Suburban office vacancies highest in two years

Suburban office vacancies highest in two years

According to Transwestern Commercial Real Estate, the suburban office vacancy rate rose to 13.1 percent during the second quarter of 2008. It is the highest vacancy since the first quarter of 2006, when the rate hit 13.7 percent. The rate was also up from the 12.6 percent in the first quarter of 2008. If you include space available for sublease, the vacancy rate was 14.6 percent in the second quarter.

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The DuPage County Board has granted a preliminary set of funds to begin construction on Alden Gardens, and 88-bed supportive living facility for seniors in Bloomingdale.

Alden Gardens will be funded in part through a Federal Home Investments Partnership grant. Another $1.2 million will come from the Village of Bloomingdale, while DuPage County will provide the remainder of the facility’s funding.

Construction is scheduled to begin before winter 2008.

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The Inland Real Estate Group of Companies, Inc. in Oak Brook, has collectively acquired more than $1.69 billion in assets during the first half of 2008. The total represents 194 properties aggregating over 7.4 million square-feet. Acquisitions were made in each of the major commercial property types, including over 2 million square-feet of retail space, more than 4 million square-feet of office and industrial space, and 4,061 hotel rooms.

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Dmyterko & Wright Partners has selected Naperville-based Knightsbridge Design + Build LLC to construct Bolingbrook Crossings Shopping Center at Weber Road and Remington Boulevard in Bolingbrook.

Knightsbridge will initially construct a 16,333-square-foot building and a 6,074-square-foot building. Leases include 7-11 and Potbelly’s.

Bolingbrook Crossing will occupy 4.33 acres of land. Potbelly’s and 7-11 are expected to open during the fourth quarter of 2008.

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The Arboretum of South Barrington held its grand opening Sept. 26-28. The 600,000-square-foot open-air lifestyle center at Illinois Routes 59 and 72 broke ground in May 2007. The center is a joint venture between The Jaffe Companies in Northbrook and RREEF Alternative Investments, based in New York.

It features three anchor tenants: L.L. Bean, the company’s first Midwest outdoor gear and apparel store; Village Roadshow Gold Class Cinemas, the first luxury cinema of its kind; and Pinstripes, a bowling bocce and bistro concept.

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Elgin Community College is offering a real estate preparation course for those interested in pursuing a career in real estate and the state examination.

“Real Estate Salesperson” is a mandatory 45-hour class that covers real estate transactions as required by the state of Illinois. Classes will be held Tuesdays and Thursdays from Oct. 2 through Nov. 20 in Room 235 of the Advanced Technology Center on the college’s main campus, 1700 Spartan Drive, Elgin, from 6:30-9:30 p.m. Cost is $299.

Participants must be at least 21 years of age and have a high school diploma or GED. Attendance for all class sessions is mandatory. Upon completion of the course, students receive one sealed real estate transcript, used to take the state exam, and once copied transcript.

Jeremy Stoltz, News Editor

Posted on Wednesday, October 01, 2008 (Archive on Wednesday, October 08, 2008)
Posted by jstoltz Contributed by jstoltz

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