Monthly Archives: July 2015

Chicago’s Commercial Real Estate for 2015

There have been significant real estate sales in the commercial realm in Chicago since the beginning of this year.  Most notable to date have been the three tallest towers that are in the sale process.  In addition to those, the sale of downtown office towers from January to June 2015 reached a value of $4.19 billion combined.  That alone – just for the first half of the year – was more than the total of sales in the same category of 2014 in Chicago.

What has yet to have been calculated are the largest deals that are in process, including the sale of the Aon Center, the city’s third tallest building, that is due to reach $712 million.  According to Senior Vice President and Investment Sales Expert at JLL, broker Nooshin Felsenthal, Chicago will “at the very least meet that $5.3 billion record and I’m pretty confident we’ll blow right past it.” The other two of the large towers that are in the process of sale is the two-tower Illinois Center, which will be sold for $376 million.

Summertime in Chicago

There is so much to do in Chicago and over the summer things heat up even more!  The summer festivals in particular are usually a hit.  One of them – the Taste of Chicago 2015 – is actually the world’s largest food festival.  With free admission and a focus on the diverse culinary scene of the state, 60 restaurants were featured this year.  Some of the big names that made an appearance there were: Bobak Sausage Company, Chicago’s Dog House, Lawrence’s Fish & Shrimp to name but a few. That took place in the beginning of July and this year marked its 35th anniversary.

For those looking for some musical entertainment, check out Rush Hour Concerts’ Make Music Chicago 2015.  A full day of free musical performances, the event is now in its fifth consecutive year.  Every year it takes place on the Summer Solstice.  It is a true celebration of “the ability of everyone to participate in music-making.”  Highlights include:  A Father’s Day Sing-a-long and The Sinatra Mobile Piano Bar.

Then there are the theater productions taking place over the summer in Chicago.  These include: Doubt: A Parable, the Broadway musical On Your Feet and The Herd, amongst others.

Of course, while in Chicago over the summer, the numerous farmers markets are definitely worth checking out, in particular the popular Green City Market and the fireworks which are a real blast!

Chicago Means Business

Known as the “Second City,” Chicago is a bustling center of commerce and business. Until the end of the 20th century, Chicago indeed was the second most populated city in the USA after New York. When Los Angeles at last surpassed Chicago, the nickname “Second City” stuck even though the city now occupied third place in terms of population.

Nevertheless, Chicago is one of the most important cities in North America. Incorporated in the year 1837, its position near a portage between the Great Lakes and the Mississippi watershed stimulated incredible development during the mid- to late-19th century.

Today, Chicago is one of the most important hubs for commerce, finance, industry, technology, telecommunication, and transportation in the world. Chicago’s O’Hare International Airport is the most frequented airport in the globally. It has more US highways and road freight than anywhere else. The Globalization and World Cities Research Network listed Chicago as an “Alpha Global City.” As of 2012 Chicago’s gross metropolitan product of $571 billion is the third largest in the USA.