Leasing

Local governments have been given authority over evictions during the pandemic, but court closures will be an obstacle for any landlords looking to pursue this path.

With this unprecedented global economic shakeup, Industrial Science Renaissance/IndSR is allowing brokerages and agents free use of its CRM platform, Foundry, for the remainder of 2020.

A novel coronavirus has pushed the economy onto unfamiliar ground as the solid CRE industry assesses where this path ends up.

As commercial real estate continues to increase in value, nonprofits' budgets are increasingly going toward rent and real estate-related costs, pushing the creative bounds in filling space requirements.

"The consistent message out there is everything is waiting for that shoe to drop on April 1."

"This suggests the average lease-up time for new speculative product following delivery in Chicago's industrial market is longer than other markets. This lease-up time will likely be extended further by the Coronavirus pandemic and ensuing economic response," Colliers states.

The largest transaction was the 21,895-square-foot lease extension with St. Joseph's Hospital at the 68,000-square-foot office building. Dentistry for Children also recently signed a new lease for 5,050 square feet at the complex.

Elegran, a tech-driven real estate brokerage firm headquartered in New York, is making an effort to preserve cash, negotiate vendor contracts, study available data and communicate with its clients to weather the effect of the coronavirus pandemic, says CEO Michael Rossi.