Established in 2017, opportunity zones were created to supply tax advantages for certain investments in lower income areas. To put in perspective the amount of opportunity zones in Chicago, there were roughly 500 census tracts eligible, but only 133 were approved (BisNow). In this particular article, the focus is placed on three areas in Chicago predicted to highly benefit as part of the opportunity zones, especially in the long term.
With 2019 right around the corner, everyone is focused on what the commercial real estate industry will look like in the new year. Industrial performed well in 2018 and the office sector stayed steady. Most analysts believe industrial will continue to thrive due to the growing e-commerce industry. As for offices, technology will definitely play a factor in the success as well as the flexibility of the space and lease options.
Ever-changing economic factors have left a handful of available office buildings vacant in the suburbs of Chicago. However, Franklin Partners recently purchased the former OfficeMax HQ located in Naperville and plan to redevelop the property. Noted in the article from Bisnow.com is the transformation Franklin Partners hope to achieve, which includes converting the building to a multi-tenant property. Capturing this Chicago style workplace and introducing it in the suburbs should attract more businesses to make the move out of the city. Click here to read the full article at Bisnow.com.