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National Real Estate Investor Names Forsite to 2018 Top Brokers List

2018 Top Brokers

The ranking of top commercial real estate brokers is based on total global transaction volume in 2017.

 

Stevhanie Howard to Emcee Rejournals 5th Annual Health and Medical Office Conference

Save-the-Date

May 24th - University Club - 76 East Monroe, Chicago

7:30am - 10:45am

National Apartment Association Starts Tracking Industry Jobs...

The labor market is not very pretty right now for employers looking to hire.

WASHINGTON, DC–The National Apartment Association has recently begun publishing jobs in the apartment industry that were available in the last 30 days. It is doing this with the aid of a database by Burning Glass Technologies called Labor Insight. The association hopes to see the monthly report it issues — there have been two so far — used as a benchmarking tool for its members, Paula Munger, director of research for the National Apartment Association tells GlobeSt.com.

“One of the industry’s biggest pain points right now — and this is true for a lot of industries — is the war for talent,” she says. “Apartments are all competing for the same few candidates in what is a very tight labor market.

Fed Rate Bumps Could Mean It's Time to Sell

By Brian J. Rogal 

Cap rates are certainly going up this year, along with Fed rates, so experts are saying it's a good time to look for buyers of net lease investments.

CHICAGO—The Fed’s decision this week to push up its key interest rate, and the likelihood of several more hikes in 2018, has a lot of commercial real estate professionals advising clients that it’s time to think seriously about selling some properties. No one seems to be predicting any kind of real turmoil in the market, just that the direction is clear.

“Cap rates are not going to do anything but go up this year,” Camille Renshaw, chief executive officer and co-founder of Brokers + Engineers, a net lease brokerage, tells GlobeSt.com. “So, if you’re going to sell something, you’re going to want to get it on the market sooner rather than later.”

Foresite Realty Named to the Top Brokers for 2017.

Foresite Realty Named to the Top Brokers for 2017.

Building inspectors to work nights, Saturdays

Chicago-Politics

Fran Spielman

For years, Chicago aldermen have been pleading with the Department of Buildings to assign inspectors to work nights and weekends to crack the whip on the avalanche of work being done illegally without a permit.

 

Their pleas have fallen on deaf ears — until Thursday.

 

Buildings Commissioner Judy Frydland got a rare round of applause when she made the announcement while testifying at City Council budget hearings.

Frydland praised union leaders for cooperation that made possible the “alternate shifts” — covering weekday evenings and Saturdays — at no additional overtime cost to Chicago taxpayers.

 

The anticipated start-up date is Dec. 1.

 

“Some inspectors … could work 10 a.m. to 6:30 p.m. or 11 a.m. to 7:30 p.m. … Some may want to take their children to school in the morning and want to work later or have a day off during the week for family obligations … so we’re not paying overtime,” Frydland said. “We plan to keep this going. … It’s in the union contract. … I’m very excited about it because I know there’s a lot of unpermited work going on after hours and on the weekends, especially on Saturday.”

 

 

Chicagoans face another property tax increase in 2020

Fran Spielman - Chicago Sun-Times

 

hicago taxpayers face yet another property tax increase for police and fire pensions in 2020 — and another hike the following year in the tax tacked onto water and sewer bills to save the Municipal Employees pension fund, aldermen learned on the first day of City Council budget hearings.

Following five-year “ramp-up” periods, the additional increases will be needed to honor the city’s statutory promise to keep all four city government pension funds on the road to 90 percent funding by 2048.

By the city’s own estimate, police and fire pension costs will rise by $297.3 million, or 36 percent, in 2020. The Municipal and Laborers plan costs will grow by $330.4 million, or 50 percent, in 2022.

“We’ve done the biggest [property tax] increases,” Chicago Chief Financial Officer Carole Brown said Monday. “But there will be an increase in 2020 for police and fire. The increase for Muni and Laborers will happen a couple years later. . . .

“When this Council passed the water and sewer tax last year, there were assumed increases in the tax from the first year to correspond to increases in the ramp. We would anticipate that if those were the revenue sources assigned on a going-forward basis after we got to actuarial funding, there would need to be increases in those revenues.”

Molly Poppe, a spokesperson for the city’s Office of Budget and Management, insisted later that Brown had been referring only to the state-mandated increase in the city’s contribution to the police and fire pension funds. Brown “indicated that Police and Fire pension contributions will increase in 2020; she did not say property taxes will increase in 2020,” Poppe said in an email.

Later, Brown issued a statement of her own saying, “This budget is for 2018 and was just completed last week, and at no point did I say the City will increase property taxes in 2020. Plain and simple.”

But during the exchange with Ald. Joe Moore (49th), Brown was specifically asked where the city would find the money to pay for that higher contribution.

That’s when Brown replied that, although the worst of the property tax increases was the $543 million increase approved two years ago, another increase was inevitable.

This year’s contribution to all four city employee pension funds is $1.18 billion. By 2021, that actuarially required contribution will rise to $1.8 billion.

Chicago taxpayers have been hit with nearly $1.1 billion in property tax increases, primarily for police, fire and teacher pensions and school construction; a 29.5 percent tax on water and sewer bills to save the Municipal Employees pension fund; a 56 percent telephone tax hike in 2014 and another 28.2 percent next year for the Laborers fund; a new garbage collection fee; a bag tax; and increases in water, sewer and city sticker fees, hotel and parking taxes and parking fines, among others.

Ald. Pat Dowell (3rd) questioned the fairness of Emanuel’s plan to raise the monthly tax tacked on to Chicago telephone bills by $1.10 — from $3.90 to $5 — and apply it to every one of the 1.53 million cell phones and 733,893 land lines in the city.

The money will be used, in part, to overhaul Chicago’s 20-year-ol

BOMA Unveils New Office Measurement Standard

BY ERIKA MORPHY

“Tenants aren’t using office space the same way they were when BOMA International released its last office standard, and amenities like rooftop gardens and balconies are becoming much more common.”

WASHINGTON, DC–Balconies, covered galleries and finished rooftop terraces that are for the exclusive use by a tenant may now be included in the rentable square footage calculation. That is one of the updated standards the Building Owners and Managers Association has made in its latest update to its floor measurement standard for office buildings, BOMA 2017 For Office Buildings: Standard Methods of Measurement. BOMA released the update this week. The last time this guide was published was in 2010, and a lot has changed since then — including the now very popular amenity of an exclusive rooftop terrace.

Investor flips River North loft office building-215 W Ohio

A Missouri real estate company has sold a River North loft office building it seized through foreclosure four years ago, cashing in on a hot market for creative office space downtown.

Adding to a run of brick-and-timber buildings trading hands in the city, a venture of Kansas City-based Mission Peak Capital sold the six-story building at 215 W. Ohio St. last month for $9 million, Cook County records show.

4 takeaways from RE Journal's 2017 Student Housing Conference

RE Journal's hosted its 3rd Annual Student Housing Conference at the Gleacher Center in Chicago's Streeterville neighborhood on Thursday. Developers, principals and investors discussed the current trends and issues within the student housing sector.

April Pribe to speak at Chicago Student Housing Conference on June 8th

When Thursday, June 8, 2017 7:30 AM - 10:30 AM Where University of Chicago: Gleacher Center 450 N. Cityfront Plaza Drive Chicago, Illinois 60611

Foresite Named to the Best of the Best List

Foresite has been named to the Top Brokers and Property Management list in the Midwest for 2016.

Court Decisions Extend Chicago's Transfer Tax Ordinance to Cover Mortgage Assignment

Earlier this month, in a case of first impression, the Circuit Court of Cook County, Illinois in the consolidated cases of City of Chicago v. KTCP 225, LLC, Case No. 13 L 050290, and City of Chicago v. Horizon Group XXI, LLC, Case No. 13 L 050291 (the"KTCP/Horizon Cases"), reviewed and analyzed the Chicago Real Property Transfer Tax Ordinance (the "Ordinance") to determine whether one who purchases a loan and mortgage through an assignment of mortgage acquires a "beneficial interest in real property" such that the parties are subject to transfer taxes on the assignment, and further whether the transaction qualifies under Exception C of the Ordinance, which exempts from taxation the granting of mortgages. Just last week the Circuit Court of Cook County again addressed these issues in Halsted West v. City of Chicago, Case No. 11 CH 19010, consolidated in the City of Chicago v. Elm State Property and Halsted West, Case Nos. 14 L 050273 and 14 L 050274 (the "Halsted West Cases").

Forsite Named to the 2015 Best of the Best

Foresite named to the Best of the Best in the Midwest for Management and Brokerage