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Jacob & Klein, Ltd. Sponsor Commercial Real Estate Forecast Conference

At the conference, topics discussed included a discussion of the overall development market, legal issues impacting real estate development, financing and investing strategies, and an in-depth analysis of particular markets, such as the business office market, retail, multi-family housing including senior housing, and the industrial market including logistics and warehousing.

Of particular interest to many of the municipalities that our firm represents was a renewed optimism regarding the logistics/warehousing market. Early signs of a market recovery accompanied by renewed interest and investment in this area are evident. It was noted that the vacancy rate in the I-55 corridor is at its lowest in the last 3 years. As the Chicagoland market is the second largest warehousing/logistics market in the U.S, this is a positive trend for the potential for development along I-80 , I-57, I-39 and farther south on I-55.

It was noted that between 1998 and 2008 over fifteen million square feet of warehouse/logistics space was added to the Chicagoland market. Virtually none has been added since. As this space is finally beginning to be absorbed, many of the professionals in the field expect to see the first spec buildings in several years constructed in the latter part of 2012 with an emphasis on buildings in the area of 250,000 square feet. Rental rates which had dropped as low as near $3.00psf are rising to a range of above $4.00psf to the upper $4’s for class “A” space.

Jacob & Klein, Ltd. along with the Economic Development Group, Ltd. (EDG), together form Illinois’ largest group of economic professionals. They serve as advisors to cities and developers concerning development districts, incentives, and entitlements. Representing over 175 TIF Districts and 71 cities, they have experience in generating commercial, industrial, and residential growth. Combined these two firms offer more than 100 years experience, integrity, and expertise.