Hunter Cannon, Colliers International: Seeing a shift in the demand in the central business district. Broadly, retail is doing well.
Daniel Brennan, Laurie & Brennan: Price volatility continues to be a challenge for contractors. Many are doing work in other states. Newer projects are being put on hold or deferred.
Lee Utke, Madison Marquette: National QSR’s are taking a step back from vacated bank properties. Zoning is a challenge with drive-through requiring special use permits. The approval process moves faster without the drive-through.
Joe Calvanico, J2C Valuation: Seeing relief and success in property tax appeals at the Cook County board of review stage.
Rick Rembusch, OYO Mountainia: Hospitality/Hotel occupancy rates are going up. Data centers are slowing due to capital and rates. Developers are becoming more selective.
Lauren Zangl, ECS Midwest: New Phase I guidelines on emerging contaminants, new designation by EPA that will need to be evaluated in Phase I – mostly impacting PFAS – that will likely result in Phase II testing. Eventually hundreds of chemicals will be included.
Cory Walz, Walz Capital, LLC: Spread increase on cap rates are allowing more yield. Working on new projects in Myrtle Beach and Bloomington, IL.
Carmen Rossi, 8 Hospitality – Bullish on Chicago for business development. Agrees with messaging provided by Samir and the Mayor’s office.
Matt Adelman, ABC Fin Tech: Has underwritten over 30 deals in past month but nothing has made it to the finish line.
Jeremy Hallahan, ABI & Associates: Ties to DC Dept. of Transportation, infrastructure $$ being rolled out. Working on getting the DNC 2024 to Chicago.
Casey Smagala, Chicago CityScape: Shared recent success stories with developers. Interest in city owned land, specifically distressed properties, and opportunities offering incentives that will help to offset interest rates.
Ashish Shah, Cornerstone Permit Company: Business has expanded to LA and NY, Chicago is still home. Working with JDL developments. Busy in Chicago – United Yards project. Building permits are near 2019 levels.
Mark Gross, Cost Segregation Services: Bonus depreciation is being phased out in 2023 to 80% with subsequent reduction of 20%/year after.
Jared Placek, Manhard Consulting: Cost of construction is up – a lot of developers are considering challenging development sites – the added time factor may allow interest rates to normalize. Companies are future planning to get ahead of the next cycle.
Collete English Dixon, Marshall Bennett Inst. of Real Estate at Roosevelt University: Focused on development of Talent. Opportunities for student internships to add value and make Chicago better. Open to collaborations. Summer program on Commercial Real Estate industry – looking for speakers, resources, etc.
Mike Spirovski, Northpoint Capital: Interest in retail, housing, but suggests locking in rates now. There is too much uncertainty in the coming year. Cap rates are getting wider, allowing underwriting and closing deals. Mike is bullish on Chicago.
Richard Knorr, Richard Knorr International, Ltd: Mixed use resort development, primarily in Caribbean. Focused on 20-minute walkable, sustainable developments. Interest rates are impacting deals – people are getting creative. Works with major hotel brands to create mixed use developments.
Mark Myers, Walker & Dunlop: Focus on sub-acute, senior living, nursing care. Record first 6 months of the year but has since slowed with interest rates. Facing increased insurance rates due to natural disasters.
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