Leasing

The owner and developer of the Philadelphia site, Richard Zeghibe—founder of Patriot Parking—is expecting to break ground on the building in the second quarter of 2020 and plans to complete construction in the fourth quarter of 2021.

HSA Commercial has acquired a 68-acre land parcel at Wilmot Road and 136th Avenue in Bristol, near I-94 and the Wisconsin-Illinois border. The firm has already received approval to develop a multi-phase business park on the parcel consisting of three buildings totaling more than 1 million square feet.

The New Jersey office market experienced a 120-basis point drop in the vacancy rate, going from 14.3% in the fourth quarter of 2018 to 13.1% at the end of the fourth quarter of 2019, according to a report released by Avison Young.

While not coming out and predicting a recession in 2020, Heil did say, "We are not going to be seeing as much economic growth as in 2019, both nationally and regionally."

Law firms have been one of the mainstays in traditional office space, but firms are starting to look for small and more efficient workspaces.

The ordinance applies to select markets, including Malibu, and requires a planning clearance to sign a new tenant.

Numerator will utilize the space as its new global headquarters. The company reports the space will accommodate Numerator's planned increase from its current 250 Chicago-based workforce to more than 350 by 2022.

The Lake Oswego, OR-based firm's Illinois branch will occupy the entire seventh floor of the 351,425-square-foot building at 21440 W. Lake Cook Road.