's June 25 event, Death of the Suburbs? Not so Fast. A 17-year vet of suburban office, Jim primarily reps landlords, along with some tenant rep work and land sales. He says the 'burbs have come a long way in four years. Class-A has leased up, as expected in any recovery, and Class-B progress is keeping him optimistic. Evidence: The Crossings in Oak Brook is 93% leased and the Corporetum Campus in Lisle is 92% leased. Jim's also tracking over 75 tenants in the submarket with requirements totaling over 1.5M SF; though they're not all new, much of that absorption will be positive, he says.

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But it's still expensive to relocate. Jim sees landlords positioning their spaces as ready to lease, adding an additional TI allowance to pay for the move (plus tenants can use a portion of that on furniture, phones, and equipment). A recent trend in the East-West: healthcare companies arriving due to location-based state contracts they were awarded to service Medicare and Medicaid. (Cali-based Molina Healthcare just entered the market, leasing 37k SF at The Crossings after gaining a state contract.) This summer, Jim's off to Galena for some swimming, hiking, and fishing with his four kids under age eight. (Good luck, brave soul.)

Source: Bisnow 

 

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