Provided by Commercial Real Estate Direct
There was a record 8.4 million sf of new retail space developed in metropolitan Chicago in 2007, according to a survey by Mid-America Real Estate Corp. That beats the previous record of 6.8 million sf, which was set in 1994. Last year, 6 million sf of retail space was added. Major retail construction projects include the shops at Willow Festival and Bolingbrook Promenade.
The New York City Council has approved a rezoning request submitted by Columbia University for its $7 billion expansion plan in upper Manhattan. The expansion calls for classrooms, research facilities, administrative offices and student housing. The 17-acre site currently has warehouses and auto-body shops. Columbia owns about 90% of the development site.
Downtown Indianapolis' office vacancy rate dropped to its lowest level since 1998, according to a report by CB Richard Ellis. The city posted a 13.5% vacancy rate this month, aided by government agencies leasing 292,000 sf of privately owned space this year.
Visit www.crenews.com for up-to-the-minute commercial real estate news.