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Delinquent rent in Chicago could now exceed $1B, according to a survey released last week by the Neighborhood Building Owners Alliance, a group of small and midsized Chicago landlords.
The high level of delinquency brought about by the coronavirus pandemic is leading to neighborhood disinvestment. With their revenue plunging to historic lows, 65% of landlords surveyed said they expect to make fewer capital improvements. In addition, nearly half expect to cut down on repairs and maintenance.
“With so much delinquent rent, many housing providers lack the funds to continue to maintain their properties,” NBOA President Michael Glasser said in a press release.
Data analytics company signs 80,600-square-foot lease at 203 N. LaSalle April 30, 2021
Transwestern Real Estate Services (TRS) announces that IRI, a data analytics and market research firm, signed a long-term, 80,594-square-foot lease at 203 N. LaSalle in the Central Loop submarket. IRI has relocated to the property after 30 years at 150 N. Clinton St. in the West Loop. Transwestern Executive Vice President Eric Myers provided leasing services and represented the landlord, Sumitomo Corporation of Americas (SCOA), in the transaction.
The Transwestern office leasing team has closed over 155,594 square feet of new tenant leases in the last 24 months. 203 N. LaSalle is now 80% leased, up from 56% when Transwestern was awarded the assignment. Transwestern is now marketing the last 91,839-square-foot large block available in the building.