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Chicago Cheat Sheet: Hyatt’s Andaz brand eyed for River North … & more
Also, home values rose slightly but still lags national average
Hyatt’s luxury Andaz hotel brand could make Chicago debut
A developer is looking to bring a 199-key Andaz hotel to River North. Michigan-based Porritt was negotiating with Hyatt to offer the luxury brand in the 18-story building it is developing on a parking lot at 430 North LaSalle Drive. It would be the first Andaz hotel in Chicago. [Crain’s]
Large industrial buildings in Chicago area drawing interest
Some 16.4 million square feet of “big box” industrial space was leased in the Chicago area in 2018, the most since the end of the great recession, according to a new report from Colliers International. The report said the vacancy rate in buildings of 200,000 square feet or larger fell to just over 9 percent last year, higher than the overall industrial vacancy rate of 6.3 percent. The report attributed the difference to the 6.9 million square feet of big box industrial properties built on spec last year. [Bisnow]
Local home value growth remains steady, still lags national average
Single-family home values in the Chicago area rose 3 percent in December year over year. It marked the 10th consecutive month of year-over-year growth of about 3 percent, according to the S&P CoreLogic Case-Shiller Indices. Despite the steady growth, home values here ended 2018 at more than 16 percent below their pre-recession peak, while nationwide home values ended the year slightly more than 11 percent above their old peak. [Crain’s]
Elk Grove Village renews bowl sponsorship to market industrial park
Elk Grove Village’s industrial real estate once again will get international attention in December after officials decided to renew the village’s sponsorship of the Makers Wanted Bahamas Bowl. The town spent $300,000 to sponsor the college football game last year in an effort to market its massive industrial park. Officials this week voted to pay the same sponsorship fee for the 2019 game, and said they plan to spend another $100,000 on marketing related to the bowl. [Daily Herald]