In a previous blog post we examined the performance of the commercial real estate market in some major US cities. This is the second article in this series, which uses data from late 2020 and early 2021 to examine vacancy and supply rates in cities such as Los Angeles, Chicago, Atlanta and Houston. These statistics illustrate the impact of COVID-19 on the commercial property rental market, as well as the types of properties that are holding strong in the face of negative trends.

Los Angeles

Los Angeles is a hub for creative, media, and entertainment companies, many of which are office-based. The city’s proximity to major cargo ports makes it convenient for logistics and distribution businesses, both of which have kept the industrial real estate market strong.

Offices

•  Vacancy rates in downtown Los Angeles are 21.5%.
•  In Q4 20202, there was more than 5.5 million square feet for vacant space, with 3.4 million feet being in the Financial District.
•  The majority of vacant inventory involves Class A offices.
•  Supply increased by more than 2 million square feet in the past 12 months.
•  No new supply is expected to enter the market as no projects are currently under construction in the CBD area.
•  Vacancy rates average 22.5% outside of the CBD, however, they reach 56% in the Fashion District.
•  Vacancy rates are just under 18% in the Greater Los Angeles area.

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An Overview of Chicago’s Central Business District

Chicago’s central business district (also referred to as The Loop) is among the nation’s top three largest business hubs. Chicago’s CBD occupies a total area of approximately 1.6 square miles and is located in the eastern side of the city, right on the shores of Lake Michigan. The CBD can be sub-divided into five smaller areas: West Loop, South Loop, Michigan Boulevard, Printer’s Row, and New Eastside.

The Loop is a densely populated area where business and residential areas exist side-to-side. Unlike other CBDs in American cities, The Loop continues to experience rapid growth in terms of its permanent population, which exceeded 30,000 people in early 2016. The Loop attracts a large number of young professionals due to its convenient location, excellent transportation links, and supply of quality housing. The area is well served by buses, commuter trains, Amtrak services, and CTA trains that link the central business district with O´Hare and Midway international airports.

Chicago’s CBD among the country’s top 20 metropolitan areas with the highest business density, ranking 6th with nearly 33 business establishments per square mile. The Loop’s dynamic economy relies on a diverse industrial base and healthy mix of small, medium, and large companies. Read the rest of this entry »

As tech companies offer higher pay for developers, ten cities stand out in the U.S. as the highest paying for IT jobs. San Jose, San Francisco and New York offer the highest salaries. Those who are searching for the highest paying IT jobs obviously need to head west. Statistics from the recruiting company CyberCoders points out that the average salaries in San Jose and San Francisco average $14,000 more than in third ranked New York City.

The top 10 list does contain cities scattered throughout the U.S. where lucrative jobs can be found. Major cities like Boston, Washington D.C., Dallas and Chicago are included on the list. The greatest increase in salaries has come in mobile development positions. However, IT salaries have gone up across the board in the last year. Individuals who acquire multiplatform skills and are able to design and code within the constantly changing world of mobile applications become the highest paid workers.

The cities that rank highest in pay for IT jobs in high-range, mid-range and low-range salaries are:
1. San Jose, CA
2. San Francisco, CA
3. New York, NY
4. Washington, D.C.
5. Boston, MA
6. Los Angeles, CA
7. Brooklyn, NY
8. Philadelphia, PA
9. Chicago, IL
10. Dallas, TX

The Roche Group is pushing back the frontiers of healthcare in 150 countries, employing about 80,000 workers. It has become one of the largest research-based healthcare groups. Genentech, a subsidiary, has led the biotech industry for over 30 years. They use human genetic information to develop specialized medicines for life-threatening diseases. The headquarters for Roche pharmaceutical operations are located in the U.S. Their philosophy is that the employees are their most important asset and they are dedicated to maintaining a great work place along with providing the best salaries for IT workers. Their CRM Techs provide expert technical information for Genentech’s Commercial Operations. They are responsible for maintaining project work, enhancements, and problem solutions. They work with onsite contractors and a Poland-based development team. These workers must be familiar with a variety of databases, with a strong technical foundation that includes advanced structured programming. Salary compensation for these positions is among the highest in the field.

CompuTech, located in Clarkstown, NY offers Desktop Support Tech positions with a world renowned computer manufacturing company. These are contract positions requiring backgrounds 5 years’ experience in both HP hardware and software, Windows XP and Windows 7 maintenance. Salaries are commensurate with experience and skill levels.

Similar positions may be found in any of the cities listed above. Depending on the applicant’s skills and training, and where he wants to work, high-paying IT jobs are available throughout the country.

Landmarks represent the richness and diversity of culture, history and heritage. It is no accident that many famous landmarks are used as corporate offices. Companies that commission such buildings have the power to create constructions that are impressive enough to become famous corporate landmarks. Here are several examples of striking corporate landmarks that incorporate a range of styles from high-tech modern to neo-classical. Each building has a function or feature so unique that it led to being famous all over the world.

The Woolworth Building in New York was designed in 1913 to be the tallest building in the world. From its completion until 1930 the building was the tallest in the world. The building was commissioned by Frank Woolworth to be the new corporate headquarters of Woolworth. The building is one of the oldest skyscrapers in the United States and the architecture resembles European cathedrals. The building was owned by the company for until 1998. Today, it is a monument not only to the originator of Woolworth, but the architect, as well who won acclaim for his detail and use of Gothic forms. Since 1966 the building has been a National Historic Landmark and a city landmark since 1983.

The US Bank Tower in California is one of the tallest skyscrapers in the city of Los Angeles, as well as one of the city’s’ most famous buildings. When this building was completed it became the tallest building on the Pacific coast. It is the most recognizable building in Los Angeles and is often used for shots for television programs and movies. The top of the building brightly illuminates at night. The building was designed to withstand earthquakes of an 8.3 magnitude and even has the world’s highest helipad.

The Chrysler Building is a famous corporate landmark in New York City and in 1930 it was the tallest building in the world for a while. Chrysler had asked the architects for the highest building to compete with competitors, also trying to have the highest building. It was a highly decorated office building, because Chrysler wanted a bold structure and he got it. Chrysler was hoping that such a distinguishing structure would make his company a common household name. Although, Chrysler lost command of the structure during the 1950’s, the landmark still has the original name. Today, it is one of the most well-know buildings in the world. Additionally it is one the city’s greatest display of Art Deco and a national landmark.

The Sears Tower is a famous corporate landmark located in Chicago, Illinois. This skyscraper was designed for the Sears Company as their headquarters. The building was designed with additional space for expansion. Since, Sears was by far the biggest retailer in the world in 1969. The project was a disappointment, because it was unable to attract tenants and was sold to new owners in 1993. The top of the tower is the highest point in Illinois. Since then the building has attracted major tenants and is a highly desirable business location. The skydeck is on the 103rd floor, 1350 feet above ground and on a clear day tourists can see far over the plains of Illinois and across Lake Michigan. Every year thousands of visitors are attracted to the renowned famous skydeck.

The GE Building is a famous building in New York. It is a skyscraper in Manhattan and forms a focal point for illustrious Rockefeller Center. Three related companies are associated with this building, G E, Westinghouse and RCA. Previously the building has been known as the RCA Building. Today the building provides headquarters for NBC and General Electric. It is most famous for housing the NBC network. It was the first building to have grouped elevators. The building boasts a height of 855 feet and has 70 stories. The modern design features an open floor plan and was awarded the status of being a landmark in 1985.

The luminous Wrigley Building is a world famous office tower in downtown Chicago. The goal of Mr. Wrigley was to create an impressive headquarters for his company. One of the buildings most well-known features is the huge clock-tower and is a landmark in Chicago. In addition to being home for the Wrigley Company, the building houses many other companies. The flood lighting of the building at night is one of the nation’s most major commercial displays of light. For over 70 years the building has been one of Chicago’s most attractive structures. The well-proportioned architecture and the lighting have established the building as a symbol of the city in many motion pictures, books and television programs. It definitely is an unforgettable image at night for both residents and visitors.

Elite Staffing
Elite Staffing has been connecting employers to new employees since 1991. Its mission is to provide an extensive screening, interview, and networking service to both employers and job-seekers. Elite Staffing is one of the many employment companies in Chicago that deal with a wide range of industries. They don’t simply find employees for a certain type of industry, and this makes them very popular.

AppleOne
AppleOne is unique among the various employment agencies in the Chicago, Illinois area. Instead of simply connecting job-seekers to employers, AppleOne provides a large number of employment resources as well. They offer resume services, a job-hunting guide, and a newsletter as part of those resources. Due to this focus, AppleOne is focused on helping their job-seekers find long-term, career-oriented employment.

BPS Staffing

BPS Staffing bills itself as a ‘full service’ staffing company. Their focus is both long and short-term employment, and they have a number of resources to help you reach your employment goals. For job-seekers, BPS Staffing has one of the best track-records in Downtown Chicago for employment. For employers, BPS Staffing conducts a very extensive screening process to ensure only the best applicants make their way through.

Banner Personnel
Banner Personnel is the premier employment agency in Chicago that specializes in ‘office-based’ work. Their entire service is set up to help link employers in the administrative, academic, and insurance industries with qualified individuals. They accomplish this by conducting an intensive screening process that ensures only the most qualified, motivated workers make their way through the process. Banner Personnel is a member of the National Association of Personnel Services and the Illinois Search and Staffing Association.

A-Pro Temps
A-Pro Temps is one of the most independent staffing agencies in the city. They are a privately owned business that specializes in every aspect of the employment process. They are especially popular as a direct-hire agency, and they have a great track-record of positive employment results. Their screening process is a little more lax than other agencies. Though A-Pro Temps is located in downtown Chicago, it serves the surrounding suburban community as well.

The Esquire Staffing Group
The Esquire Staffing Group has been connecting employers and job-seekers for over half a century. They are a family owned business that connects employers to full-time staff, temporary staff, and even event staff. The screening process at Esquire Staffing Group is among the strictest in Chicago. This means that applicants need to be prepared to take the application process very seriously.

First Associates, LTD
First Associates is a very popular staffing company in Chicago. It boasts the most easy-to-use website of the various employment agencies on this list. Through the web portal, employees can do everything from job-hunt to access useful employee resources. First Associates is highly regarded in the banking, financial, legal, and accounting industries. Despite this, they also help many people find work in other industries.

A Personnel Commitment
A Personnel Commitment is one of a few successful ’boutique’ personnel firms in Chicago. They have a very good track-record in executive recruitment and mid-level staffing. Employers looking to fill an executive position will find that the screening process here is much more personalized than at other staffing agencies. Instead of relying on an institutionalized screening process, A Personnel Commitment looks at the unique qualities of each applicant.

The Larko Group
The Larko Group is a trusted supplier of workforce solutions to over 200 employers in the Chicago area. The Group has been working closely with employers to meet their needs for decades. They have developed a reputation for giving each of their employment partners a personalized experience that focuses on each clients unique needs. The Largo Group even sends an employment specialist to the office of each client to get a better understanding of what the client needs.

The Chicago Hire Company
The Chicago Hire Company spends a lot of time working with employers to figure out exactly what they’re looking for in an employee. The focus here is on building long-term relationships with their clients. As a result, they are noted for having a great deal of success in matching employers with a qualified workforce.