Craig Nadborne & Associates

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Craig Nadborne & Associates

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I provide Tenant Representation services for RENEWALS, RELOCATIONS OR RE-NEGOTIATIONS .helping office space users focused in the Central Business District, River North and Fulton market areas of Chicago.

08/28/2023

Will the redevelopment of the former State of Illinois building by Google, do for the central business district (CBD), what their renovation of a cold storage building, did for Fulton Market?
Only time will tell, but if it happens, we may have to wait until 2026, as that is the projected completion date on this very exciting project.

The 2nd quarter of 2023 is in the books and it saw vacancy remain at record high levels.
We are 3+ years into Covid.
Most leases are 5-10 years in length, so the vacancy rate will continue to go up, as more and more companies
address their upcoming lease expirations and adjust to the new reality of the HYBRID workplace, allowing more employees to work from home 1-5 days a week.

If you are a Tenant asking "what is next for me and my company, as I would like to save money on my next lease",….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

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A potential completion date has been revealed for the Thompson Center redevelopment at 100 W Randolph Street in The Loop.

07/26/2023

Another win for Fulton Market, as a large law firm will be moving west of 90/94.
Fulton Market is Chicago's (and maybe the country's) hottest office market.
Although leasing activity is down overall, Fulton Market continues to have positive absorption at high rental rates.

Most leases are 5-10 years in length, so the vacancy rate will continue to go up, as more and more companies address the expiration of their office space lease, and adjust (downsize) to the new reality of the HYBRID workplace, allowing more employees to work from home 1-5 days a week.

If you are a Tenant asking this question and want to save money on your next lease,….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

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Moves such as the law firm’s and, before it, McDonald’s pioneering exit from suburbia complement Fulton Market’s image as tech hub.

05/17/2023

Another lease gets signed at a Class A building in downtown Chicago !!
Over 80,000 rsf, but like many other new leases, this is a major downsizing from its current location.
The new lease will be in one of the latest and greatest CLASS A+ buildings in the SW edge of the Loop.
Class A and A+ buildings are having the most leasing success at the expense of Class B and C buildings, as tenants continue their "flight to Quality " !!

If you are a Tenant asking this question and want to save money on your next lease,….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

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IllinoisOffice Molson Coors signs 83,848-square-foot headquarters lease at 320 South Canal May 11, 2023 Share on Facebook Share on Twitter Share on LinkedIn Share via email Riverside Investment and Development (Riverside) and Convexity Properties have signed Molson Coors Beverage Company (Molson Coo...

05/08/2023

The changing face of LaSalle Street took another positive turn, as 2 more buildings were given a green light to convert from office use to Residential use.

If Mayor Lightfoot's LaSalle Street Reimagined program outlives her administration, projects totaling more than 1,600 units and nearly $1 billion in costs could be in line for the heart of the Loop.

03/17/2023

Another building, and certainly not the last, to go back to the lender.
A great location for a residential or a student housing conversion.
Stay tuned to find out what is next for this architectural gem, that has fallen on hard times as an office building.

If you are a Tenant asking this question and want to save money on your next lease,….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

The pending foreclosure of the former Robert Morris University building at 401 S. State St. highlights the decimated value of Loop office properties.

03/04/2023

As companies continue to embrace the hybrid model and downsize their office footprints, a repurposing of older office buildings make perfect sense.
These 5 projects all have merit and, if completed, will transform downtown and LaSalle St., into a mini-city.
I'm very excited to see how this turns out and am hopeful, that the new mayor will embrace this idea and see it through!!

If you are a Tenant asking this question and want to save money on your next lease,….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

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Lightfoot administration officials will pick three office-to-apartment projects to subsidize, a centerpiece of the outgoing mayor's vision to revive the heart of the Loop.

02/27/2023

Some say leasing is dead in the Loop. Not so !!
This article highlights a couple of big leases that being signed at one of Chicago's CLASS A / Trophy Buildings.
There is a "flight to quality" happening in the market and buildings such as 155 are reaping the benefits of tenants moving to higher class buildings as they cut the amount of square feet they are leasing.

If you are a Tenant asking this question and want to save money on your next lease,….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

As one of its largest tenants moves out, the owner of 155 N. Wacker Drive has inked a new lease with Ryan Specialty Group and is close to finalizing one with Northbrook-based UL Solutions for its first downtown office.

02/17/2023

The changing face of downtown Chicago took another step forward yesterday.
Late last year, the city asked for proposals from buildings that wanted to change their use from office to residential.
Yesterday, the city pared the list down to 6 finalists.
As this story gets legs and moves forward, I will be interested to see how it develops and whether or not, the LaSalle St. corridor can be remade with an infusion of residential units and the associated retail services that are needed to support a residential community.
Very interesting

The Lightfoot administration has shortened the list of LaSalle Street office projects that could win public subsidies to be turned into apartments, representing a step forward in the city’s plan to revitalize the Loop thoroughfare with residents, Crain’s Chicago Business reported. Six projects t...

01/23/2023

We have seen a lot of news recently about remaking LaSalle St. in the Loop, and renovating Office Buildings into residential buildings.
In the suburbs, this article outlines a potential redevelopment of a large office complex into warehouse/industrial space.

The highest and best use of properties changes over time and this is another example of developers taking advantage of the changing market.
We will continue to see more of this as the "work from home" mentality continues.

Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

The sale of Baxter's 101-acre Deerfield property to Bridge Industrial would follow a Nevada developer buying Allstate's longtime corporate campus nearby.

01/18/2023

Here is an example of a smaller office building being converted to residential use.
There are larger buildings that are also in the early stages of this renovation revolution, but this is one of the first that looks like it will get off the ground

Most leases are 5-10 years in length, so the vacancy rate will continue to go up, as more and more companies address their upcoming lease expirations,
and adjust to the new reality of the HYBRID workplace, allowing more employees to work from home 1-5 days a week.

If you are a Tenant asking this question and want to save money on your next lease,….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

Bill Senne’s firm is converting a Chicago commercial building at 153 West Ohio Street into 35 residential units, after buying it from a receiver for $5.25M.

01/11/2023

And, so it starts.... There have already been a couple of owners losing their buildings, but this may be the largest and most prominent.... so far.....

If you are a Tenant asking this question and want to save money on your next lease,….
Please contact: Craig Nadborne @ 773-454-0159 (cell) / 312-994-5796 (work) / [email protected]

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The move adds to the wave of distress plaguing older office buildings along the LaSalle Street corridor.

11/29/2022

The right sizing and downsizing of office space continues.
This is another large sublease that has hit the marketplace.
Large companies continue to adjust the size of their office spaces.

if you are a small or large company looking to readjust your office size, please give me a call to discuss your options.
Craig Nadborne [email protected] 773 454 0159

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The social media software company is embracing the rise of remote work and adding to the record amount of downtown office space available for sublease.

Address

300 S. Wacker Drive #3500
Chicago, IL
60606

Telephone

773-454-0159

Website

http://www.bradfordallen.com/

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