"This land parcel, in a highly visible and accessible location along I-88, represents great long-term potential in the marketplace," says Ryan Cos. US president Jeff Smith. "At the appropriate time, Ryan Companies will be part of that market."
Despite 100% occupancy next door at 5 Shuman Dr., now is not the appropriate time for development, according to various market reports. Among them, US Equities Realty recently pegged East-West Corridor vacancy, including sublease space, at 24.3%.
"In 2005 we saw signs of encouragement," Smith says. "There were some notable transactions, little new construction and signs of stabilization for the overall market. These are good signs."
So are recent job reports from the Federal Reserve, he adds. "If Chicago experiences a continuing increase in hiring, companies likely will expand their office requirements meaning we should see the office market respond with new product coming on line in 2007 and 2008."
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