A key indicator of the health of the downtown office market has begun to flash red.
Author GREG HINZ On Politics.
As Mayor Lori Lightfoot prepares to present her critical first city budget, a key indicator of the health of the downtown office market has begun to flash red—a sign of the difficulties the mayor may face as she struggles to raise new revenue without stalling growth.
The indicator is not the number of jobs or the vacancy rate, both of which continue to be solid by most counts. Rather, the weakness is in capital flows, the amount of money spent to buy or sometimes build new structures. Consider it a sort of leading indicator as to whether investors consider a given area worth the risk of plunking down their money in exchange for returns that can be many years away.
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Author: Aaron Anovitz
https://anovitz.com In over 30 years of brokerage, Aaron Anovitz has represented tenants and building owners in hundreds of lease and sale transactions. These transactions have involved retail, office and industrial space and have ranged from 500sf medical and entrepreneurial companies to 25,000sf advertising agencies and insurance companies. Aaron has represented all classes of buildings from Class A & B Loop and Michigan Avenue properties to loft buildings in River North and the South and West loop neighborhoods. In the last 20 years, Aaron has been involved with acquisition, asset management and construction management while continuing to represent owners and tenants. His investors have entrusted him to manage, lease, build and maintain multi-million dollar portfolios. Aaron joined Ann Anovitz Associates after graduating from Western Illinois University in 1984 with a B.A. in Mass Communications. His first 10 years after college were spent working for Fortune 500 companies such as Allstate Insurance, Motorola, Quaker Oats and the Chicago Tribune doing video and film production and working part time with Ann Anovitz Associates as a broker. Aaron is an avid golfer, volleyball player and Chicago sports fan and when not otherwise busy spends time doing rehab to his 1942 home. Aaron is now an Owner and President of Ann Anovitz Associates and is ready to help you with all your real estate needs.
