We’re not at pre-recession levels just yet, but 2011 was “a strong year” for office investment sales in downtown Chicago and the momentum stands to continue in 2012, JLL’s Bruce Miller tells Crain’s Chicago Business.
A total of 15 downtown buildings traded hands last year, (including 55 W. Monroe, at left, which Bruce and team sold last month for $136 million) up from 11 in 2010 and just one in 2009. And for the first time since the market crashed in 2008, Bruce explains, buyers are now once again looking at buildings that are not quite trophy-caliber but not distressed either:
“When you see buildings with 75 percent occupancy trading, that is a sign of an improving market. Buyers are taking a little more risk without necessarily looking at a distressed situation.”
You can read the full Crain’s story here.