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.
One year after the start of the coronavirus pandemic, the Chicago-area industrial market’s vacancy and rental rates have nearly returned to pre-pandemic levels, according to a new report from Newmark.
Although the industrial sector took a hit in the first few weeks of the crisis, it began climbing back once the shock wore off and tenants saw increased demand from homebound consumers purchasing goods online. Many resumed signing leases, sending vacancy down to 6.2% in Q1 2021, a decade low, and recently have shown a willingness to pay more for space. Courtesy of Newmark
“This sentiment of only a slight dip in the market as opposed to a full long-term stop is reflected in the rental rates on transactions completed during the pandemic,” according to the Newmark report.
Ingersoll Machine Tools broke ground on an expansion that will add 40K SF to its 500K SF campus in Rockford, Illinois. The manufacturer creates machine tools for the aerospace and other industries and will use the new space to help build a mount weighing nearly 2,000 tons for the Giant Magellan Telescope under construction in Chile.
The project is a collaboration between German manufacturer OHB SE and Rockford-based Ingersoll, a division of the Camozzi Machine Tool Group. The mount will hold seven mirrors, each about 27 feet in diameter. Ingersoll officials expect it will be completed and delivered to the Las Campanas Observatory in Chile s Atacama Desert by the end of 2025.
More industrial space in the works for Kenosha County - Milwaukee Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.