CHICAGO | General Developments

[Randomguy34]

Originally Posted by r18tdi

Fulton Market office building lands anchor tenant
Harrison Street Real Estate Capital is nearing a deal to more than triple the size of its headquarters and move it to the former meatpacking district.
https://www.chicagobusiness.com/comm...capital-anchor

The article also mentions that JDL will be a co-developer

[thegoatman]

Originally Posted by Randomguy34

The article also mentions that JDL will be a co-developer

So this project should break ground tomorrow? /s

[rivernorthlurker]

Originally Posted by thegoatman

Nice to see Chicago doing better than its peers, usually its always lagging. Would love to see another corporate relocation here...anything to fix our PR.

Well TAG moved into 800 W Fulton as I mentioned in previous post. (https://skyscraperpage.com/forum/sho...ostcount=51149) Maybe it's not the corporate size you're thinking of, but 250 jobs is pretty decent for a company I've never heard of. Chicago ends up being the place of logical conclusion for a ton of businesses.

https://www.prnewswire.com/news-rele...301448969.html

In 2018, TAG, one of the nation's largest and fastest growing healthcare support organizations, relocated its corporate headquarters from Syracuse, N.Y. to W. Randolph St. in Chicago, pledging to bring 250 new jobs to the city. Now, the company is once again expanding its footprint in Chicago.

Also snagging a company from New York State feels kinda good.

[rivernorthlurker]

I would love to see the breakdown since there have been some massive high profile 'absorption' during this time like BMO tower, 110 Wacker, and possibly Salesforce. I'mm not sure how/when they count these.

It would be more exciting if the high numbers weren't coming from single massive projects.

Does anyone know what 'completions' are in this context?

Originally Posted by galleyfox

I think it depends on the class of the building especially in older ones, and probably some sublease and pricing questions, but other organizations were much more optimistic than Crain’s.

[Randomguy34]

Don't forget that Kellogg is moving their HQ to Chicago, so that should also further reduce office vacancies by a good chunk

[west-town-brad]

Originally Posted by rivernorthlurker

Well TAG moved into 800 W Fulton as I mentioned in previous post. (https://skyscraperpage.com/forum/sho...ostcount=51149) Maybe it's not the corporate size you're thinking of, but 250 jobs is pretty decent for a company I've never heard of. Chicago ends up being the place of logical conclusion for a ton of businesses.

https://www.prnewswire.com/news-rele...301448969.html



Also snagging a company from New York State feels kinda good.

TAG is the holding co. for Aspen Dental, the paypay lender of dentists, which already relocated to Chicago in 2018. there is a lot of fuzzy math with these relocation announcements.

[west-town-brad]

https://www.chicagobusiness.com/tech...wntown-chicago

Discover Card has 75 new grads starting next week in their new "data and analytics center" in river north. according to the article these people have been hired from all of the top technical universities you would imagine from around the US (inclusive of Chi and IL of course).

good to see that recruiting talent to Chicago has not taken too much of a hit, which is what I have seen in my own business as well.

article states 3 days per week is required in office, with the average salary being 6 figures.

I guess they plan to hire another class of 75 people at some future date.

[r18tdi]

City Slaps Stop Work Order On $90 Million Six Corners Sears Redevelopment
Workers on the site were building without a permit, city officials said. It's the second time developers have been forced to stop work on the project.
https://blockclubchicago.org/2022/08...redevelopment/

Sounds about right for Novak. They have a history of asking for forgiveness instead of permission.

[marothisu]

Originally Posted by west-town-brad

https://www.chicagobusiness.com/tech...wntown-chicago

Discover Card has 75 new grads starting next week in their new "data and analytics center" in river north. according to the article these people have been hired from all of the top technical universities you would imagine from around the US (inclusive of Chi and IL of course).

good to see that recruiting talent to Chicago has not taken too much of a hit, which is what I have seen in my own business as well.

article states 3 days per week is required in office, with the average salary being 6 figures.

I guess they plan to hire another class of 75 people at some future date.

I won't say who I work for, but what Discover is doing is very small compared to what my company has quietly done in Chicago (and a lot of our jobs aren't entry level meaning they're a bit higher paying). For tech jobs alone we've hired I believe at least 1500 since last year and most are downtown. None of this is in the news for the record and at least 95% of them are 6 figure jobs. Not only did I move back from the East Coast for it but there's multiple in my small org who have moved to Chicago from the coasts this summer alone for it, and some more coming next month. We've also gotten some people from overseas. I've also been able to hire a few underemployed people (no idea why they even were) and their salaries probably over doubled overnight.

It's kind of amazing to me what exactly doesn't make the news. I think if we decided to announce exactly how many we've hired in Chicago since last year (more than above...we have more than just tech) it would be massive news. Like on the scale of national making news.

[galleyfox]

Originally Posted by marothisu

I won't say who I work for, but what Discover is doing is very small compared to what my company has quietly done in Chicago (and a lot of our jobs aren't entry level meaning they're a bit higher paying). For tech jobs alone we've hired I believe at least 1500 since last year and most are downtown. None of this is in the news for the record and at least 95% of them are 6 figure jobs. Not only did I move back from the East Coast for it but there's multiple in my small org who have moved to Chicago from the coasts this summer alone for it, and some more coming next month. We've also gotten some people from overseas. I've also been able to hire a few underemployed people (no idea why they even were) and their salaries probably over doubled overnight.

It's kind of amazing to me what exactly doesn't make the news. I think if we decided to announce exactly how many we've hired in Chicago since last year (more than above...we have more than just tech) it would be massive news. Like on the scale of national making news.

Mostly remote, or is there office space included in the expansion as well?

[marothisu]

Originally Posted by galleyfox

Mostly remote, or is there office space included in the expansion as well?

It varies by org but most are 3 days a week in office. That describes me since moving back last fall. Some are 4 or 5, but i met a few people last week who started going in last werk for the first time since the pandemic began. I think the stats are on those 3 days it's like 65% are in the office. That's still a ton of people - the building is busy enough to feel like a completely normal time period. At least on those 3 days. We have multiple office locations downtown but our main one is in danger of running out of space soon enough because we are expanding a bit. We have hundreds of jobs open in Chicago right now.

[galleyfox]

Originally Posted by rivernorthlurker

I would love to see the breakdown since there have been some massive high profile 'absorption' during this time like BMO tower, 110 Wacker, and possibly Salesforce. I'mm not sure how/when they count these.

It would be more exciting if the high numbers weren't coming from single massive projects.

Does anyone know what 'completions' are in this context?

I went through some figures for the downtown area from the Cushman and Wakefield reports. I think some of the data is categorized differently in the Moody’s article and table, but overall the big picture seems the same.

Basically, 110 N Wacker and Fulton Market were the big additional inventory bombs this year


Q2 2021 thru Q2 2022

Inventory: +2,700,859 sq ft
Total Vacant: +1,808,274 sq ft

Direct Vacant: +2,177,696 sq ft
Sublet Vacant: -369,422 sq ft






Q3 2021

Net Inventory: +113658
Net Vacant: +1,749,800

Direct Vacant: +1,484,985
Sublet Vacant: +264,815


Q4 2021

Net Inventory: +388,356
Net Vacant: -571,715

Direct Vacant: +195,265
Sublet Vacant: -766,980


Q1 2022

Net Inventory: +2,151,055
Net Vacant: +130,485

Direct Vacant: +384,659
Sublet Vacant: -254,174

Q2 2022

Net Inventory: +47,790
Net Vacant: +499,804

Direct Vacant: +112,887
Sublet Vacant: +386,917

[SolarWind]

August 22, 2022





August 23, 2022



Chase Tower has parking available at 20 S Clark. Maintenance work, which started in June, is to repair and reinforce the pedestrian tunnels running underneath Clark Street. Maintenance will also take place on the automobile tunnels for the garage and dock. Work will continue through the end of 2024.

[SolarWind]

August 22, 2022





August 23, 2022

[SolarWind]

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[SolarWind]

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[SolarWind]

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[SolarWind]

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[SolarWind]

August 23, 2022

[ardecila]

^ This is the weirdest, slowest project... I guess they just told Elston Block to send over all the leftovers?

I do love the repetition of these little buildings, though - reminds me of Manhattan tenements, really gives that dense big-city feel like an Ed Hopper painting.